# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-25-180662
**Filing Date:** 2025-7
**Character Count:** 630104
**Document Hash:** dda704d2a9153dded350bc400a1d40e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180662.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180662

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 251154627

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

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

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

## Series and Classes Contracts Data

### JPMorgan Short Duration Core Plus Fund (Series ID: S000039927)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000123825 | Class A      | JSDHX           |
| C000123826 | Class C      | JSDCX           |
| C000123827 | Class I      | JSDSX           |
| C000123828 | Class R6     | JSDRX           |

## Nport-Ex

**JPMorgan Short Duration Core Plus Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 37.1%** | **Corporate Bonds — 37.1%** | **Corporate Bonds — 37.1%** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| &nbsp;&nbsp;&nbsp; ATI, Inc. 5.88%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 807 | &nbsp;&nbsp;&nbsp;&nbsp; 807 |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) 6.00%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp;&nbsp;&nbsp; 1389 |
| &nbsp;&nbsp;&nbsp; ICITII 6.00%, 1/31/2033 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 814 | &nbsp;&nbsp;&nbsp;&nbsp; 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3955 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc. 5.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp;&nbsp; 858 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc. 6.50%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp; 931 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp; 708 |
| &nbsp;&nbsp;&nbsp; Dana, Inc.  | &nbsp;&nbsp;&nbsp; Dana, Inc.  | &nbsp;&nbsp;&nbsp; Dana, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 980 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP 5.25%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp;&nbsp; 1170 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc. (Germany) 6.88%, 4/14/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp; 862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6863 |
| **Automobiles — 0.6%** | **Automobiles — 0.6%** | **Automobiles — 0.6%** |
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC (Germany) 4.65%, 8/13/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7035 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 |
| &nbsp;&nbsp;&nbsp; Hyundai Capital America  | &nbsp;&nbsp;&nbsp; Hyundai Capital America  | &nbsp;&nbsp;&nbsp; Hyundai Capital America  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 2/10/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4606 | &nbsp;&nbsp;&nbsp;&nbsp; 4470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 6/24/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3440 | &nbsp;&nbsp;&nbsp;&nbsp; 3473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 1/8/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9850 | &nbsp;&nbsp;&nbsp;&nbsp; 9963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24906 |
| **Banks — 18.2%** | **Banks — 18.2%** | **Banks — 18.2%** |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16158 | &nbsp;&nbsp;&nbsp;&nbsp; 16147 |
| &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) | &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) | &nbsp;&nbsp;&nbsp; AIB Group plc (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.33%), 6.61%, 9/13/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 16690 | &nbsp;&nbsp;&nbsp;&nbsp; 17555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.32%, 5/15/2031 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4240 | &nbsp;&nbsp;&nbsp;&nbsp; 4277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.86%, <br> 9/14/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17400 | &nbsp;&nbsp;&nbsp;&nbsp; 17438 |
| &nbsp;&nbsp;&nbsp; Banco Continental SAECA (Paraguay) 2.75%, 12/10/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3549 |
| &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | &nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 15380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.61%, 11/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4885 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  | &nbsp;&nbsp;&nbsp; Bank of America Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.08%, 1/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11420 | &nbsp;&nbsp;&nbsp;&nbsp; 11444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.96%), 1.73%, 7/22/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11829 | &nbsp;&nbsp;&nbsp;&nbsp; 11442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.99%), 6.20%, 11/10/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp;&nbsp; 9939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.82%, 9/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9680 | &nbsp;&nbsp;&nbsp;&nbsp; 10029 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FIX, (SOFR + 1.00%), 5.16%, 1/24/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc (Ireland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, <br> 9/30/2027 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18735 | &nbsp;&nbsp;&nbsp;&nbsp; 18056 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) (SOFR + 1.25%), 4.64%, 9/10/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6355 | &nbsp;&nbsp;&nbsp;&nbsp; 6350 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) (SOFR + 1.00%), 4.40%, 9/8/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8645 | &nbsp;&nbsp;&nbsp;&nbsp; 8614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.28%, <br> 11/24/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20445 | &nbsp;&nbsp;&nbsp;&nbsp; 19729 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.00%), 1.32%, 1/13/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4862 | &nbsp;&nbsp;&nbsp;&nbsp; 4761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.28%), 5.28%, 11/19/2030 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10065 | &nbsp;&nbsp;&nbsp;&nbsp; 10162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 5.09%, 5/9/2031 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7750 | &nbsp;&nbsp;&nbsp;&nbsp; 7755 |
| &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) | &nbsp;&nbsp;&nbsp; BPCE SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.52%), 1.65%, 10/6/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 26976 | &nbsp;&nbsp;&nbsp;&nbsp; 26656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.10%), 5.98%, 1/18/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3080 | &nbsp;&nbsp;&nbsp;&nbsp; 3099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.39%, 5/28/2031 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6125 | &nbsp;&nbsp;&nbsp;&nbsp; 6177 |
| &nbsp;&nbsp;&nbsp; Caixa Economica Federal (Brazil) 5.63%, 5/13/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1192 |
| &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | &nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%), 6.68%, 9/13/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15990 | &nbsp;&nbsp;&nbsp;&nbsp; 16359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.78%), 5.67%, 3/15/2030 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5719 | &nbsp;&nbsp;&nbsp;&nbsp; 5874 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) 5.26%, 4/8/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12645 | &nbsp;&nbsp;&nbsp;&nbsp; 12938 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.55%), 5.61%, 9/29/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25390 | &nbsp;&nbsp;&nbsp;&nbsp; 25448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.77%), 1.12%, 1/28/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8730 | &nbsp;&nbsp;&nbsp;&nbsp; 8522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.36%), 5.17%, 2/13/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7775 | &nbsp;&nbsp;&nbsp;&nbsp; 7875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.34%), 4.54%, 9/19/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 19165 | &nbsp;&nbsp;&nbsp;&nbsp; 18929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 4.95%, 5/7/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7920 | &nbsp;&nbsp;&nbsp;&nbsp; 7915 |
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) | &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.66%, 8/22/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10450 | &nbsp;&nbsp;&nbsp;&nbsp; 10449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.56%, 2/28/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7230 | &nbsp;&nbsp;&nbsp;&nbsp; 7403 |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | &nbsp;&nbsp;&nbsp; Credit Agricole SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 1.91%, 6/16/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 19033 | &nbsp;&nbsp;&nbsp;&nbsp; 19011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.22%, 5/27/2031 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6455 | &nbsp;&nbsp;&nbsp;&nbsp; 6512 |
| &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | &nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.18%), 6.26%, 9/22/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6860 | &nbsp;&nbsp;&nbsp;&nbsp; 6886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3170 | &nbsp;&nbsp;&nbsp;&nbsp; 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 4.61%, 10/2/2030 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4615 | &nbsp;&nbsp;&nbsp;&nbsp; 4565 |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA (Norway) (SOFRINDX + 1.95%), 5.90%, 10/9/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11650 | &nbsp;&nbsp;&nbsp;&nbsp; 11695 |
| &nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec (Canada) 5.70%, 3/14/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8075 | &nbsp;&nbsp;&nbsp;&nbsp; 8320 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 1.61%), 4.29%, 9/12/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13295 | &nbsp;&nbsp;&nbsp;&nbsp; 13269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.55%, 3/4/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9570 | &nbsp;&nbsp;&nbsp;&nbsp; 9787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.29%, 11/19/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5895 | &nbsp;&nbsp;&nbsp;&nbsp; 5954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.29%), 5.13%, 3/3/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3655 | &nbsp;&nbsp;&nbsp;&nbsp; 3664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 5.24%, 5/13/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10640 | &nbsp;&nbsp;&nbsp;&nbsp; 10688 |
| &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | &nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.01%), 1.73%, 4/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6355 | &nbsp;&nbsp;&nbsp;&nbsp; 6203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.23%), 5.07%, 3/25/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7860 | &nbsp;&nbsp;&nbsp;&nbsp; 7904 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, <br> 1/19/2029 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13760 | &nbsp;&nbsp;&nbsp;&nbsp; 14135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 5.87%, <br> 3/6/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20510 | &nbsp;&nbsp;&nbsp;&nbsp; 21111 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11845 | &nbsp;&nbsp;&nbsp;&nbsp; 11439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 5.35%, 9/13/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 5.16%, 4/24/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1575 | &nbsp;&nbsp;&nbsp;&nbsp; 1597 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14165 | &nbsp;&nbsp;&nbsp;&nbsp; 13709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.82%), 5.10%, 5/13/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9660 | &nbsp;&nbsp;&nbsp;&nbsp; 9762 |
| &nbsp;&nbsp;&nbsp; National Bank of Canada (Canada) 4.50%, 10/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9500 | &nbsp;&nbsp;&nbsp;&nbsp; 9407 |
| &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp; NatWest Group plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9818 | &nbsp;&nbsp;&nbsp;&nbsp; 9513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 4.96%, 8/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8025 | &nbsp;&nbsp;&nbsp;&nbsp; 8040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.11%, 5/23/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5135 | &nbsp;&nbsp;&nbsp;&nbsp; 5155 |
| &nbsp;&nbsp;&nbsp; NatWest Markets plc (United Kingdom) 5.41%, 5/17/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7125 | &nbsp;&nbsp;&nbsp;&nbsp; 7306 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.75%), 6.83%, 11/21/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9665 | &nbsp;&nbsp;&nbsp;&nbsp; 9753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.52%), 5.69%, 4/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9325 | &nbsp;&nbsp;&nbsp;&nbsp; 9537 |
| &nbsp;&nbsp;&nbsp; Societe Generale SA (France) | &nbsp;&nbsp;&nbsp; Societe Generale SA (France) | &nbsp;&nbsp;&nbsp; Societe Generale SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15685 | &nbsp;&nbsp;&nbsp;&nbsp; 15193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.65%), 5.51%, 5/22/2031 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10990 | &nbsp;&nbsp;&nbsp;&nbsp; 11071 |
| &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) | &nbsp;&nbsp;&nbsp; Standard Chartered plc (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.55%, 1/21/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5470 | &nbsp;&nbsp;&nbsp;&nbsp; 5551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.15%), 5.01%, 10/15/2030 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4950 | &nbsp;&nbsp;&nbsp;&nbsp; 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.24%, 5/13/2031 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6770 | &nbsp;&nbsp;&nbsp;&nbsp; 6781 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) 5.52%, 1/13/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 12115 | &nbsp;&nbsp;&nbsp;&nbsp; 12436 |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) 5.50%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10278 |
| &nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) 5.08%, 5/21/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6900 | &nbsp;&nbsp;&nbsp;&nbsp; 6958 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) 5.52%, 7/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9975 | &nbsp;&nbsp;&nbsp;&nbsp; 10276 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.51%), 3.53%, 3/24/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12760 | &nbsp;&nbsp;&nbsp;&nbsp; 12515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.74%), 5.57%, 7/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14415 | &nbsp;&nbsp;&nbsp;&nbsp; 14788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.79%), 6.30%, 10/23/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5640 | &nbsp;&nbsp;&nbsp;&nbsp; 5919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 5.24%, 1/24/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3290 | &nbsp;&nbsp;&nbsp;&nbsp; 3339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.50%), 5.15%, 4/23/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6685 | &nbsp;&nbsp;&nbsp;&nbsp; 6765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 756595 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. 4.80%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9105 | &nbsp;&nbsp;&nbsp;&nbsp; 9096 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. 5.05%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 7425 | &nbsp;&nbsp;&nbsp;&nbsp; 7462 |
| &nbsp;&nbsp;&nbsp; Grifols SA (Spain) 4.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8556 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  | &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  | &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% (Blend (Cash 4.25% + PIK 4.25%)), 10/1/2027 (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; Wayfair LLC 7.25%, 10/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 827 | &nbsp;&nbsp;&nbsp;&nbsp; 822 |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc. 4.88%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp;&nbsp; 746 |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp; 685 |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC  | &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC  | &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp; 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc. 4.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1048 | &nbsp;&nbsp;&nbsp;&nbsp; 1029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4145 |
| **Capital Markets — 4.9%** | **Capital Markets — 4.9%** | **Capital Markets — 4.9%** |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. 3.38%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | &nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%), 2.13%, 11/24/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3335 | &nbsp;&nbsp;&nbsp;&nbsp; 3288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 2.31%, 11/16/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp;&nbsp; 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.51%), 6.82%, 11/20/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8360 | &nbsp;&nbsp;&nbsp;&nbsp; 8846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.72%), 5.30%, 5/9/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9095 | &nbsp;&nbsp;&nbsp;&nbsp; 9108 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.95%, 10/21/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12799 | &nbsp;&nbsp;&nbsp;&nbsp; 12328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.11%), 2.64%, 2/24/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 29050 | &nbsp;&nbsp;&nbsp;&nbsp; 28064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 5.05%, 7/23/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6375 | &nbsp;&nbsp;&nbsp;&nbsp; 6429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.14%), 4.69%, 10/23/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.58%), 5.22%, 4/23/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3855 | &nbsp;&nbsp;&nbsp;&nbsp; 3911 |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) | &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.21%), 5.11%, 8/9/2026 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.07%), 1.34%, 1/12/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5680 | &nbsp;&nbsp;&nbsp;&nbsp; 5565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.91%), 1.63%, 9/23/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10310 | &nbsp;&nbsp;&nbsp;&nbsp; 9906 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; Morgan Stanley  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.72%), 0.99%, 12/10/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7750 | &nbsp;&nbsp;&nbsp;&nbsp; 7595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.86%), 1.51%, 7/20/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 18405 | &nbsp;&nbsp;&nbsp;&nbsp; 17758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.24%), 6.30%, 10/18/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp;&nbsp; 9957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 5.12%, 2/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8665 | &nbsp;&nbsp;&nbsp;&nbsp; 8769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.38%), 4.99%, 4/12/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5730 | &nbsp;&nbsp;&nbsp;&nbsp; 5784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.22%), 5.04%, 7/19/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5825 | &nbsp;&nbsp;&nbsp;&nbsp; 5883 |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) 1.65%, 7/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 17065 | &nbsp;&nbsp;&nbsp;&nbsp; 16491 |
| &nbsp;&nbsp;&nbsp; UBS AG (Switzerland) 7.50%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 19345 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | &nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2865 | &nbsp;&nbsp;&nbsp;&nbsp; 2801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 205760 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil) 4.50%, 1/31/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 2678 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The) 5.75%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1106 | &nbsp;&nbsp;&nbsp;&nbsp; 990 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 960 |
| &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) 7.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 998 | &nbsp;&nbsp;&nbsp;&nbsp; 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp; 436 |
| &nbsp;&nbsp;&nbsp; OCP SA (Morocco) 6.70%, 3/1/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 824 | &nbsp;&nbsp;&nbsp;&nbsp; 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 497 | &nbsp;&nbsp;&nbsp;&nbsp; 438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9877 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. 4.25%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp; 919 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC 4.63%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc. 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. (Canada) 3.85%, 6/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14380 | &nbsp;&nbsp;&nbsp;&nbsp; 14371 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) 4.63%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp; 962 |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc. 4.00%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1802 | &nbsp;&nbsp;&nbsp;&nbsp; 1732 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC 4.13%, 6/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1439 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC 5.75%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1233 | &nbsp;&nbsp;&nbsp;&nbsp; 1236 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc. 6.63%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23040 |
| **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp;&nbsp;&nbsp; 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; 369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1272 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp; 592 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1298 |
| &nbsp;&nbsp;&nbsp; Kingston Airport Revenue Finance Ltd. (Jamaica) 6.75%, 12/15/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1318 | &nbsp;&nbsp;&nbsp;&nbsp; 1302 |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC 4.88%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp; 817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4009 |
| **Consumer Finance — 1.4%** | **Consumer Finance — 1.4%** | **Consumer Finance — 1.4%** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC (Ireland) 6.45%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10625 | &nbsp;&nbsp;&nbsp;&nbsp; 10934 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. 5.75%, 11/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp; 526 |
| &nbsp;&nbsp;&nbsp; American Express Co. (SOFR + 1.44%), 5.02%, 4/25/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7270 | &nbsp;&nbsp;&nbsp;&nbsp; 7353 |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) | &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) | &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd. (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11575 | &nbsp;&nbsp;&nbsp;&nbsp; 11785 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. (SOFR + 2.08%), 5.47%, 2/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 19895 | &nbsp;&nbsp;&nbsp;&nbsp; 20248 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 823 | &nbsp;&nbsp;&nbsp;&nbsp; 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1195 | &nbsp;&nbsp;&nbsp;&nbsp; 1208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 57889 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2696 | &nbsp;&nbsp;&nbsp;&nbsp; 2670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc. 5.50%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp;&nbsp; 752 |
| &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/18/2024 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (e)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1022 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 7.00%), 11.32%, 8/30/2031 ‡ (a) (b) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (e)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 15.00%, 8/30/2031 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (e)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 15.00%, 8/30/2031 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (e)<br>|
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. 3.45%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp; 929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4593 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| &nbsp;&nbsp;&nbsp; Amcor Flexibles North America, Inc. 5.10%, 3/17/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7850 | &nbsp;&nbsp;&nbsp;&nbsp; 7901 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  | &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  | &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp; 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp; 428 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC  | &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC  | &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2925 | &nbsp;&nbsp;&nbsp;&nbsp; 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co. 7.88%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1247 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14850 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Service Corp. International 3.38%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp;&nbsp; 639 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Altice Financing SA (Luxembourg) 5.00%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 705 |
| &nbsp;&nbsp;&nbsp; Altice France SA (France) 5.50%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1197 | &nbsp;&nbsp;&nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5846 | &nbsp;&nbsp;&nbsp;&nbsp; 5354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp; 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp; Fibercop SpA (Italy) Series 2033, 6.38%, 11/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 607 | &nbsp;&nbsp;&nbsp;&nbsp; 586 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC 5.88%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp;&nbsp; 586 |
| &nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1233 | &nbsp;&nbsp;&nbsp;&nbsp; 1212 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp; 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1234 | &nbsp;&nbsp;&nbsp;&nbsp; 1199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15997 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| &nbsp;&nbsp;&nbsp; Enel Finance International NV (Italy) 5.13%, 6/26/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7480 | &nbsp;&nbsp;&nbsp;&nbsp; 7573 |
| &nbsp;&nbsp;&nbsp; EnfraGen Energia Sur SA (Colombia) 5.38%, 12/30/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 1902 |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust 3.05%, 1/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13680 | &nbsp;&nbsp;&nbsp;&nbsp; 13304 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC 4.55%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3035 | &nbsp;&nbsp;&nbsp;&nbsp; 3007 |
| &nbsp;&nbsp;&nbsp; Instituto Costarricense de Electricidad (Costa Rica) 6.75%, 10/7/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1370 |
| &nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co. 4.30%, 1/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1249 | &nbsp;&nbsp;&nbsp;&nbsp; 1219 |
| &nbsp;&nbsp;&nbsp; Trans-Allegheny Interstate Line Co. 5.00%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2510 | &nbsp;&nbsp;&nbsp;&nbsp; 2529 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36573 |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Coherent Corp. 5.00%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 581 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP 6.88%, 4/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC 8.00%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp; Precision Drilling Corp. (Canada) 7.13%, 1/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp; Transocean, Inc. 8.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP 6.88%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp; 460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2265 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc. 5.25%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp;&nbsp; 701 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. 4.75%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1785 | &nbsp;&nbsp;&nbsp;&nbsp; 1757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2458 |
| **Financial Services — 0.7%** | **Financial Services — 0.7%** | **Financial Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC 7.50%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 |
| &nbsp;&nbsp;&nbsp; CFIN 2022-RTL1 Issuer LLC  | &nbsp;&nbsp;&nbsp; CFIN 2022-RTL1 Issuer LLC  | &nbsp;&nbsp;&nbsp; CFIN 2022-RTL1 Issuer LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class AShares, 0.00%, 8/17/2027 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp;&nbsp; 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class BShares, 0.00%, 8/17/2027 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp;&nbsp; 930 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society (United Kingdom) | &nbsp;&nbsp;&nbsp; Nationwide Building Society (United Kingdom) | &nbsp;&nbsp;&nbsp; Nationwide Building Society (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 6.56%, 10/18/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13625 | &nbsp;&nbsp;&nbsp;&nbsp; 13951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 7/29/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7650 | &nbsp;&nbsp;&nbsp;&nbsp; 7772 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp. 9.50%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp;&nbsp; 440 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 912 | &nbsp;&nbsp;&nbsp;&nbsp; 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp; STReAM 2008 BV (Netherlands) 0.00%, 2/15/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; 505 |
| &nbsp;&nbsp;&nbsp; Street Capital Group, Inc. (Canada) 0.00%, 2/15/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; 505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29180 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc. 4.63%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 999 | &nbsp;&nbsp;&nbsp;&nbsp; 945 |
| &nbsp;&nbsp;&nbsp; Viterra Finance BV (Netherlands) | &nbsp;&nbsp;&nbsp; Viterra Finance BV (Netherlands) | &nbsp;&nbsp;&nbsp; Viterra Finance BV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 4/21/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14555 | &nbsp;&nbsp;&nbsp;&nbsp; 14177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 4/21/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3820 | &nbsp;&nbsp;&nbsp;&nbsp; 3819 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18941 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC 5.75%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1307 |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc. 9.00%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; 675 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The) 4.63%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1945 | &nbsp;&nbsp;&nbsp;&nbsp; 1718 |
| &nbsp;&nbsp;&nbsp; XPO, Inc.  | &nbsp;&nbsp;&nbsp; XPO, Inc.  | &nbsp;&nbsp;&nbsp; XPO, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4680 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1161 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp;&nbsp; 832 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. 5.05%, 2/19/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 8626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10898 |
| **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  | &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  | &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 886 | &nbsp;&nbsp;&nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. 4.85%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7050 | &nbsp;&nbsp;&nbsp;&nbsp; 7104 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1198 | &nbsp;&nbsp;&nbsp;&nbsp; 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1114 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc. 4.63%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. 4.75%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 |
| &nbsp;&nbsp;&nbsp; HCA, Inc.  | &nbsp;&nbsp;&nbsp; HCA, Inc.  | &nbsp;&nbsp;&nbsp; HCA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10840 | &nbsp;&nbsp;&nbsp;&nbsp; 10995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6535 | &nbsp;&nbsp;&nbsp;&nbsp; 6633 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1371 | &nbsp;&nbsp;&nbsp;&nbsp; 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 923 | &nbsp;&nbsp;&nbsp;&nbsp; 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34090 |
| **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP 4.75%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1464 | &nbsp;&nbsp;&nbsp;&nbsp; 1447 |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) 3.88%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp; Boyne USA, Inc. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 843 | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1455 | &nbsp;&nbsp;&nbsp;&nbsp; 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp;&nbsp; 566 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1083 | &nbsp;&nbsp;&nbsp;&nbsp; 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1119 | &nbsp;&nbsp;&nbsp;&nbsp; 1122 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. 4.55%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4550 | &nbsp;&nbsp;&nbsp;&nbsp; 4509 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  | &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  | &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp;&nbsp; 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp;&nbsp; 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc.  | &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc.  | &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International 6.13%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp; 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1205 | &nbsp;&nbsp;&nbsp;&nbsp; 1209 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 806 | &nbsp;&nbsp;&nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp;&nbsp; 816 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC 4.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1251 |
| &nbsp;&nbsp;&nbsp; VOC Escrow Ltd. 5.00%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21631 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp; Lennar Corp. 5.20%, 7/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7985 | &nbsp;&nbsp;&nbsp;&nbsp; 8060 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. 6.38%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. 4.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1142 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10077 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co. 5.13%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Household Products — continued** | **Household Products — continued** | **Household Products — continued** |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp; 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp;&nbsp; 276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2115 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| &nbsp;&nbsp;&nbsp; Calpine Corp. 4.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp; 569 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC 5.60%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6570 | &nbsp;&nbsp;&nbsp;&nbsp; 6774 |
| &nbsp;&nbsp;&nbsp; Saavi Energia Sarl (Mexico) 8.88%, 2/10/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp;&nbsp; 1099 |
| &nbsp;&nbsp;&nbsp; Termocandelaria Power SA (Colombia) 7.75%, 9/17/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1730 | &nbsp;&nbsp;&nbsp;&nbsp; 1721 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10163 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; Prologis LP 4.75%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6220 | &nbsp;&nbsp;&nbsp;&nbsp; 6239 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC 6.75%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp;&nbsp; 852 |
| &nbsp;&nbsp;&nbsp; Athene Global Funding 1.45%, 1/8/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6929 | &nbsp;&nbsp;&nbsp;&nbsp; 6794 |
| &nbsp;&nbsp;&nbsp; CNO Global Funding 4.95%, 9/9/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 8492 |
| &nbsp;&nbsp;&nbsp; F&G Global Funding 5.88%, 6/10/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9710 | &nbsp;&nbsp;&nbsp;&nbsp; 9899 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd. 7.25%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 910 | &nbsp;&nbsp;&nbsp;&nbsp; 948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26985 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc. 4.25%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp; Identity Digital Ltd. (Ireland) 6.79%, 3/20/2065 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4476 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Amer Sports Co. (Finland) 6.75%, 2/16/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc. 7.50%, 1/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp;&nbsp; 1091 |
| &nbsp;&nbsp;&nbsp; Hillenbrand, Inc. 6.25%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp; 943 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp; 987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3021 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC 6.15%, 11/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9150 | &nbsp;&nbsp;&nbsp;&nbsp; 9312 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2540 | &nbsp;&nbsp;&nbsp;&nbsp; 2485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC 6.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1780 | &nbsp;&nbsp;&nbsp;&nbsp; 1420 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC 5.88%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 721 | &nbsp;&nbsp;&nbsp;&nbsp; 710 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp; 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2380 | &nbsp;&nbsp;&nbsp;&nbsp; 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1068 | &nbsp;&nbsp;&nbsp;&nbsp; 763 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1249 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp; News Corp. 3.88%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc. 4.75%, 11/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp;&nbsp; 1640 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC 4.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow II, Inc. 5.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. 5.13%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp; 738 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC 4.00%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3583 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 |
| &nbsp;&nbsp;&nbsp; Stagwell Global LLC 5.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1238 | &nbsp;&nbsp;&nbsp;&nbsp; 1164 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc.  | &nbsp;&nbsp;&nbsp; TEGNA, Inc.  | &nbsp;&nbsp;&nbsp; TEGNA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 676 | &nbsp;&nbsp;&nbsp;&nbsp; 644 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc. 7.38%, 6/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1365 | &nbsp;&nbsp;&nbsp;&nbsp; 1276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31881 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. 6.38%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. 5.88%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp;&nbsp; 980 |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. 6.75%, 12/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp; 870 |
| &nbsp;&nbsp;&nbsp; CSN Inova Ventures (Brazil) 6.75%, 1/28/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3150 | &nbsp;&nbsp;&nbsp;&nbsp; 2978 |
| &nbsp;&nbsp;&nbsp; Novelis Corp. 4.75%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp;&nbsp; 956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6326 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.2%** |
| &nbsp;&nbsp;&nbsp; Arbor Realty SR, Inc. Series QIB, 9.00%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4814 |
| &nbsp;&nbsp;&nbsp; ReadyCap Holdings LLC Series QIB, 9.38%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3996 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. 7.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 1138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9948 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc. 2.38%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4515 | &nbsp;&nbsp;&nbsp;&nbsp; 4236 |
| **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP 5.38%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 572 | &nbsp;&nbsp;&nbsp;&nbsp; 566 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. 7.63%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp; 691 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC 8.25%, 12/31/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 990 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC 7.00%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP 6.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp; California Resources Corp. 7.13%, 2/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. 6.75%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp;&nbsp; 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc. 6.75%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 961 | &nbsp;&nbsp;&nbsp;&nbsp; 947 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC 9.25%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp; 888 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. 4.13%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1471 | &nbsp;&nbsp;&nbsp;&nbsp; 1401 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) 8.63%, 1/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp; 860 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp; 831 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP 5.25%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4040 | &nbsp;&nbsp;&nbsp;&nbsp; 4106 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. 6.75%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1579 | &nbsp;&nbsp;&nbsp;&nbsp; 1598 |
| &nbsp;&nbsp;&nbsp; FS Luxembourg Sarl (Brazil) 8.88%, 2/12/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 523 | &nbsp;&nbsp;&nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP 7.75%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp;&nbsp; 1226 |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC 2.60%, 10/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14782 | &nbsp;&nbsp;&nbsp;&nbsp; 14597 |
| &nbsp;&nbsp;&nbsp; Greenko Dutch BV (India) 3.85%, 3/29/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1487 | &nbsp;&nbsp;&nbsp;&nbsp; 1456 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp;&nbsp; 720 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP 5.88%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP 5.75%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp;&nbsp; 845 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. 5.15%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3028 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. 6.50%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp;&nbsp; 827 |
| &nbsp;&nbsp;&nbsp; MEG Energy Corp. (Canada) 5.88%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  | &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  | &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp;&nbsp; 953 |
| &nbsp;&nbsp;&nbsp; Peru LNG Srl (Peru) 5.38%, 3/22/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1917 | &nbsp;&nbsp;&nbsp;&nbsp; 1768 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) | &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) | &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 8/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3950 | &nbsp;&nbsp;&nbsp;&nbsp; 3914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 1/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 2/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 2947 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. 4.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp; 654 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. 6.63%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp; 676 |
| &nbsp;&nbsp;&nbsp; Sunoco LP 4.50%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1249 | &nbsp;&nbsp;&nbsp;&nbsp; 1197 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP 6.00%, 12/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp;&nbsp; 1121 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC 3.88%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp;&nbsp;&nbsp; 1217 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 986 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1791 |
| &nbsp;&nbsp;&nbsp; Vital Energy, Inc. 7.75%, 7/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp; 741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 65792 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp; 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp; 579 |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc.  | &nbsp;&nbsp;&nbsp; United Airlines, Inc.  | &nbsp;&nbsp;&nbsp; United Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 776 | &nbsp;&nbsp;&nbsp;&nbsp; 767 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Passenger Airlines — continued** | **Passenger Airlines — continued** | **Passenger Airlines — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp; 603 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc (Switzerland) 9.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp; 709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4662 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. 5.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 944 | &nbsp;&nbsp;&nbsp;&nbsp; 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2253 | &nbsp;&nbsp;&nbsp;&nbsp; 1839 |
| &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 537 | &nbsp;&nbsp;&nbsp;&nbsp; 451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3437 |
| **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC 5.75%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent LP 4.95%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7910 | &nbsp;&nbsp;&nbsp;&nbsp; 7904 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. 6.63%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp; 693 |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1147 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. 4.38%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp;&nbsp; 473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2313 |
| **Software — 0.0% ^** | **Software — 0.0% ^** | **Software — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Elastic NV 4.13%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp. 5.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
| &nbsp;&nbsp;&nbsp; RingCentral, Inc. 8.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1444 |
| **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. 4.88%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp;&nbsp; 681 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. 4.50%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  | &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  | &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp; 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 895 | &nbsp;&nbsp;&nbsp;&nbsp; 917 |
| &nbsp;&nbsp;&nbsp; Escrow Rite Aid 0.00%, 12/31/2049 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (e)<br>|
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The) 3.63%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 922 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  | &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  | &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 471 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc. 4.75%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1131 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp;&nbsp; 276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5642 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  | &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  | &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp;&nbsp; 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. 5.00%, 8/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp;&nbsp; 775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2163 |
| **Tobacco — 0.2%** | **Tobacco — 0.2%** | **Tobacco — 0.2%** |
| &nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan) 5.25%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9945 | &nbsp;&nbsp;&nbsp;&nbsp; 10149 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; H&E Equipment Services, Inc. 3.88%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp; 625 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp;&nbsp; 789 |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp; 824 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 614 | &nbsp;&nbsp;&nbsp;&nbsp; 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4240 |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL (United Kingdom) 9.00%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp; 634 |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1181 | &nbsp;&nbsp;&nbsp;&nbsp; 828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $1,549,480)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1544099 |
| **Asset-Backed Securities — 20.3%** | **Asset-Backed Securities — 20.3%** | **Asset-Backed Securities — 20.3%** |
| &nbsp;&nbsp;&nbsp; Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1197 | &nbsp;&nbsp;&nbsp;&nbsp; 1108 |
| &nbsp;&nbsp;&nbsp; American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class D, 6.35%, 4/12/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 6.24%, 4/12/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5091 | &nbsp;&nbsp;&nbsp;&nbsp; 5152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 5.50%, 7/14/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class D, 5.34%, 8/12/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5345 | &nbsp;&nbsp;&nbsp;&nbsp; 5336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.54%, 8/12/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2593 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 |
| &nbsp;&nbsp;&nbsp; AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class C, 2.35%, 6/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 581 | &nbsp;&nbsp;&nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class E1, 2.33%, 10/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class E2, 2.43%, 10/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR4, Class E1, 2.97%, 12/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1821 | &nbsp;&nbsp;&nbsp;&nbsp; 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class F, 4.00%, 10/17/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp;&nbsp; 5917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFR2, Class B, 3.95%, 6/17/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR1, Class D, 3.66%, 6/17/2042 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1807 |
| &nbsp;&nbsp;&nbsp; Amur Equipment Finance Receivables LLC Series 2022-1A, Class D, 2.91%, 8/21/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3210 | &nbsp;&nbsp;&nbsp;&nbsp; 3189 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Aqua Finance Issuer Trust Series 2025-A, Class A, 5.25%, 12/19/2050 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8314 | &nbsp;&nbsp;&nbsp;&nbsp; 8293 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-AA, Class A, 1.90%, 7/17/2046 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 2.40%, 7/17/2046 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2187 | &nbsp;&nbsp;&nbsp;&nbsp; 1976 |
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd. (Cayman Islands) Series 2015-4A, Class A3RR, 5.66%, 10/15/2030 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 8645 | &nbsp;&nbsp;&nbsp;&nbsp; 8634 |
| &nbsp;&nbsp;&nbsp; Atlas Senior Loan Fund (Cayman Islands) Series 2019-13A, Class A1NR, 5.61%, 4/22/2031 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1480 | &nbsp;&nbsp;&nbsp;&nbsp; 1481 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class C, 3.02%, 8/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 898 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class C, 6.18%, 10/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-6A, Class C, 7.03%, 12/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp;&nbsp;&nbsp; 3470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.85%, 6/20/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.48%, 6/20/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 6.11%, 12/20/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1194 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO (Cayman Islands) Series 2019-2A, Class BR3, 5.73%, 10/17/2032 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 10250 | &nbsp;&nbsp;&nbsp;&nbsp; 10244 |
| &nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund Trust Series 2024-SN1, Class D, 6.36%, 7/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1526 |
| &nbsp;&nbsp;&nbsp; BHG Securitization Trust Series 2021-B, Class B, 1.67%, 10/17/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5403 | &nbsp;&nbsp;&nbsp;&nbsp; 5277 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd. (Cayman Islands) Series 2021-32A, Class BR, 5.81%, 10/15/2034 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 10500 | &nbsp;&nbsp;&nbsp;&nbsp; 10494 |
| &nbsp;&nbsp;&nbsp; BOF Funding Trust Series 2023-CAR3, Class C, 4.50%, 7/26/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp;&nbsp; 588 |
| &nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.65%, 4/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 7.10%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 6.03%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.64%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6375 | &nbsp;&nbsp;&nbsp;&nbsp; 6440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 5.62%, 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5045 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 6.92%, 5/15/2039 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3373 | &nbsp;&nbsp;&nbsp;&nbsp; 3444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 5.75%, 9/15/2039 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2658 | &nbsp;&nbsp;&nbsp;&nbsp; 2614 |
| &nbsp;&nbsp;&nbsp; BXMT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class A, 5.49%, 5/15/2038 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1888 | &nbsp;&nbsp;&nbsp;&nbsp; 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4, Class C, 6.19%, 5/15/2038 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1659 |
| &nbsp;&nbsp;&nbsp; CarVal CLO Ltd. (Cayman Islands) Series 2019-1A, Class BR2, 5.82%, 4/20/2032 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 6222 | &nbsp;&nbsp;&nbsp;&nbsp; 6228 |
| &nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-P2, Class C, 5.84%, 7/10/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4982 | &nbsp;&nbsp;&nbsp;&nbsp; 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-P3, Class C, 6.09%, 11/13/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2675 | &nbsp;&nbsp;&nbsp;&nbsp; 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N1, Class C, 5.80%, 5/10/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N2, Class C, 5.82%, 9/10/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3148 | &nbsp;&nbsp;&nbsp;&nbsp; 3204 |
| &nbsp;&nbsp;&nbsp; Cascade MH Asset Trust Series 2019-MH1, Class A, 4.00%, 11/25/2044 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2698 | &nbsp;&nbsp;&nbsp;&nbsp; 2559 |
| &nbsp;&nbsp;&nbsp; CF Hippolyta Issuer LLC Series 2021-1A, Class B1, 1.98%, 3/15/2061 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2243 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 |
| &nbsp;&nbsp;&nbsp; CFMT LLC Series 2024-HB13, Class M1, 3.00%, 5/25/2034 ‡ (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 826 | &nbsp;&nbsp;&nbsp;&nbsp; 783 |
| &nbsp;&nbsp;&nbsp; Cherry Securitization Trust Series 2024-1A, Class A, 5.70%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5384 | &nbsp;&nbsp;&nbsp;&nbsp; 5419 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands) Series 2016-1A, Class BR3, 5.72%, 10/21/2031 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 10435 | &nbsp;&nbsp;&nbsp;&nbsp; 10406 |
| &nbsp;&nbsp;&nbsp; Columbia Cent CLO Ltd. (Cayman Islands) Series 2021-31A, Class BR, 5.87%, 4/20/2034 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 10250 | &nbsp;&nbsp;&nbsp;&nbsp; 10253 |
| &nbsp;&nbsp;&nbsp; Consumer Portfolio Services Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 5.25%, 4/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 5.12%, 7/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3060 | &nbsp;&nbsp;&nbsp;&nbsp; 3063 |
| &nbsp;&nbsp;&nbsp; Continental Finance Credit Card ABS Master Trust Series 2021-A, Class A, 2.55%, 12/17/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D, Class D, 2.31%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7401 | &nbsp;&nbsp;&nbsp;&nbsp; 7350 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class D, 2.84%, 4/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10702 | &nbsp;&nbsp;&nbsp;&nbsp; 10587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class C, 5.76%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3584 | &nbsp;&nbsp;&nbsp;&nbsp; 3623 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class B, 6.61%, 7/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 7.71%, 7/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 7.62%, 12/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A, Class B, 6.71%, 2/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1334 | &nbsp;&nbsp;&nbsp;&nbsp; 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A, Class C, 7.30%, 4/17/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3150 | &nbsp;&nbsp;&nbsp;&nbsp; 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.71%, 7/17/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6450 | &nbsp;&nbsp;&nbsp;&nbsp; 6641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 6.11%, 8/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 6.70%, 10/16/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, 4.85%, 11/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4550 | &nbsp;&nbsp;&nbsp;&nbsp; 4544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 5.39%, 1/16/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.71%, 7/16/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8142 | &nbsp;&nbsp;&nbsp;&nbsp; 8252 |
| &nbsp;&nbsp;&nbsp; Dext ABS LLC Series 2025-1, Class B, 4.98%, 8/15/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7920 | &nbsp;&nbsp;&nbsp;&nbsp; 7918 |
| &nbsp;&nbsp;&nbsp; Diamond Resorts Owner Trust Series 2021-1A, Class C, 2.70%, 11/21/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 4.67%, 5/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4775 | &nbsp;&nbsp;&nbsp;&nbsp; 4749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 4.94%, 5/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.41%, 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4002 |
| &nbsp;&nbsp;&nbsp; Driven Brands Funding LLC Series 2021-1A, Class A2, 2.79%, 10/20/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4977 | &nbsp;&nbsp;&nbsp;&nbsp; 4611 |
| &nbsp;&nbsp;&nbsp; Dryden Senior Loan Fund (Cayman Islands) Series 2016-43A, Class B1R3, 5.77%, 4/20/2034 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10007 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, 1.16%, 11/16/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 1.50%, 2/16/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 977 | &nbsp;&nbsp;&nbsp;&nbsp; 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, 1.31%, 5/17/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11998 | &nbsp;&nbsp;&nbsp;&nbsp; 11790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, 1.99%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7434 | &nbsp;&nbsp;&nbsp;&nbsp; 7312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class E, 11.06%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class E, 10.21%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2987 |
| &nbsp;&nbsp;&nbsp; Elara HGV Timeshare Issuer LLC Series 2021-A, Class B, 1.74%, 8/27/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1433 | &nbsp;&nbsp;&nbsp;&nbsp; 1351 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class E, 3.44%, 8/17/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1966 | &nbsp;&nbsp;&nbsp;&nbsp; 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 1.40%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6852 | &nbsp;&nbsp;&nbsp;&nbsp; 6725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, 1.96%, 1/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10039 | &nbsp;&nbsp;&nbsp;&nbsp; 9906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class D, 5.57%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4026 |
| &nbsp;&nbsp;&nbsp; FHF Issuer Trust Series 2024-3A, Class A2, 5.04%, 11/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4629 | &nbsp;&nbsp;&nbsp;&nbsp; 4633 |
| &nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust Series 2023-1A, Class B, 6.55%, 12/17/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3264 | &nbsp;&nbsp;&nbsp;&nbsp; 3343 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class F2, 3.45%, 8/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class E1, 2.99%, 12/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F1, PO, 5/19/2039 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F2, PO, 5/19/2039 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class F1, 4.50%, 7/17/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class F2, 4.50%, 7/17/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2857 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust Series 2021-1, Class D, 1.27%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3947 | &nbsp;&nbsp;&nbsp;&nbsp; 3885 |
| &nbsp;&nbsp;&nbsp; Foundation Finance Trust Series 2021-1A, Class A, 1.27%, 5/15/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5282 | &nbsp;&nbsp;&nbsp;&nbsp; 4939 |
| &nbsp;&nbsp;&nbsp; FRTKL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class D, 2.17%, 9/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6762 | &nbsp;&nbsp;&nbsp;&nbsp; 6481 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class E1, 2.37%, 9/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3577 |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, 1.48%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6543 | &nbsp;&nbsp;&nbsp;&nbsp; 6445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.61%, 11/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.59%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp;&nbsp;&nbsp; 5790 |
| &nbsp;&nbsp;&nbsp; GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 5.04%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.26%, 3/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2470 | &nbsp;&nbsp;&nbsp;&nbsp; 2487 |
| &nbsp;&nbsp;&nbsp; Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2, Class A, 1.15%, 6/25/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2949 | &nbsp;&nbsp;&nbsp;&nbsp; 2875 |
| &nbsp;&nbsp;&nbsp; Granite Park Equipment Leasing LLC Series 2023-1A, Class D, 7.00%, 8/22/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust Series 2024-2, Class A3, 5.15%, 10/27/2059 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2025-SL1, Class A1, 5.85%, 11/25/2067 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 8894 | &nbsp;&nbsp;&nbsp;&nbsp; 8915 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.99%, 3/25/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5506 | &nbsp;&nbsp;&nbsp;&nbsp; 5547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 5.71%, 8/27/2040 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2851 | &nbsp;&nbsp;&nbsp;&nbsp; 2868 |
| &nbsp;&nbsp;&nbsp; HINNT LLC Series 2025-A, Class D, 8.22%, 3/15/2044 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 941 | &nbsp;&nbsp;&nbsp;&nbsp; 935 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class E1, 2.85%, 12/17/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9599 | &nbsp;&nbsp;&nbsp;&nbsp; 9133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class E1, 3.20%, 1/17/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp; KKR Static CLO Ltd. (Cayman Islands) Series 2022-1A, Class BR2, 5.72%, 7/20/2031 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 7098 | &nbsp;&nbsp;&nbsp;&nbsp; 7075 |
| &nbsp;&nbsp;&nbsp; LCM Ltd. (Cayman Islands) Series 36A, Class BR, 5.76%, 1/15/2034 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 9396 | &nbsp;&nbsp;&nbsp;&nbsp; 9369 |
| &nbsp;&nbsp;&nbsp; Lendbuzz Securitization Trust Series 2022-1A, Class A, 4.22%, 5/17/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp; LendingPoint Pass-Through Trust Series 2022-ST1, Class A, 2.50%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 2.47%, 11/20/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 2.00%, 4/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4444 | &nbsp;&nbsp;&nbsp;&nbsp; 4198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.25%, 2/21/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands) Series 2021-49A, Class B1R, 5.72%, 10/19/2034 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6981 |
| &nbsp;&nbsp;&nbsp; Magnetite Ltd. (Cayman Islands) Series 2020-25A, Class A, 5.74%, 1/25/2032 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1239 | &nbsp;&nbsp;&nbsp;&nbsp; 1240 |
| &nbsp;&nbsp;&nbsp; Mariner Finance issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA, Class B, 5.33%, 11/20/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA, Class C, 5.73%, 11/20/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2197 | &nbsp;&nbsp;&nbsp;&nbsp; 2210 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust Series 2021-AA, Class A, 1.86%, 3/20/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6885 | &nbsp;&nbsp;&nbsp;&nbsp; 6639 |
| &nbsp;&nbsp;&nbsp; Merchants Fleet Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 7.21%, 5/20/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2440 | &nbsp;&nbsp;&nbsp;&nbsp; 2461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.95%, 4/20/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5293 |
| &nbsp;&nbsp;&nbsp; Mercury Financial Credit Card Master Trust Series 2024-2A, Class A, 6.56%, 7/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7731 | &nbsp;&nbsp;&nbsp;&nbsp; 7795 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital I, Inc. Trust Series 2004-SD1, Class A, 5.24%, 8/25/2034 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp; MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.51%, 2/20/2043 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1481 | &nbsp;&nbsp;&nbsp;&nbsp; 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.20%, 2/20/2043 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1058 | &nbsp;&nbsp;&nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-49A, Class BR, 5.83%, 7/25/2035 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3366 | &nbsp;&nbsp;&nbsp;&nbsp; 3366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class BR, 5.66%, 7/16/2036 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 10250 | &nbsp;&nbsp;&nbsp;&nbsp; 10236 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2022-SFR1, Class E1, 3.55%, 2/17/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2730 | &nbsp;&nbsp;&nbsp;&nbsp; 2620 |
| &nbsp;&nbsp;&nbsp; NRM FNT1 Excess LLC Series 2024-FNT1, Class A, 7.40%, 11/25/2031 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 4147 | &nbsp;&nbsp;&nbsp;&nbsp; 4192 |
| &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2076 | &nbsp;&nbsp;&nbsp;&nbsp; 1998 |
| &nbsp;&nbsp;&nbsp; OCP Aegis CLO Ltd. (Jersey) Series 2024-39A, Class A1, 5.48%, 1/16/2037 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3503 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Octane Receivables Trust Series 2023-1A, Class C, 6.37%, 9/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1709 | &nbsp;&nbsp;&nbsp;&nbsp; 1730 |
| &nbsp;&nbsp;&nbsp; OnDeck Asset Securitization Trust LLC Series 2023-1A, Class A, 7.00%, 8/19/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3744 | &nbsp;&nbsp;&nbsp;&nbsp; 3776 |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 1.47%, 5/8/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 1.96%, 5/8/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class B, 5.25%, 6/9/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class A, 2.18%, 10/8/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2803 | &nbsp;&nbsp;&nbsp;&nbsp; 2733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 5.30%, 2/8/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9700 | &nbsp;&nbsp;&nbsp;&nbsp; 9684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 5.89%, 2/8/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3493 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust Series 2021-HG1, Class A, 1.22%, 1/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, 5.96%, 8/8/2032 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 8561 | &nbsp;&nbsp;&nbsp;&nbsp; 8570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.52%, 2/15/2033 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 10250 | &nbsp;&nbsp;&nbsp;&nbsp; 10178 |
| &nbsp;&nbsp;&nbsp; PEAC Solutions Receivables LLC Series 2025-1A, Class A3, 5.04%, 7/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2267 |
| &nbsp;&nbsp;&nbsp; PowerPay Issuance Trust Series 2024-1A, Class A, 6.53%, 2/18/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1136 | &nbsp;&nbsp;&nbsp;&nbsp; 1158 |
| &nbsp;&nbsp;&nbsp; PRET LLC Series 2021-RN4, Class A1, 5.49%, 10/25/2051 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3364 | &nbsp;&nbsp;&nbsp;&nbsp; 3360 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR6, Class C, 1.86%, 7/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6250 | &nbsp;&nbsp;&nbsp;&nbsp; 6054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR6, Class C, 5.20%, 7/20/2039 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR1, Class D, 3.75%, 2/17/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3375 | &nbsp;&nbsp;&nbsp;&nbsp; 3164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR2, Class D, 3.56%, 4/17/2042 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2718 |
| &nbsp;&nbsp;&nbsp; PRPM LLC Series 2021-4, Class A1, 5.87%, 4/25/2026 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 6994 | &nbsp;&nbsp;&nbsp;&nbsp; 6996 |
| &nbsp;&nbsp;&nbsp; Purchasing Power Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 6.43%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 6.80%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2725 |
| &nbsp;&nbsp;&nbsp; Purewest ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 6.53%, 4/5/2040 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3995 | &nbsp;&nbsp;&nbsp;&nbsp; 3995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 10.28%, 4/5/2040 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1989 | &nbsp;&nbsp;&nbsp;&nbsp; 1989 |
| &nbsp;&nbsp;&nbsp; Regional Management Issuance Trust Series 2021-1, Class A, 1.68%, 3/17/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 2.80%, 12/22/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 5.42%, 11/20/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5530 | &nbsp;&nbsp;&nbsp;&nbsp; 5581 |
| &nbsp;&nbsp;&nbsp; RR Ltd. (Cayman Islands) Series 2020-12A, Class ABR3, 5.81%, 1/15/2036 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 9345 | &nbsp;&nbsp;&nbsp;&nbsp; 9351 |
| &nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 5.82%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5743 | &nbsp;&nbsp;&nbsp;&nbsp; 5776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 6.11%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3064 | &nbsp;&nbsp;&nbsp;&nbsp; 3081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class C, 5.14%, 1/18/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class D, 5.48%, 1/18/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2996 |
| &nbsp;&nbsp;&nbsp; Santander Consumer Auto Receivables Trust Series 2021-AA, Class D, 1.57%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1484 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-6, Class D, 5.69%, 2/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5, Class C, 6.43%, 2/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.28%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class D, 5.97%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class D, 5.32%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4387 | &nbsp;&nbsp;&nbsp;&nbsp; 4408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class C, 6.04%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp;&nbsp; 8904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class D, 5.14%, 2/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1916 | &nbsp;&nbsp;&nbsp;&nbsp; 1915 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; SBNA Auto Receivables Trust Series 2024-A, Class D, 6.04%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5525 | &nbsp;&nbsp;&nbsp;&nbsp; 5615 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.56%, 4/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2167 | &nbsp;&nbsp;&nbsp;&nbsp; 2227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class C, 6.50%, 8/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 5.82%, 9/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1774 | &nbsp;&nbsp;&nbsp;&nbsp; 1822 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Trust LLC Series 2025-1A, Class D, 5.88%, 11/20/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1033 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.34%, 11/20/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 1.79%, 11/20/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, 1.35%, 9/20/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.81%, 1/21/2042 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3988 | &nbsp;&nbsp;&nbsp;&nbsp; 3986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.35%, 1/20/2043 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1483 | &nbsp;&nbsp;&nbsp;&nbsp; 1488 |
| &nbsp;&nbsp;&nbsp; Stonepeak ABS Series 2021-1A, 3.82%, 2/28/2033 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1703 | &nbsp;&nbsp;&nbsp;&nbsp; 1628 |
| &nbsp;&nbsp;&nbsp; Stream Innovations Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.27%, 7/15/2044 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2829 | &nbsp;&nbsp;&nbsp;&nbsp; 2919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.21%, 2/15/2045 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1786 | &nbsp;&nbsp;&nbsp;&nbsp; 1791 |
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class B1RR, 5.96%, 10/15/2031 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 5822 | &nbsp;&nbsp;&nbsp;&nbsp; 5827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class BR2, 5.81%, 1/16/2032 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 9350 | &nbsp;&nbsp;&nbsp;&nbsp; 9358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-21A, Class BR2, 5.61%, 7/15/2032 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12924 |
| &nbsp;&nbsp;&nbsp; THL Credit Wind River CLO Ltd. (Cayman Islands) Series 2019-3A, Class BR2, 5.81%, 4/15/2031 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 6667 | &nbsp;&nbsp;&nbsp;&nbsp; 6671 |
| &nbsp;&nbsp;&nbsp; Tricon Residential Trust Series 2021-SFR1, Class E1, 2.79%, 7/17/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3760 | &nbsp;&nbsp;&nbsp;&nbsp; 3635 |
| &nbsp;&nbsp;&nbsp; Upstart Pass-Through Trust Series 2021-ST5, Class A, 2.00%, 7/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust Series 2025-1, Class A, 5.45%, 4/20/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp; Venture CLO Ltd. (Cayman Islands) Series 2019-36A, Class A1AR, 5.66%, 4/20/2032 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 8213 | &nbsp;&nbsp;&nbsp;&nbsp; 8220 |
| &nbsp;&nbsp;&nbsp; Verdant Receivables LLC Series 2024-1A, Class A2, 5.68%, 12/12/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4690 | &nbsp;&nbsp;&nbsp;&nbsp; 4755 |
| &nbsp;&nbsp;&nbsp; Veros Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, 6.28%, 11/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 663 | &nbsp;&nbsp;&nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 8.32%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp;&nbsp;&nbsp; 7444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 5.54%, 7/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class D, 7.23%, 7/16/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
| &nbsp;&nbsp;&nbsp; VFI ABS LLC Series 2023-1A, Class A, 7.27%, 3/26/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp;&nbsp; 635 |
| &nbsp;&nbsp;&nbsp; VOLT C LLC Series 2021-NPL9, Class A1, 5.99%, 5/25/2051 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1590 | &nbsp;&nbsp;&nbsp;&nbsp; 1587 |
| &nbsp;&nbsp;&nbsp; VOLT CI LLC Series 2021-NP10, Class A1, 5.99%, 5/25/2051 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1396 | &nbsp;&nbsp;&nbsp;&nbsp; 1393 |
| &nbsp;&nbsp;&nbsp; VOLT CIII LLC Series 2021-CF1, Class A1, 4.99%, 8/25/2051 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1853 | &nbsp;&nbsp;&nbsp;&nbsp; 1852 |
| &nbsp;&nbsp;&nbsp; VOLT CV LLC Series 2021-CF2, Class A1, 5.49%, 11/27/2051 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 4518 | &nbsp;&nbsp;&nbsp;&nbsp; 4503 |
| &nbsp;&nbsp;&nbsp; VOLT CVI LLC Series 2021-NP12, Class A1, 5.73%, 12/26/2051 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2478 | &nbsp;&nbsp;&nbsp;&nbsp; 2468 |
| &nbsp;&nbsp;&nbsp; VOLT XCIII LLC Series 2021-NPL2, Class A1, 5.89%, 2/27/2051 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 529 | &nbsp;&nbsp;&nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp; VOLT XCIV LLC Series 2021-NPL3, Class A1, 6.24%, 2/27/2051 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 834 | &nbsp;&nbsp;&nbsp;&nbsp; 834 |
| &nbsp;&nbsp;&nbsp; VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, 3/27/2051 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp;&nbsp; 1486 |
| &nbsp;&nbsp;&nbsp; VOLT XCVI LLC Series 2021-NPL5, Class A1, 6.12%, 3/27/2051 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp; VOLT XCVII LLC Series 2021-NPL6, Class A1, 6.24%, 4/25/2051 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 986 | &nbsp;&nbsp;&nbsp;&nbsp; 984 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd. (Cayman Islands) Series 2018-1A, Class A2, 5.83%, 4/19/2031 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8011 |
| &nbsp;&nbsp;&nbsp; VStrong Auto Receivables Trust Series 2023-A, Class B, 7.11%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2552 |
| &nbsp;&nbsp;&nbsp; Westgate Resorts LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 6.56%, 1/20/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2680 | &nbsp;&nbsp;&nbsp;&nbsp; 2707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 7.06%, 1/20/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2401 | &nbsp;&nbsp;&nbsp;&nbsp; 2425 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, 2.12%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3185 | &nbsp;&nbsp;&nbsp;&nbsp; 3164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class E, 3.42%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 6.79%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 6.02%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7103 |
| &nbsp;&nbsp;&nbsp; Wingspire Equipment Finance LLC Series 2024-1A, Class C, 5.28%, 9/20/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $846,754)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 844557 |
| **Collateralized Mortgage Obligations — 12.4%** | **Collateralized Mortgage Obligations — 12.4%** | **Collateralized Mortgage Obligations — 12.4%** |
| &nbsp;&nbsp;&nbsp; Alternative Loan Trust Series 2004-25CB, Class A1, 6.00%, 12/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5, Class A3, 2.92%, 10/25/2049 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5, Class B1, 3.96%, 10/25/2049 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp;&nbsp; 980 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust I LLC Series 2018-3, Class B1, 5.04%, 9/25/2048 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3766 |
| &nbsp;&nbsp;&nbsp; Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, 3.80%, 1/25/2049 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class A3, 3.80%, 4/25/2049 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Brean Asset-Backed Securities Trust Series 2025-RM11, Class A1, 4.75%, 5/25/2065 ‡ (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3950 | &nbsp;&nbsp;&nbsp;&nbsp; 3794 |
| &nbsp;&nbsp;&nbsp; CAFL Issuer LP Series 2025-RRTL1, Class A1, 5.68%, 5/28/2040 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4011 |
| &nbsp;&nbsp;&nbsp; CFMT LLC Series 2024-HB15, Class M1, 4.00%, 8/25/2034 ‡ (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1929 |
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J2, Class 3A8, 5.50%, 8/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HYB2, Class 2A1B, 4.62%, 4/20/2036 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp; CIM Trust Series 2019-INV2, Class A11, 5.39%, 5/25/2049 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2, 5.97%, 12/25/2041 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 9450 | &nbsp;&nbsp;&nbsp;&nbsp; 9499 |
| &nbsp;&nbsp;&nbsp; CRIBS Mortgage Trust Series 2025-RTL1, Class A1, 5.81%, 5/25/2040 ‡ (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1994 |
| &nbsp;&nbsp;&nbsp; CSFB Mortgage-Backed Pass-Through Certificates Series 2005-9, Class 1A2, 5.25%, 10/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 677 | &nbsp;&nbsp;&nbsp;&nbsp; 609 |
| &nbsp;&nbsp;&nbsp; Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-3, Class 2A1, 5.94%, 10/25/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 569 | &nbsp;&nbsp;&nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5394, Class AV, 5.50%, 1/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 6116 | &nbsp;&nbsp;&nbsp;&nbsp; 6206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3036, Class NE, 5.00%, 9/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5516, Class DV, 6.00%, 12/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 9519 | &nbsp;&nbsp;&nbsp;&nbsp; 9767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3294, Class NE, 5.50%, 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3878, Class PL, 4.50%, 11/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 7900 | &nbsp;&nbsp;&nbsp;&nbsp; 7893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4012, Class GS, IF, IO, 2.05%, 3/15/2042 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3724 | &nbsp;&nbsp;&nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5182, Class D, 2.50%, 11/25/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 18073 | &nbsp;&nbsp;&nbsp;&nbsp; 16733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4338, Class SA, IF, IO, 1.55%, 5/15/2044 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3351 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4477, Class SA, IF, IO, 1.70%, 5/15/2045 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3305 | &nbsp;&nbsp;&nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4505, Class SA, IF, IO, 1.70%, 8/15/2045 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2848 | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4681, Class SD, IF, IO, 1.70%, 5/15/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5194, Class H, 2.50%, 10/25/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 32545 | &nbsp;&nbsp;&nbsp;&nbsp; 29127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4925, Class SH, IF, IO, 1.66%, 10/25/2049 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 6124 | &nbsp;&nbsp;&nbsp;&nbsp; 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4954, Class SB, IF, IO, 1.61%, 2/25/2050 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 6282 | &nbsp;&nbsp;&nbsp;&nbsp; 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class MI, IO, 3.00%, 10/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 21287 | &nbsp;&nbsp;&nbsp;&nbsp; 3668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4632, Class MA, 4.00%, 8/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4352 | &nbsp;&nbsp;&nbsp;&nbsp; 4250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4634, Class MD, 5.00%, 11/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6603 | &nbsp;&nbsp;&nbsp;&nbsp; 6584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5470, Class FG, 5.52%, 11/25/2054 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 23099 | &nbsp;&nbsp;&nbsp;&nbsp; 22891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5472, Class FE, 5.67%, 11/25/2054 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 25672 | &nbsp;&nbsp;&nbsp;&nbsp; 25584 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5481, Class FA, 5.72%, 12/25/2054 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 20208 | &nbsp;&nbsp;&nbsp;&nbsp; 20189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5481, Class FC, 5.82%, 12/25/2054 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 27955 | &nbsp;&nbsp;&nbsp;&nbsp; 28022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4630, Class MA, 4.00%, 1/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5524 | &nbsp;&nbsp;&nbsp;&nbsp; 5459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4839, Class WS, IF, IO, 1.65%, 8/15/2056 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 10974 | &nbsp;&nbsp;&nbsp;&nbsp; 1501 |
| &nbsp;&nbsp;&nbsp; FHLMC, STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 267, Class S5, IF, IO, 1.55%, 8/15/2042 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2812 | &nbsp;&nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 342, Class S7, IF, IO, 1.66%, 2/15/2045 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1173 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp; FNMA, Connecticut Avenue Securities Series 2021-R02, Class 2M2, 6.32%, 11/25/2041 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6536 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-55, Class AI, IO, 3.00%, 6/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 659 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-101, Class DV, 5.50%, 12/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 4858 | &nbsp;&nbsp;&nbsp;&nbsp; 4983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class PV, 5.50%, 1/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 5122 | &nbsp;&nbsp;&nbsp;&nbsp; 5275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-27, Class BV, 5.50%, 3/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 14516 | &nbsp;&nbsp;&nbsp;&nbsp; 14782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-29, Class CV, 5.50%, 4/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 12210 | &nbsp;&nbsp;&nbsp;&nbsp; 12372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-85, Class SA, IF, IO, 1.18%, 11/25/2045 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2777 | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-74, Class GS, IF, IO, 1.56%, 10/25/2046 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-31, Class SG, IF, IO, 1.66%, 5/25/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 6966 | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27, Class CA, 5.50%, 12/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 3291 | &nbsp;&nbsp;&nbsp;&nbsp; 3304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-31, Class S, IF, IO, 1.61%, 7/25/2049 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3336 | &nbsp;&nbsp;&nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-20, Class MA, 5.00%, 11/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 25082 | &nbsp;&nbsp;&nbsp;&nbsp; 25042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-42, Class EA, 3.75%, 6/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 50558 | &nbsp;&nbsp;&nbsp;&nbsp; 48578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-43, Class P, 4.00%, 7/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 8180 | &nbsp;&nbsp;&nbsp;&nbsp; 7928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67, Class FA, 5.49%, 9/25/2054 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 5725 | &nbsp;&nbsp;&nbsp;&nbsp; 5676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-96, Class FA, 5.72%, 12/25/2054 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 12256 | &nbsp;&nbsp;&nbsp;&nbsp; 12245 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-39, Class MI, IO, 4.00%, 3/16/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-123, Class SE, IF, IO, 1.28%, 9/20/2045 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3490 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-108, Class SM, IF, IO, 1.66%, 8/20/2046 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-110, Class LC, 3.50%, 4/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 28367 | &nbsp;&nbsp;&nbsp;&nbsp; 27056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-139, Class SB, IF, IO, 1.71%, 10/20/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 5053 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class LA, 3.00%, 7/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 16842 | &nbsp;&nbsp;&nbsp;&nbsp; 15758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-184, Class BG, 3.50%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 6588 | &nbsp;&nbsp;&nbsp;&nbsp; 6277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class GC, 3.50%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 16252 | &nbsp;&nbsp;&nbsp;&nbsp; 15391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-151, Class HB, 4.50%, 10/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 35348 | &nbsp;&nbsp;&nbsp;&nbsp; 34620 |
| &nbsp;&nbsp;&nbsp; Lhome Mortgage Trust Series 2025-RTL2, Class A1, 5.61%, 4/25/2040 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2503 |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL5, Class A1, 5.32%, 9/25/2039 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 5444 | &nbsp;&nbsp;&nbsp;&nbsp; 5412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL1, Class A1, 5.65%, 1/25/2040 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 4673 | &nbsp;&nbsp;&nbsp;&nbsp; 4675 |
| &nbsp;&nbsp;&nbsp; MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL3, Class A1, 5.91%, 11/25/2039 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3650 | &nbsp;&nbsp;&nbsp;&nbsp; 3655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL1, Class A1, 6.33%, 9/25/2054 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 4550 | &nbsp;&nbsp;&nbsp;&nbsp; 4553 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL1, Class A1, 6.66%, 3/25/2039 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2355 | &nbsp;&nbsp;&nbsp;&nbsp; 2369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL2, Class A1, 5.44%, 9/25/2039 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM5, Class B1, 4.04%, 11/25/2059 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3041 | &nbsp;&nbsp;&nbsp;&nbsp; 2639 |
| &nbsp;&nbsp;&nbsp; NRM FHT1 Excess Owner LLC Series 2025-FHT1, Class A, 6.55%, 3/25/2032 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 5733 | &nbsp;&nbsp;&nbsp;&nbsp; 5677 |
| &nbsp;&nbsp;&nbsp; NYMT Loan Trust Series 2021-SP1, Class A1, 4.67%, 8/25/2061 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3741 | &nbsp;&nbsp;&nbsp;&nbsp; 3723 |
| &nbsp;&nbsp;&nbsp; Roc Mortgage Trust Series 2025-RTL1, Class A1, 5.63%, 2/25/2040 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1135 | &nbsp;&nbsp;&nbsp;&nbsp; 1132 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp; Structured Asset Mortgage Investments II Trust Series 2006-AR6, Class 2A1, 4.82%, 7/25/2046 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 854 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp; Toorak Mortgage Trust Series 2025-RRTL1, Class A1, 5.52%, 2/25/2040 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp;&nbsp; 5572 |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR5, Class A6, 5.41%, 5/25/2035 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $521,003)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 515680 |
| **U.S. Treasury Obligations — 9.4%** | **U.S. Treasury Obligations — 9.4%** | **U.S. Treasury Obligations — 9.4%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3010 | &nbsp;&nbsp;&nbsp;&nbsp; 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 87390 | &nbsp;&nbsp;&nbsp;&nbsp; 88325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 6/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2140 | &nbsp;&nbsp;&nbsp;&nbsp; 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30470 | &nbsp;&nbsp;&nbsp;&nbsp; 30759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 84815 | &nbsp;&nbsp;&nbsp;&nbsp; 84550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2920 | &nbsp;&nbsp;&nbsp;&nbsp; 2888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 26815 | &nbsp;&nbsp;&nbsp;&nbsp; 26808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 78625 | &nbsp;&nbsp;&nbsp;&nbsp; 78877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp; 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 72795 | &nbsp;&nbsp;&nbsp;&nbsp; 72579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/30/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp;&nbsp; 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $390,104)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 392508 |
| **Mortgage-Backed Securities — 9.3%** | **Mortgage-Backed Securities — 9.3%** | **Mortgage-Backed Securities — 9.3%** |
| &nbsp;&nbsp;&nbsp; FHLMC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 841360, ARM, 6.80%, 11/1/2046 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 15605 | &nbsp;&nbsp;&nbsp;&nbsp; 16134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 841368, ARM, 6.77%, 9/1/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 4496 | &nbsp;&nbsp;&nbsp;&nbsp; 4625 |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, 15 Year Pool # G18528, 3.50%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1276 | &nbsp;&nbsp;&nbsp;&nbsp; 1257 |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, 20 Year Pool # C91649, 3.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, 30 Year Pool # G61879, 4.50%, 3/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 10 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RD5034, 2.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 15717 | &nbsp;&nbsp;&nbsp;&nbsp; 14989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RD5053, 2.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 10701 | &nbsp;&nbsp;&nbsp;&nbsp; 10166 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 15 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB0041, 3.50%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp;&nbsp; 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SB8184, 4.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 8406 | &nbsp;&nbsp;&nbsp;&nbsp; 8139 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # ZT1703, 4.00%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 10205 | &nbsp;&nbsp;&nbsp;&nbsp; 9520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD8233, 5.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 6636 | &nbsp;&nbsp;&nbsp;&nbsp; 6455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD8343, 6.00%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 41309 | &nbsp;&nbsp;&nbsp;&nbsp; 41783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD7572, 6.50%, 5/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 28894 | &nbsp;&nbsp;&nbsp;&nbsp; 29859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD6636, 5.50%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 16326 | &nbsp;&nbsp;&nbsp;&nbsp; 16271 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 15 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BM4202, 3.50%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1934 | &nbsp;&nbsp;&nbsp;&nbsp; 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AL9552, 3.50%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AS9697, 3.50%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM1156, 2.50%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4370 | &nbsp;&nbsp;&nbsp;&nbsp; 4193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS2930, 4.00%, 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 8741 | &nbsp;&nbsp;&nbsp;&nbsp; 8469 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA5558, 5.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 16672 | &nbsp;&nbsp;&nbsp;&nbsp; 16682 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 20 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1446, 3.50%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1527, 3.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA1921, 3.50%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 3712 | &nbsp;&nbsp;&nbsp;&nbsp; 3613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3933, 3.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 17462 | &nbsp;&nbsp;&nbsp;&nbsp; 16501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA1791, 3.50%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 6687 | &nbsp;&nbsp;&nbsp;&nbsp; 6456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM3075, 3.50%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 20661 | &nbsp;&nbsp;&nbsp;&nbsp; 19640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CA8310, 2.50%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 11544 | &nbsp;&nbsp;&nbsp;&nbsp; 10351 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FM2972, 4.00%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 23035 | &nbsp;&nbsp;&nbsp;&nbsp; 21861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # AL7453, 4.00%, 2/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2957 | &nbsp;&nbsp;&nbsp;&nbsp; 2821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS2237, 4.00%, 10/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 23556 | &nbsp;&nbsp;&nbsp;&nbsp; 22332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS1847, 4.00%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 7090 | &nbsp;&nbsp;&nbsp;&nbsp; 6617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS0085, 4.00%, 11/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 12128 | &nbsp;&nbsp;&nbsp;&nbsp; 11309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA4842, 5.50%, 12/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 7022 | &nbsp;&nbsp;&nbsp;&nbsp; 6970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA5216, 6.00%, 12/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 19417 | &nbsp;&nbsp;&nbsp;&nbsp; 19631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA5328, 6.00%, 4/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4499 | &nbsp;&nbsp;&nbsp;&nbsp; 4545 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0125, 4.00%, 7/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 7772 | &nbsp;&nbsp;&nbsp;&nbsp; 7139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0144, 3.50%, 10/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 4577 | &nbsp;&nbsp;&nbsp;&nbsp; 4048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0184, 4.00%, 2/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 2304 | &nbsp;&nbsp;&nbsp;&nbsp; 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF0263, 3.50%, 5/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 4532 | &nbsp;&nbsp;&nbsp;&nbsp; 4008 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8201, 4.50%, 8/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3111 | &nbsp;&nbsp;&nbsp;&nbsp; 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787548, 5.50%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 22409 | &nbsp;&nbsp;&nbsp;&nbsp; 22318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $400,320)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 387753 |
| **Commercial Mortgage-Backed Securities — 6.2%** | **Commercial Mortgage-Backed Securities — 6.2%** | **Commercial Mortgage-Backed Securities — 6.2%** |
| &nbsp;&nbsp;&nbsp; BHMS Series 2018-ATLS, Class A, 5.88%, 7/15/2035 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; BX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class D, 5.94%, 1/15/2034 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class E, 6.69%, 1/15/2034 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1782 | &nbsp;&nbsp;&nbsp;&nbsp; 1776 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust Series 2024-MF, Class B, 6.02%, 2/15/2039 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 708 | &nbsp;&nbsp;&nbsp;&nbsp; 709 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC29, Class C, 4.04%, 4/10/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class C, 3.94%, 6/10/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC33, Class B, 4.57%, 9/10/2058 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3274 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR14, Class B, 3.71%, 2/10/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2519 | &nbsp;&nbsp;&nbsp;&nbsp; 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS3, Class B, 4.31%, 6/10/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR19, Class D, 4.51%, 8/10/2047 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS5, Class C, 4.72%, 9/10/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20, Class C, 4.67%, 11/10/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR21, Class D, 4.16%, 12/10/2047 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC21, Class D, 4.31%, 7/10/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class B, 4.50%, 8/10/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 5899 | &nbsp;&nbsp;&nbsp;&nbsp; 5854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR26, Class B, 4.51%, 10/10/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp;&nbsp;&nbsp; 2491 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-PC1, Class B, 4.34%, 7/10/2050 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3150 | &nbsp;&nbsp;&nbsp;&nbsp; 3059 |
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust Series 2015-C4, Class E, 3.57%, 11/15/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2973 | &nbsp;&nbsp;&nbsp;&nbsp; 2799 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Credit Risk Series 2021-MN1, Class M1, 6.32%, 1/25/2051 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KC06, Class X1, IO, 0.88%, 6/25/2026 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 34181 | &nbsp;&nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class X3, IO, 2.16%, 7/25/2026 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 35700 | &nbsp;&nbsp;&nbsp;&nbsp; 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KC05, Class X1, IO, 1.20%, 6/25/2027 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 24762 | &nbsp;&nbsp;&nbsp;&nbsp; 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class X1, IO, 0.41%, 8/25/2027 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 225247 | &nbsp;&nbsp;&nbsp;&nbsp; 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K739, Class X1, IO, 1.18%, 9/25/2027 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 60256 | &nbsp;&nbsp;&nbsp;&nbsp; 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K078, Class X1, IO, 0.08%, 6/25/2028 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 47937 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K090, Class X3, IO, 2.31%, 10/25/2029 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 32598 | &nbsp;&nbsp;&nbsp;&nbsp; 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K112, Class X1, IO, 1.43%, 5/25/2030 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 24699 | &nbsp;&nbsp;&nbsp;&nbsp; 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q012, Class X, IO, 4.02%, 9/25/2035 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 11211 | &nbsp;&nbsp;&nbsp;&nbsp; 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K061, Class X3, IO, 1.98%, 12/25/2044 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2775 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K070, Class X3, IO, 2.04%, 12/25/2044 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 16537 | &nbsp;&nbsp;&nbsp;&nbsp; 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class X3, IO, 2.14%, 12/25/2045 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K087, Class X3, IO, 2.28%, 1/25/2046 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 13786 | &nbsp;&nbsp;&nbsp;&nbsp; 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X3, IO, 2.02%, 9/25/2046 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 20477 | &nbsp;&nbsp;&nbsp;&nbsp; 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K104, Class X3, IO, 1.89%, 2/25/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 25300 | &nbsp;&nbsp;&nbsp;&nbsp; 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K088, Class X3, IO, 2.35%, 2/25/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 9575 | &nbsp;&nbsp;&nbsp;&nbsp; 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K735, Class X3, IO, 2.15%, 5/25/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 40532 | &nbsp;&nbsp;&nbsp;&nbsp; 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class X3, IO, 2.21%, 5/25/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 3798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K095, Class X3, IO, 2.10%, 8/25/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 1895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X3, IO, 2.00%, 9/25/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K099, Class X3, IO, 1.95%, 10/25/2047 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 13745 | &nbsp;&nbsp;&nbsp;&nbsp; 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K105, Class X3, IO, 1.92%, 3/25/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 40058 | &nbsp;&nbsp;&nbsp;&nbsp; 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K111, Class X3, IO, 3.18%, 4/25/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 15644 | &nbsp;&nbsp;&nbsp;&nbsp; 2087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class X3, IO, 3.37%, 6/25/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 15544 | &nbsp;&nbsp;&nbsp;&nbsp; 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K114, Class X3, IO, 2.74%, 8/25/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 10750 | &nbsp;&nbsp;&nbsp;&nbsp; 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X3, IO, 2.96%, 9/25/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 21273 | &nbsp;&nbsp;&nbsp;&nbsp; 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K125, Class X3, IO, 2.65%, 2/25/2049 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 15690 | &nbsp;&nbsp;&nbsp;&nbsp; 1930 |
| &nbsp;&nbsp;&nbsp; FNMA ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M10, Class X1, IO, 1.77%, 12/25/2030 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 46348 | &nbsp;&nbsp;&nbsp;&nbsp; 2784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M37, Class X, IO, 0.99%, 4/25/2032 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 65814 | &nbsp;&nbsp;&nbsp;&nbsp; 2499 |
| &nbsp;&nbsp;&nbsp; FREMF Series 2018-KF46, Class B, 6.42%, 3/25/2028 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF38, Class B, 6.97%, 9/25/2024 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF53, Class B, 6.52%, 10/25/2025 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KC03, Class B, 4.33%, 1/25/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF60, Class B, 6.82%, 2/25/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp;&nbsp; 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF62, Class B, 6.52%, 4/25/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KC06, Class B, 3.82%, 9/25/2026 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 7600 | &nbsp;&nbsp;&nbsp;&nbsp; 7289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K82, Class X2A, IO, 0.10%, 9/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 97471 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K82, Class D, PO, 10/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9393 | &nbsp;&nbsp;&nbsp;&nbsp; 7136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K82, Class X2B, IO, 0.10%, 10/25/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24695 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KC07, Class C, 3.63%, 10/25/2029 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 4700 | &nbsp;&nbsp;&nbsp;&nbsp; 3839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K107, Class D, 3.51%, 2/25/2030 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 5968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K68, Class D, PO, 10/25/2049 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 6580 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K83, Class D, PO, 11/25/2051 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6900 | &nbsp;&nbsp;&nbsp;&nbsp; 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K113, Class D, PO, 5/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 5771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K115, Class D, PO, 9/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 5076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K115, Class X2A, IO, 0.10%, 9/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 80926 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K115, Class X2B, IO, 0.10%, 9/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18200 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K118, Class D, PO, 10/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 4879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K118, Class X2A, IO, 0.10%, 10/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 81997 | &nbsp;&nbsp;&nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K118, Class X2B, IO, 0.10%, 10/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16750 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K739, Class D, PO, 11/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 5657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K739, Class X2A, IO, 0.10%, 11/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 68295 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K739, Class X2B, IO, 0.10%, 11/25/2053 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; FREMF Trust Series 2018-KW04, Class C, PO, 12/25/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3173 |
| &nbsp;&nbsp;&nbsp; GAM Re-REMIC Trust Series 2022-FRR3, Class BK61, PO, 11/27/2049 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 3792 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS5, Class D, 3.51%, 3/10/2050 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC30, Class C, 3.99%, 5/10/2050 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3695 | &nbsp;&nbsp;&nbsp;&nbsp; 3290 |
| &nbsp;&nbsp;&nbsp; Independence Plaza Trust Series 2018-INDP, Class C, 4.16%, 7/10/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3469 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class C, 4.22%, 7/15/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 7732 | &nbsp;&nbsp;&nbsp;&nbsp; 5976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class B, 4.60%, 8/15/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 4410 | &nbsp;&nbsp;&nbsp;&nbsp; 4145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class C, 4.60%, 8/15/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp;&nbsp;&nbsp; 2688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class D1, 4.20%, 3/17/2049 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4001 |
| &nbsp;&nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class D, 4.49%, 3/15/2050 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3725 | &nbsp;&nbsp;&nbsp;&nbsp; 2761 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C16, Class D, 4.88%, 12/15/2046 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 846 | &nbsp;&nbsp;&nbsp;&nbsp; 797 |
| &nbsp;&nbsp;&nbsp; Life Mortgage Trust Series 2021-BMR, Class C, 5.54%, 3/15/2038 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust Series 2021-MHC, Class D, 6.04%, 4/15/2038 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1799 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class D, 3.26%, 5/15/2048 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3150 | &nbsp;&nbsp;&nbsp;&nbsp; 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class C, 4.29%, 5/15/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2060 | &nbsp;&nbsp;&nbsp;&nbsp; 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class B, 3.88%, 11/15/2049 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2577 | &nbsp;&nbsp;&nbsp;&nbsp; 2408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C23, Class D, 4.12%, 7/15/2050 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1894 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-MS1, Class B, 4.01%, 5/15/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 5450 | &nbsp;&nbsp;&nbsp;&nbsp; 5223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HR8, Class XA, IO, 1.78%, 7/15/2053 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 18709 | &nbsp;&nbsp;&nbsp;&nbsp; 1345 |
| &nbsp;&nbsp;&nbsp; MRCD MARK Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6960 | &nbsp;&nbsp;&nbsp;&nbsp; 6182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PARK, Class B, 2.72%, 12/15/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PARK, Class D, 2.72%, 12/15/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PARK, Class E, 2.72%, 12/15/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 5230 |
| &nbsp;&nbsp;&nbsp; Multi-Family Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class M10, 7.69%, 10/25/2049 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3814 | &nbsp;&nbsp;&nbsp;&nbsp; 3836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class M10, 8.19%, 3/25/2050 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3686 | &nbsp;&nbsp;&nbsp;&nbsp; 3740 |
| &nbsp;&nbsp;&nbsp; PRM5 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM5, Class C, 5.00%, 3/10/2033 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM5, Class D, 5.62%, 3/10/2033 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp; ROCK Trust Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3009 | &nbsp;&nbsp;&nbsp;&nbsp; 3047 |
| &nbsp;&nbsp;&nbsp; SG Commercial Mortgage Securities Trust Series 2016-C5, Class B, 3.93%, 10/10/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; STWD Mortgage Trust (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LIH, Class B, 6.10%, 11/15/2036 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LIH, Class C, 6.40%, 11/15/2036 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2183 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust Series 2018-2, Class A, 4.05%, 10/26/2048 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 637 | &nbsp;&nbsp;&nbsp;&nbsp; 619 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class C, 3.89%, 2/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2496 | &nbsp;&nbsp;&nbsp;&nbsp; 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C29, Class C, 4.22%, 6/15/2048 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C43, Class A3, 3.75%, 3/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp;&nbsp; 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC22, Class D, 4.54%, 9/15/2058 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 10106 | &nbsp;&nbsp;&nbsp;&nbsp; 8293 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C11, Class B, 3.71%, 3/15/2045 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class C, 3.62%, 9/15/2057 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 8583 | &nbsp;&nbsp;&nbsp;&nbsp; 6907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class D, 3.76%, 9/15/2057 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class B, 4.37%, 9/15/2057 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $278,610)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 255416 |
| **Foreign Government Securities — 1.2%** | **Foreign Government Securities — 1.2%** | **Foreign Government Securities — 1.2%** |
| &nbsp;&nbsp;&nbsp; Arab Republic of Egypt 7.60%, 3/1/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5550 | &nbsp;&nbsp;&nbsp;&nbsp; 5442 |
| &nbsp;&nbsp;&nbsp; Benin Government Bond 7.96%, 2/13/2038 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1294 |
| &nbsp;&nbsp;&nbsp; Commonwealth of the Bahamas 6.00%, 11/21/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1354 |
| &nbsp;&nbsp;&nbsp; Dominican Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3040 | &nbsp;&nbsp;&nbsp;&nbsp; 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 2/3/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1183 |
| &nbsp;&nbsp;&nbsp; Federal Republic of Nigeria 6.50%, 11/28/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3486 |
| &nbsp;&nbsp;&nbsp; Hashemite Kingdom of Jordan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/7/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 1/29/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 |
| &nbsp;&nbsp;&nbsp; Islamic Republic of Pakistan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/8/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/5/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/8/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp; Istanbul Metropolitan Municipality 10.50%, 12/6/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2160 |
| &nbsp;&nbsp;&nbsp; Lebanese Republic 6.38%, 3/9/2020 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4362 | &nbsp;&nbsp;&nbsp;&nbsp; 755 |
| &nbsp;&nbsp;&nbsp; Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/12/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/9/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1798 |
| &nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/3/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1551 | &nbsp;&nbsp;&nbsp;&nbsp; 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/31/2032 (d) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 1/30/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1890 | &nbsp;&nbsp;&nbsp;&nbsp; 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08%, 4/1/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2174 | &nbsp;&nbsp;&nbsp;&nbsp; 2049 |
| &nbsp;&nbsp;&nbsp; Republic of Ecuador 6.90%, 7/31/2030 (d) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2326 |
| &nbsp;&nbsp;&nbsp; Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/28/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/17/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1202 |
| &nbsp;&nbsp;&nbsp; Republic of Honduras 8.63%, 11/27/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 608 |
| &nbsp;&nbsp;&nbsp; Republic of Iraq 5.80%, 1/15/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1851 | &nbsp;&nbsp;&nbsp;&nbsp; 1817 |
| &nbsp;&nbsp;&nbsp; Republic of Senegal 6.25%, 5/23/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1434 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp; Republic of South Africa 7.10%, 11/19/2036 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2385 | &nbsp;&nbsp;&nbsp;&nbsp; 2309 |
| &nbsp;&nbsp;&nbsp; Republic of Turkiye (The) 7.13%, 2/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp; Suriname Government International Bond 7.95%, 7/15/2033 (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1218 | &nbsp;&nbsp;&nbsp;&nbsp; 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $51,487)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 47793 |
| **Loan Assignments — 0.5% (b) (i)** | **Loan Assignments — 0.5% (b) (i)** | **Loan Assignments — 0.5% (b) (i)** |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 1/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 698 | &nbsp;&nbsp;&nbsp;&nbsp; 694 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.55%, 3/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1906 | &nbsp;&nbsp;&nbsp;&nbsp; 1905 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP, 1st Lien Term Loan B (6-MONTH CME TERM SOFR + 2.50%), 6.93%, 5/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Osmose Utilities Services, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.69%, 6/23/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1247 | &nbsp;&nbsp;&nbsp;&nbsp; 1244 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 8/4/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 1.75%), 6.07%, 3/2/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1051 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 6.80%, 7/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1756 | &nbsp;&nbsp;&nbsp;&nbsp; 1756 |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 1st Lien Term Loan C (3-MONTH CME TERM SOFR + 2.50%), 6.80%, 7/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 537 | &nbsp;&nbsp;&nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 1.75%), 6.05%, 4/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 997 | &nbsp;&nbsp;&nbsp;&nbsp; 992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3285 |
| **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Phoenix Newco, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; MH Sub I LLC, 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-MONTH CME TERM SOFR + 4.25%), 8.57%, 5/3/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1183 | &nbsp;&nbsp;&nbsp;&nbsp; 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-MONTH CME TERM SOFR + 4.25%), 8.58%, 12/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1862 |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP, 1st Lien Term Loan B-6 (1-MONTH CME TERM SOFR + 1.75%), 6.08%, 11/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp; 675 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.52%, 4/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp;&nbsp; 680 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; WEC US Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.57%, 1/27/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp;&nbsp; 1337 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; Central Parent LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.55%, 7/6/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp;&nbsp; 619 |
| &nbsp;&nbsp;&nbsp; UKG, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 2/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 988 | &nbsp;&nbsp;&nbsp;&nbsp; 989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1608 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%), 7.58%, 10/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1057 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments <br>(Cost $18,775)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 18510 |
| **Municipal Bonds — 0.1% (g) (j)** | **Municipal Bonds — 0.1% (g) (j)** | **Municipal Bonds — 0.1% (g) (j)** |
| **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |
| &nbsp;&nbsp;&nbsp; California Housing Finance Agency Series 2021-1, Class X, Rev., 0.80%, 11/20/2035 (Cost $2,049) | &nbsp;&nbsp;&nbsp;&nbsp; 51529 | &nbsp;&nbsp;&nbsp;&nbsp; 2225 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Incora Intermediate II LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 777 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Rite Aid ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (e)<br>|
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Intelsat SA (Luxembourg) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $753)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1651 |
| **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** |
| **Investment Companies — 2.6%** | **Investment Companies — 2.6%** | **Investment Companies — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, 4.38% (k) (l) <br>(Cost $108,537)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 108527 | &nbsp;&nbsp;&nbsp;&nbsp; 108548 |
|  | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.25%, 7/24/2025 (m) (n) <br>(Cost $9,123)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9179 | &nbsp;&nbsp;&nbsp;&nbsp; 9123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $117,660)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 117671 |
| **Total Investments — 99.3%** <br>**(Cost $4,176,995)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **4127863** |
| **Other Assets in Excess of Liabilities — 0.7%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **29646** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **4157509** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2025. |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | |
|:---|:---|
| CIFC | Commercial Industrial Finance Corp. |
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest <br> rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the <br> rate in effect as of May 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown <br> represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or <br> refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.<br>|
| PIK | Payment In Kind |
| PO | Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is <br> extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on <br> these securities increases.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal <br> components of eligible notes and bonds as separate securities.<br>|
| UMBS | Uniform Mortgage-Backed Securities |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (c) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (d) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities <br> offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have <br> restrictions on resale.<br>|
| (e) | Value is zero. |
| (f) | Defaulted security. |
| (g) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (h) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (i) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. |
| (j) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (k) | 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>|
| (l) | The rate shown is the current yield as of May 31, 2025. |
| (m) | The rate shown is the effective yield as of May 31, 2025.  |
| (n) | All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps. |

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 3324 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 689782 | &nbsp;&nbsp;&nbsp;&nbsp; 931 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 5355 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 579930 | &nbsp;&nbsp;&nbsp;&nbsp; 3139 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4070 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF**<br> **CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL**<br> **AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND**<br> **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (1095)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (121442)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1071)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (897)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (101193)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1243)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (32354)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (669)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (9538)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (219)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (3202)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 868 |

---

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

---

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

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Fund are calculated on a valuation date.

Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

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

Futures contracts are generally valued on the basis of available market quotations.

See the table on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2025.

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

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

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

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

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

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $823809 | &nbsp;&nbsp;&nbsp;&nbsp; $20748 | &nbsp;&nbsp;&nbsp;&nbsp; $844557 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 507963 | &nbsp;&nbsp;&nbsp;&nbsp; 7717 | &nbsp;&nbsp;&nbsp;&nbsp; 515680 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251624 | &nbsp;&nbsp;&nbsp;&nbsp; 3792 | &nbsp;&nbsp;&nbsp;&nbsp; 255416 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 777 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 606 | &nbsp;&nbsp;&nbsp;&nbsp; 606 |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 874 | &nbsp;&nbsp;&nbsp;&nbsp; 1651 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3729 | &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; 3955 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6863 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6863 |
| &nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24906 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24906 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 756595 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 756595 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9096 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9096 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8556 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8556 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1588 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4145 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4145 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 205760 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 205760 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9877 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9877 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23040 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1272 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1272 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4009 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4009 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57889 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57889 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4593 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4593 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14850 |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15997 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15997 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36573 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36573 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 581 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2265 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2458 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2458 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26505 | &nbsp;&nbsp;&nbsp;&nbsp; 2675 | &nbsp;&nbsp;&nbsp;&nbsp; 29180 |
| &nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18941 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18941 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4680 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10898 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10898 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34090 |
| &nbsp;&nbsp;&nbsp; Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1447 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1447 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21631 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21631 |
| &nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10077 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10077 |
| &nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2115 |
| &nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10163 |

---

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6239 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6239 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26985 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 476 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4476 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 563 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3021 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3021 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31881 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31881 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6326 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6326 |
| &nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9948 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9948 |
| &nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4236 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65792 |
| &nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4662 |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1064 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3437 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3437 |
| &nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
| &nbsp;&nbsp;&nbsp; Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7904 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2313 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2313 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1444 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1444 |
| &nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5642 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5642 |
| &nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2163 |
| &nbsp;&nbsp;&nbsp; Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10149 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4240 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4240 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1462 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1462 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1537198 | &nbsp;&nbsp;&nbsp;&nbsp; 6901 | &nbsp;&nbsp;&nbsp;&nbsp; 1544099 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47793 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47793 |
| Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18510 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 387753 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 387753 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2225 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2225 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 392508 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 392508 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 108548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108548 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9123 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9123 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 108548 | &nbsp;&nbsp;&nbsp;&nbsp; 9123 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117671 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $109325 | &nbsp;&nbsp;&nbsp;&nbsp; $3978506 | &nbsp;&nbsp;&nbsp;&nbsp; $40032 | &nbsp;&nbsp;&nbsp;&nbsp; $4127863 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $4070 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4070 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(3202)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3202)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $868 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $868 |

---

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

(a) Value is zero.

(b) Amount rounds to less than one thousand.

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

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**May 31,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | $15385 | $— | $(84)<br>| $2 | $6115 | $(670)<br>| $— | $— | $20748 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 3059 |  | (6)<br>| 2 | 5798 |  |  | (1136)<br>| 7717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed <br> Securities<br>|  |  | (9)<br>| 3 | 3798 |  |  |  | 3792 |
| &nbsp;&nbsp;&nbsp; Common Stocks | 525 |  | 133 |  | 216 |  |  |  | 874 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | 502 | (551)<br>| 466 | 6 | 6874 | (396)<br>|  |  | 6901 |
| **Total** | $19471 | $(551)<br>| $500 | $13 | $22801 | $(1066)<br>| $— | $(1136)<br>| $40032 |

---

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

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

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2025, which were valued using significant unobservable inputs (level 3) amounted to $(51).

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **May 31, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $8469 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 90.00% (8.32%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.83% - 6.69% (6.45%) |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; 8469<br>|  |  |  |
|  | &nbsp;&nbsp; 1929<br>| Discounted Cash Flow | Constant Prepayment Rate | 90.00% (90.00%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 5.77% (5.77%) |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; 1929<br>|  |  |  |
|  | &nbsp;&nbsp; - (b)<br>| Terms of Restructuring | Expected Recovery | 0.00% (0.00%) |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; - (b)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $10398 |  |  |  |

---

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

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At May 31, 2025, the value of these investments was $29,634. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. 

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

(b) Amount rounds to less than one thousand.

**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.

------

**JPMorgan Short Duration Core Plus Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.38% (a) (b)<br>| $104091 | $538834 | $534366 | $(6)<br>| $(5)<br>| $108548 | 108527 | $1190 | $— |

---

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Short Duration Core Plus Fund

- **b. EDGAR series identifier (if any):** S000039927

- **c. LEI of Series:** 549300Q5U8SV79G4IM14

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4158789976.50

**Total Liabilities:** $2163002.16

**Net Assets:** $4156626974.34

**Cash Not Reported:** $667.11

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 7736.56151000 | **1-Year:** 197985.13066000 | **5-Year:** 605652.65285000 | **10-Year:** 39518.87562000 | **30-Year:** 0.00000000

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

- **3-Month:** 297.97091000 | **1-Year:** 35291.55442000 | **5-Year:** 75746.93308000 | **10-Year:** 8214.08195000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000123827 | 0.35%                | 0.82%                | 0.04%                |
| Class ID C000123826 | 0.18%                | 0.76%                | -0.03%               |
| Class ID C000123828 | 0.25%                | 0.94%                | 0.04%                |
| Class ID C000123825 | 0.33%                | 0.80%                | 0.02%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $76598.33                | $-4233012.68                               |
| Month 2  | $-221576.89              | $9833430.77                                |
| Month 3  | $418998.31               | $-5671163.89                               |

**Designated Index Information**

- **Index Name:** 1-5 Yr Gov/Credit

- **Index Identifier:** 1031TRUSD0

### Schedule of Portfolio Investments

| Name                                                | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amkor Technology, Inc.                              | Amkor Technology, Inc.                                                          | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    690000 | PA      | $692246.64    | 0.02%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Benin Government International Bond                 | Benin Government Bond                                                           | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |   1420000 | PA      | $1293975.00   | 0.03%             | 2038-02-13      | Fixed         | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO XXI Ltd.                               | Symphony CLO Ltd., Series 2019-21A, Class BR2                                   | CUSIP: 87166RGG6<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |  13000000 | PA      | $12923898.00  | 0.31%             | 2032-07-15      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                            | Energizer Holdings, Inc.                                                        | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    294000 | PA      | $276170.19    | 0.01%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 42 Ltd.          | Neuberger Berman Loan Advisers CLO Ltd., Series 2021-42A, Class BR              | CUSIP: 64133WAQ8<br>LEI: 549300LGCRX4YI1JNS93 | Long             | ABS-CBDO         | CORP              | KY        |  10250000 | PA      | $10236244.50  | 0.25%             | 2036-07-16      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                          | Garda World Security Corp.                                                      | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    975000 | PA      | $962438.98    | 0.02%             | 2027-02-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                 | Buckeye Partners LP                                                             | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    480000 | PA      | $493528.80    | 0.01%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K114, Class X3 | CUSIP: 3137FVNK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10750000 | PA      | $1207911.93   | 0.03%             | 2048-08-25      | Variable      | 2.74%                 | No            |                  2 | On Loan: No      |
| MVW LLC                                             | MVW LLC, Series 2024-1A, Class C                                                | CUSIP: 62847RAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1057808 | PA      | $1066973.43   | 0.03%             | 2043-02-20      | Fixed         | 6.20%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2023-5, Class C                  | CUSIP: 80286PAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2069641.40   | 0.05%             | 2031-02-18      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                      | Braskem Netherlands Finance BV                                                  | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |   3250000 | PA      | $2678000.00   | 0.06%             | 2030-01-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Societe Generale SA                                 | Societe Generale SA                                                             | CUSIP: 83368RCG5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  10990000 | PA      | $11071033.34  | 0.27%             | 2031-05-22      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140J8U43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1934298 | PA      | $1903986.98   | 0.05%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC            | Encino Acquisition Partners Holdings LLC                                        | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |    810000 | PA      | $830825.02    | 0.02%             | 2028-05-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2019-KC07 Mortgage Trust                      | FREMF Mortgage Trust, Series 2019-KC07, Class C                                 | CUSIP: 302988AN0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   4700000 | PA      | $3838954.83   | 0.09%             | 2029-10-25      | Variable      | 3.63%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822CN2<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |  11000000 | PA      | $11190808.31  | 0.27%             | 2028-09-13      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   5730000 | PA      | $5783655.95   | 0.14%             | 2029-04-12      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund XIII                         | Atlas Senior Loan Fund, Series 2019-13A, Class A1NR                             | CUSIP: 04942VAW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1480254 | PA      | $1480841.44   | 0.04%             | 2031-04-22      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                     | WFRBS Commercial Mortgage Trust, Series 2013-C11, Class B                       | CUSIP: 92937EAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     36192 | PA      | $35526.17     | 0.00%             | 2045-03-15      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| Independence Plaza Trust                            | Independence Plaza Trust, Series 2018-INDP, Class C                             | CUSIP: 45378YAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3469366.25   | 0.08%             | 2035-07-10      | Fixed         | 4.16%                 | Yes           |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                     | Sinclair Television Group, Inc.                                                 | CUSIP: 829259AW0<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    785000 | PA      | $737900.00    | 0.02%             | 2027-02-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2023-2A, Class B                      | CUSIP: 22537EAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2282129.10   | 0.05%             | 2033-07-15      | Fixed         | 6.61%                 | Yes           |                  2 | On Loan: No      |
| PetSmart, Inc.                                      | PetSmart, Inc.                                                                  | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1131000 | PA      | $1091495.87   | 0.03%             | 2028-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Gulfport Energy Corp.                               | Gulfport Energy Corp.                                                           | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |      4058 | NS      | $777107.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp.                                 | Expand Energy Corp.                                                             | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   1579000 | PA      | $1597540.62   | 0.04%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MFA Trust                                           | MFA Trust, Series 2024-RTL3, Class A1                                           | CUSIP: 59319PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3650000 | PA      | $3655503.47   | 0.09%             | 2039-11-25      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| VOLT XCIV LLC                                       | VOLT XCIV LLC, Series 2021-NPL3, Class A1                                       | CUSIP: 92873AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    834349 | PA      | $833597.39    | 0.02%             | 2051-02-27      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Bain Capital Credit CLO                             | Bain Capital Credit CLO, Series 2019-2A, Class BR3                              | CUSIP: 05682LBC0<br>LEI: 549300WZ8E2KQS66KT95 | Long             | ABS-CBDO         | CORP              | KY        |  10250000 | PA      | $10244342.00  | 0.25%             | 2032-10-17      | Floating      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                   | Clarios Global LP                                                               | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    695000 | PA      | $708109.09    | 0.02%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Scripps Escrow II, Inc.                             | Scripps Escrow II, Inc.                                                         | CUSIP: 81105DAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    565000 | PA      | $388437.50    | 0.01%             | 2031-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2015-GC31, Class C                  | CUSIP: 17323YAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    530000 | PA      | $106804.06    | 0.00%             | 2048-06-10      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| Hess Midstream Operations LP                        | Hess Midstream Operations LP                                                    | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    985000 | PA      | $994696.34    | 0.02%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                  | United Rentals North America, Inc.                                              | CUSIP: 911365BL7<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    500000 | PA      | $496919.25    | 0.01%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | Deutsche Bank AG                                                                | CUSIP: 251526CP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1915000 | PA      | $1843410.79   | 0.04%             | 2027-11-16      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| NRM FHT1 Excess Owner LLC                           | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A                            | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5732953 | PA      | $5677358.05   | 0.14%             | 2032-03-25      | Variable      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| STWD Mortgage Trust                                 | STWD Mortgage Trust, Series 2021-LIH, Class C                                   | CUSIP: 78486EAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   2200000 | PA      | $2183500.00   | 0.05%             | 2036-11-15      | Floating      | 6.40%                 | Yes           |                  2 | On Loan: No      |
| MFA Trust                                           | MFA Trust, Series 2024-NPL1, Class A1                                           | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4549980 | PA      | $4552979.06   | 0.11%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5470, Class FG                                             | CUSIP: 3137HHCM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  23098859 | PA      | $22890622.74  | 0.55%             | 2054-11-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2024-3A, Class B                      | CUSIP: 22535LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4550000 | PA      | $4543920.75   | 0.11%             | 2034-11-15      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  14415000 | PA      | $14788179.84  | 0.36%             | 2029-07-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1199205.00   | 0.03%             | 2027-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K112, Class X1 | CUSIP: 3137FUZX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  24699164 | PA      | $1430612.63   | 0.03%             | 2030-05-25      | Variable      | 1.43%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                           | SCF Equipment Leasing LLC, Series 2022-2A, Class C                              | CUSIP: 78397WAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2263063.95   | 0.05%             | 2032-08-20      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                               | Albertsons Cos., Inc.                                                           | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    258000 | PA      | $242398.48    | 0.01%             | 2029-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Suriname Government International Bond              | Suriname Government International Bond                                          | CUSIP: N/A<br>LEI: 254900SYU4G5JM13TN77       | Long             | DBT              | NUSS              | SR        |   1218000 | PA      | $1146820.08   | 0.03%             | 2033-07-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2024-4, Class D                  | CUSIP: 802919AF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4387000 | PA      | $4407786.48   | 0.11%             | 2031-12-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                          | Allison Transmission, Inc.                                                      | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    855000 | PA      | $858424.28    | 0.02%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| PowerPay Issuance Trust                             | PowerPay Issuance Trust, Series 2024-1A, Class A                                | CUSIP: 73934RAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1136218 | PA      | $1158439.14   | 0.03%             | 2039-02-18      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| Block, Inc.                                         | Block, Inc.                                                                     | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    425000 | PA      | $434344.48    | 0.01%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Venture CLO Ltd.                                    | Venture CLO Ltd., Series 2019-36A, Class A1AR                                   | CUSIP: 92332LAU3<br>LEI: 549300AZL7IWJJ04HD37 | Long             | ABS-CBDO         | CORP              | KY        |   8213307 | PA      | $8220205.96   | 0.20%             | 2032-04-20      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Viterra Finance BV                                  | Viterra Finance BV                                                              | CUSIP: 92852LAA7<br>LEI: 213800HBZGEIZLKJBI17 | Long             | DBT              | CORP              | NL        |  14555000 | PA      | $14176511.78  | 0.34%             | 2026-04-21      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| ROCK Trust                                          | ROCK Trust, Series 2024-CNTR, Class A                                           | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3009492 | PA      | $3047470.59   | 0.07%             | 2041-11-13      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                    | CSC Holdings LLC                                                                | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1780000 | PA      | $1420172.47   | 0.03%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                | LHOME Mortgage Trust, Series 2024-RTL5, Class A1                                | CUSIP: 50205WAA5<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-MBS          | CORP              | US        |   5444000 | PA      | $5411860.80   | 0.13%             | 2039-09-25      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2022-43, Class P                                            | CUSIP: 3136BNVD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8179873 | PA      | $7927943.89   | 0.19%             | 2052-07-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   3300000 | PA      | $2946570.00   | 0.07%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| VOLT CI LLC                                         | VOLT CI LLC, Series 2021-NP10, Class A1                                         | CUSIP: 92873EAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1396256 | PA      | $1392836.59   | 0.03%             | 2051-05-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2017-KF38, Class B                                 | CUSIP: 30305MAG5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     59173 | PA      | $59151.83     | 0.00%             | 2024-09-25      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                   | NatWest Group plc                                                               | CUSIP: 639057AS7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   8025000 | PA      | $8040389.30   | 0.19%             | 2030-08-15      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                 | Lithia Motors, Inc.                                                             | CUSIP: 536797AE3<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    274000 | PA      | $269493.77    | 0.01%             | 2027-12-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO XX Ltd.                                | Symphony CLO Ltd., Series 2018-20A, Class BR2                                   | CUSIP: 87166VAY4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9350000 | PA      | $9358041.00   | 0.23%             | 2032-01-16      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Republic of Iraq                                    | Republic of Iraq                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | IQ        |   1851000 | PA      | $1817459.88   | 0.04%             | 2028-01-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CLQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  26815000 | PA      | $26807667.71  | 0.64%             | 2027-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                               | Albertsons Cos., Inc.                                                           | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2696000 | PA      | $2669481.07   | 0.06%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.              | Mauser Packaging Solutions Holding Co.                                          | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1246715.21   | 0.03%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust         | Goldman Home Improvement Trust Issuer Trust, Series 2021-GRN2, Class A          | CUSIP: 38149XAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2949097 | PA      | $2874781.46   | 0.07%             | 2051-06-25      | Fixed         | 1.15%                 | Yes           |                  2 | On Loan: No      |
| Fells Point Funding Trust                           | Fells Point Funding Trust                                                       | CUSIP: 314382AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13680000 | PA      | $13303553.08  | 0.32%             | 2027-01-31      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2023-4, Class C                  | CUSIP: 802927AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8700000 | PA      | $8904256.86   | 0.21%             | 2031-12-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XFCX7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12128431 | PA      | $11309225.12  | 0.27%             | 2050-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                 | American Axle & Manufacturing, Inc.                                             | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    935000 | PA      | $930514.43    | 0.02%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   6685000 | PA      | $6765026.87   | 0.16%             | 2031-04-23      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                | Lhome Mortgage Trust, Series 2025-RTL2, Class A1                                | CUSIP: 50206RAA5<br>LEI: 529900COAFD3IY51O355 | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2503011.75   | 0.06%             | 2040-04-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                        | Ardagh Packaging Finance plc                                                    | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    940000 | PA      | $427700.00    | 0.01%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Purewest ABS Issuer LLC                             | Purewest ABS Issuer LLC, Series 2025-1, Class B                                 | CUSIP: 74628AAC8<br>LEI: 254900N011GHBESCKS35 | Long             | ABS-O            | CORP              | US        |   1989328 | PA      | $1989327.69   | 0.05%             | 2040-04-05      | Fixed         | 10.28%                | Yes           |                  3 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   8665000 | PA      | $8769457.79   | 0.21%             | 2029-02-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, Other                                                                     | CUSIP: 3140FXJH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4531967 | PA      | $4008281.60   | 0.10%             | 2058-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hughes Satellite Systems Corp.                      | Hughes Satellite Systems Corp.                                                  | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1181000 | PA      | $827727.46    | 0.02%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2013-55, Class AI                                           | CUSIP: 3136AEQT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    658810 | PA      | $54724.44     | 0.00%             | 2033-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CEW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2140000 | PA      | $2113166.41   | 0.05%             | 2027-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                           | SCF Equipment Leasing LLC, Series 2024-1A, Class C                              | CUSIP: 783896AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1774000 | PA      | $1821505.24   | 0.04%             | 2032-09-20      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2018-K83 Mortgage Trust                       | FREMF Mortgage Trust, Series 2018-K83, Class D                                  | CUSIP: 302958AS2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6900000 | PA      | $5102957.79   | 0.12%             | 2051-11-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2014-CR19, Class D                            | CUSIP: 12592GAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1239660 | PA      | $1188710.06   | 0.03%             | 2047-08-10      | Variable      | 4.51%                 | Yes           |                  2 | On Loan: No      |
| Compass Minerals International, Inc.                | Compass Minerals International, Inc.                                            | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    870000 | PA      | $869807.12    | 0.02%             | 2027-12-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                               | Arroyo Mortgage Trust, Series 2019-2, Class A3                                  | CUSIP: 042858AC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125812 | PA      | $121740.15    | 0.00%             | 2049-04-25      | Variable      | 3.80%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2021-2A, Class D                                    | CUSIP: 23345EAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    977361 | PA      | $972494.10    | 0.02%             | 2027-02-16      | Fixed         | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Element Fleet Management Corp.                      | Element Fleet Management Corp.                                                  | CUSIP: 286181AD4<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |  14380000 | PA      | $14370905.08  | 0.35%             | 2025-06-15      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                             | Williams Scotsman, Inc.                                                         | CUSIP: 96949VAM5<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    800000 | PA      | $815809.60    | 0.02%             | 2029-06-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust          | JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class B            | CUSIP: 46644YBA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4410000 | PA      | $4145415.88   | 0.10%             | 2048-08-15      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132D6CV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8406219 | PA      | $8138943.87   | 0.20%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   1550000 | PA      | $1535895.00   | 0.04%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 2 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      2871 | NC      | $937823.63    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                        | UBS Group AG                                                                    | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   7500000 | PA      | $7494339.90   | 0.18%             | 2027-08-05      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K110, Class X3 | CUSIP: 3137FTZT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15543654 | PA      | $2132797.61   | 0.05%             | 2048-06-25      | Variable      | 3.37%                 | No            |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                     | CHL Mortgage Pass-Through Trust, Series 2006-HYB2, Class 2A1B                   | CUSIP: 126694D21<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     66099 | PA      | $59541.01     | 0.00%             | 2036-04-20      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Aramark Services, Inc.                              | Aramark Services, Inc.                                                          | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    470000 | PA      | $464998.21    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                     | Palmer Square Loan Funding Ltd., Series 2024-3A, Class A2                       | CUSIP: 69690EAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8560754 | PA      | $8570162.27   | 0.21%             | 2032-08-08      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury Long Bond                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -286 | NC      | $-669522.34   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| DISH DBS Corp.                                      | DISH DBS Corp.                                                                  | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2380000 | PA      | $2196944.82   | 0.05%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                       | Smyrna Ready Mix Concrete LLC                                                   | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    615000 | PA      | $606068.97    | 0.01%             | 2028-11-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                      | Rite Aid Corp., Series B                                                        | CUSIP: 767754CT9<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |    145585 | PA      | $0.00         | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Aqua Finance Issuer Trust                           | Aqua Finance Issuer Trust, Series 2025-A, Class A                               | CUSIP: 038394AA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8314464 | PA      | $8293289.26   | 0.20%             | 2050-12-19      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Boyne USA, Inc.                                     | Boyne USA, Inc.                                                                 | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    843000 | PA      | $810117.18    | 0.02%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| PEAC Solutions Receivables LLC                      | PEAC Solutions Receivables LLC, Series 2025-1A, Class A3                        | CUSIP: 69392HAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2250000 | PA      | $2266501.28   | 0.05%             | 2032-07-20      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                  | Dominican Republic Government Bond                                              | CUSIP: 25714PET1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   1140000 | PA      | $1182864.00   | 0.03%             | 2031-02-03      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2020-K107 Mortgage Trust                      | FREMF Mortgage Trust, Series 2020-K107, Class D                                 | CUSIP: 302982AA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   7500000 | PA      | $5968179.75   | 0.14%             | 2030-02-25      | Variable      | 3.51%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust                 | GS Mortgage-Backed Securities Trust, Series 2025-SL1, Class A1                  | CUSIP: 362960AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8894079 | PA      | $8914974.92   | 0.21%             | 2067-11-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2863767.30   | 0.07%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CaixaBank SA                                        | CaixaBank SA                                                                    | CUSIP: 12803RAG9<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   5719000 | PA      | $5873679.68   | 0.14%             | 2030-03-15      | Variable      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2025-1, Class GC                                                   | CUSIP: 38385CKW7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  16251995 | PA      | $15390635.82  | 0.37%             | 2051-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                             | BPCE SA                                                                         | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   3080000 | PA      | $3099122.24   | 0.07%             | 2027-01-18      | Variable      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Osmose Utilities Services, Inc.                     | Osmose Utilities Services, Inc., 1st Lien Term Loan                             | CUSIP: 68835HAH3<br>LEI: 549300FSLVHLFZ3S0D82 | Long             | LON              | CORP              | US        |   1246770 | PA      | $1244276.49   | 0.03%             | 2028-06-23      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| BOF VII AL Funding Trust I                          | BOF Funding Trust, Series 2023-CAR3, Class C                                    | CUSIP: 097093AD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    593441 | PA      | $588105.76    | 0.01%             | 2032-07-26      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2014-UBS3, Class B                            | CUSIP: 12591YBF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1747220.00   | 0.04%             | 2047-06-10      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                     | WFRBS Commercial Mortgage Trust, Series 2014-C22, Class B                       | CUSIP: 92890KBF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2722470.00   | 0.07%             | 2057-09-15      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| Consumer Portfolio Services Auto Trust              | Consumer Portfolio Services Auto Trust, Series 2025-B, Class C                  | CUSIP: 12630SAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3060000 | PA      | $3062978.60   | 0.07%             | 2031-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                | Clear Channel Outdoor Holdings, Inc.                                            | CUSIP: 18453HAA4<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   2540000 | PA      | $2484697.34   | 0.06%             | 2027-08-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Driven Brands Funding LLC                           | Driven Brands Funding LLC, Series 2021-1A, Class A2                             | CUSIP: 26209XAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4976987 | PA      | $4610604.44   | 0.11%             | 2051-10-20      | Fixed         | 2.79%                 | Yes           |                  2 | On Loan: No      |
| Dycom Industries, Inc.                              | Dycom Industries, Inc.                                                          | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |    615000 | PA      | $591709.89    | 0.01%             | 2029-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                     | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAM7<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   7000000 | PA      | $6947824.38   | 0.17%             | 2026-08-21      | Variable      | 1.53%                 | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                | Macquarie Group Ltd.                                                            | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |   5680000 | PA      | $5564734.45   | 0.13%             | 2027-01-12      | Variable      | 1.34%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                     | Danske Bank A/S                                                                 | CUSIP: 23636ABE0<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   6860000 | PA      | $6885847.86   | 0.17%             | 2026-09-22      | Variable      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Lithia Motors, Inc.                                 | Lithia Motors, Inc.                                                             | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    500000 | PA      | $470903.20    | 0.01%             | 2029-06-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                     | Live Nation Entertainment, Inc.                                                 | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   1785000 | PA      | $1757192.73   | 0.04%             | 2027-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                    | Clarivate Science Holdings Corp.                                                | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    610000 | PA      | $580890.92    | 0.01%             | 2028-07-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                     | Permian Resources Operating LLC                                                 | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    685000 | PA      | $697396.45    | 0.02%             | 2027-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Caixa Economica Federal                             | Caixa Economica Federal                                                         | CUSIP: 12803Y2A6<br>LEI: 254900EX2KZ57WQ1PL07 | Long             | DBT              | NUSS              | BR        |   1200000 | PA      | $1192500.00   | 0.03%             | 2030-05-13      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Carpenter Technology Corp.                          | Carpenter Technology Corp.                                                      | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    540000 | PA      | $542188.62    | 0.01%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CKE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    440000 | PA      | $442268.75    | 0.01%             | 2027-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd.                          | AAdvantage Loyalty IP Ltd., 1st Lien Term Loan                                  | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    688235 | PA      | $680320.59    | 0.02%             | 2028-04-20      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                   | GLS Auto Select Receivables Trust, Series 2025-1A, Class B                      | CUSIP: 36271FAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1008761.40   | 0.02%             | 2031-02-15      | Fixed         | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC            | Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class B               | CUSIP: 82652QAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    208977 | PA      | $204631.53    | 0.00%             | 2037-11-20      | Fixed         | 1.34%                 | Yes           |                  2 | On Loan: No      |
| CSFB Mortgage-Backed Pass-Through Certificates      | CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 1A2        | CUSIP: 2254585P9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    677278 | PA      | $609093.21    | 0.01%             | 2035-10-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2024-5, Class D                  | CUSIP: 802920AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1916000 | PA      | $1915023.61   | 0.05%             | 2032-02-17      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Trans-Allegheny Interstate Line Co.                 | Trans-Allegheny Interstate Line Co.                                             | CUSIP: 893045AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2510000 | PA      | $2529350.24   | 0.06%             | 2031-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K105, Class X3 | CUSIP: 3137FRUM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  40058382 | PA      | $3197504.12   | 0.08%             | 2048-03-25      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                     | Palmer Square Loan Funding Ltd., Series 2025-1A, Class A2                       | CUSIP: 69704CAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10250000 | PA      | $10178188.50  | 0.24%             | 2033-02-15      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Home Partners of America Trust                      | Home Partners of America Trust, Series 2021-2, Class E1                         | CUSIP: 43732VAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9599159 | PA      | $9132844.99   | 0.22%             | 2026-12-17      | Fixed         | 2.85%                 | Yes           |                  2 | On Loan: No      |
| Service Corp. International                         | Service Corp. International                                                     | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    705000 | PA      | $639412.09    | 0.02%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                  | Banco Santander SA                                                              | CUSIP: 05964HAY1<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   4600000 | PA      | $4884830.67   | 0.12%             | 2028-11-07      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                            | Wynn Resorts Finance LLC                                                        | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1852758.21   | 0.04%             | 2029-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ICITII                                              | ICITII                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    281838 | PA      | $225583.37    | 0.01%             | 2033-01-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Purchasing Power Funding LLC                        | Purchasing Power Funding LLC, Series 2024-A, Class C                            | CUSIP: 745935AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2700000 | PA      | $2725184.79   | 0.07%             | 2028-08-15      | Fixed         | 6.80%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  11420000 | PA      | $11443979.72  | 0.28%             | 2027-01-20      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                            | PRPM LLC, Series 2021-4, Class A1                                               | CUSIP: 693583AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6994166 | PA      | $6996313.38   | 0.17%             | 2026-04-25      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2025-2, Class D            | CUSIP: 024938AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5500000 | PA      | $5514775.20   | 0.13%             | 2031-07-14      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                  | Nationstar Mortgage Holdings, Inc.                                              | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1070160.50   | 0.03%             | 2027-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Upstart Securitization Trust                        | Upstart Securitization Trust, Series 2025-1, Class A                            | CUSIP: 91684PAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $995174.00    | 0.02%             | 2035-04-20      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4681, Class SD                                             | CUSIP: 3137BYHQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    256481 | PA      | $30043.65     | 0.00%             | 2047-05-15      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| Rite Aid Equity Escrow                              | Rite Aid                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1007 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| New Residential Mortgage Loan Trust                 | New Residential Mortgage Loan Trust, Series 2019-NQM5, Class B1                 | CUSIP: 64830PAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3041000 | PA      | $2638656.85   | 0.06%             | 2059-11-25      | Variable      | 4.04%                 | Yes           |                  2 | On Loan: No      |
| Banco Santander SA                                  | Banco Santander SA                                                              | CUSIP: 05964HAN5<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |  16000000 | PA      | $15380006.08  | 0.37%             | 2027-09-14      | Variable      | 1.72%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                          | AMSR Trust, Series 2021-SFR4, Class E1                                          | CUSIP: 66982FAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1821000 | PA      | $1748958.14   | 0.04%             | 2038-12-17      | Fixed         | 2.97%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                 | Hilton Domestic Operating Co., Inc.                                             | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   1226000 | PA      | $1133602.51   | 0.03%             | 2031-05-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class D    | CUSIP: 61765LAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3150000 | PA      | $2762818.07   | 0.07%             | 2048-05-15      | Fixed         | 3.26%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                    | Goodyear Tire & Rubber Co. (The)                                                | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    145000 | PA      | $138902.13    | 0.00%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K072, Class X3 | CUSIP: 3137FEBT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1200000 | PA      | $60555.12     | 0.00%             | 2045-12-25      | Variable      | 2.14%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                      | Carnival Corp.                                                                  | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1083000 | PA      | $1046448.75   | 0.03%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad             | Instituto Costarricense de Electricidad                                         | CUSIP: 45777VAE7<br>LEI: 5493009VA6AFUB2Q0289 | Long             | DBT              | NUSS              | CR        |   1350000 | PA      | $1369831.50   | 0.03%             | 2031-10-07      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, STRIPS, Series 342, Class S7                                             | CUSIP: 31325VM50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1172554 | PA      | $122941.64    | 0.00%             | 2045-02-15      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| NCR Voyix Corp.                                     | NCR Voyix Corp.                                                                 | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    482000 | PA      | $469769.64    | 0.01%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   7775000 | PA      | $7874907.12   | 0.19%             | 2030-02-13      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GB60<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3985664.96   | 0.10%             | 2030-10-23      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| FREMF 2020-K739 Mortgage Trust                      | FREMF Mortgage Trust, Series 2020-K739, Class X2A                               | CUSIP: 30289SAN7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  68294529 | PA      | $114796.27    | 0.00%             | 2053-11-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2020-3A, Class E                    | CUSIP: 30166NAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1965887 | PA      | $1964488.00   | 0.05%             | 2026-08-17      | Fixed         | 3.44%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series Q012, Class X  | CUSIP: 3137FVNQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  11210815 | PA      | $1686804.98   | 0.04%             | 2035-09-25      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 5 Year Note                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      4930 | NC      | $3146860.37   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2920000 | PA      | $2888062.50   | 0.07%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                 | Rocket Mortgage LLC                                                             | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    912000 | PA      | $883217.37    | 0.02%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                           | First Student Bidco, Inc., 1st Lien Term Loan B                                 | CUSIP: 33718FAK6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1755954 | PA      | $1755461.93   | 0.04%             | 2028-07-21      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| RR 12 Ltd.                                          | RR Ltd., Series 2020-12A, Class ABR3                                            | CUSIP: 74989HAN2<br>LEI: 549300RLLUH00ZYECJ34 | Long             | ABS-CBDO         | CORP              | KY        |   9345000 | PA      | $9351382.64   | 0.22%             | 2036-01-15      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| Primo Brands Corp.                                  | Primo Brands Corp., 1st Lien Term Loan                                          | CUSIP: 89678QAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1905539 | PA      | $1905062.60   | 0.05%             | 2028-03-31      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| FREMF 2018-K082 Mortgage Trust                      | FREMF Mortgage Trust, Series 2018-K82, Class D                                  | CUSIP: 30297LAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9392906 | PA      | $7135836.71   | 0.17%             | 2028-10-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                      | Carvana Auto Receivables Trust, Series 2023-P2, Class C                         | CUSIP: 14686TAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4982000 | PA      | $5103465.64   | 0.12%             | 2029-07-10      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                   | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1217442.74   | 0.03%             | 2029-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                   | Genesis Energy LP                                                               | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1225568.07   | 0.03%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Street Capital Group, Inc.                          | Street Capital Group, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | CA        |    505000 | PA      | $505000.00    | 0.01%             | 2030-02-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Lendmark Funding Trust                              | Lendmark Funding Trust, Series 2024-2A, Class C                                 | CUSIP: 52590AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1980648.60   | 0.05%             | 2034-02-21      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                        | Royal Caribbean Cruises Ltd.                                                    | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    200000 | PA      | $197677.19    | 0.00%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                      | Community Health Systems, Inc.                                                  | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1198000 | PA      | $1180439.24   | 0.03%             | 2027-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                        | Islamic Republic of Pakistan                                                    | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |   2500000 | PA      | $2319575.00   | 0.06%             | 2027-12-05      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CAFL Issuer LP                                      | CAFL Issuer LP, Series 2025-RRTL1, Class A1                                     | CUSIP: 124760AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4011200.00   | 0.10%             | 2040-05-28      | Variable      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| MRCD MARK Mortgage Trust                            | MRCD MARK Mortgage Trust, Series 2019-PARK, Class A                             | CUSIP: 55348UAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6960000 | PA      | $6181872.00   | 0.15%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                  | Dominican Republic Government Bond                                              | CUSIP: 25714PED6<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   3040000 | PA      | $2857600.00   | 0.07%             | 2030-01-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                                                | CUSIP: 629377CE0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1405006.40   | 0.03%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                          | AMSR Trust, Series 2022-SFR3, Class F                                           | CUSIP: 66981YAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6300000 | PA      | $5917209.48   | 0.14%             | 2039-10-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class C                 | CUSIP: 94989KBB8<br>LEI: 549300NYO16WLNMVJJ46 | Long             | ABS-MBS          | CORP              | US        |   3750000 | PA      | $3645659.63   | 0.09%             | 2048-06-15      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2018-C43, Class A3                | CUSIP: 95001LAT9<br>LEI: 549300RVQJTKIK3XGD11 | Long             | ABS-MBS          | CORP              | US        |    586211 | PA      | $571021.99    | 0.01%             | 2051-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                              | Encompass Health Corp.                                                          | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1052880.66   | 0.03%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Stream Innovations Issuer Trust                     | Stream Innovations Issuer Trust, Series 2024-1A, Class A                        | CUSIP: 86324CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2828952 | PA      | $2919285.53   | 0.07%             | 2044-07-15      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                             | Republic of El Salvador                                                         | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |   1150000 | PA      | $1201821.88   | 0.03%             | 2030-04-17      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 3294, Class NE                                             | CUSIP: 31397FSG8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    147753 | PA      | $154012.43    | 0.00%             | 2037-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                           | Republic of Cote d'Ivoire                                                       | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |    222733 | PA      | $208255.65    | 0.01%             | 2032-12-31      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 6174468V4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   7750000 | PA      | $7595028.52   | 0.18%             | 2026-12-10      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust       | Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class D           | CUSIP: 107933AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3536519.70   | 0.09%             | 2029-11-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QBW1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   1800000 | PA      | $1762848.00   | 0.04%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC                            | NGL Energy Operating LLC                                                        | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    252000 | PA      | $238288.45    | 0.01%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                             | BPCE SA                                                                         | CUSIP: 05583JAH5<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |  26976000 | PA      | $26656256.71  | 0.64%             | 2026-10-06      | Variable      | 1.65%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, Other                                                                     | CUSIP: 3140FXES7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4576730 | PA      | $4047951.98   | 0.10%             | 2056-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                          | AMSR Trust, Series 2021-SFR3, Class E1                                          | CUSIP: 00180UAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2700000 | PA      | $2567720.79   | 0.06%             | 2038-10-17      | Fixed         | 2.33%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CHH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3010000 | PA      | $3009412.12   | 0.07%             | 2026-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Greenko Dutch BV                                    | Greenko Dutch BV                                                                | CUSIP: 39530LAD2<br>LEI: 724500PT585P4JPVRP08 | Long             | DBT              | CORP              | NL        |   1487200 | PA      | $1455597.00   | 0.04%             | 2026-03-29      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                        | Scotts Miracle-Gro Co. (The)                                                    | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   1236000 | PA      | $1175156.42   | 0.03%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                           | Sunoco LP                                                                       | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1249000 | PA      | $1196537.00   | 0.03%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                         | Nationwide Building Society                                                     | CUSIP: 63861VAJ6<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |  13625000 | PA      | $13951257.44  | 0.34%             | 2027-10-18      | Variable      | 6.56%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                      | Rite Aid Corp., Series A                                                        | CUSIP: 767754CS1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |    309148 | PA      | $0.00         | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2014-CR14, Class B                            | CUSIP: 12630DBB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2518841 | PA      | $2418566.34   | 0.06%             | 2047-02-10      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2023-1, Class D            | CUSIP: 02530UAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2019828.20   | 0.05%             | 2029-04-12      | Fixed         | 6.35%                 | Yes           |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                            | Spirit AeroSystems, Inc.                                                        | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    329000 | PA      | $350319.86    | 0.01%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                            | Lumen Technologies, Inc.                                                        | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    689818 | PA      | $669985.73    | 0.02%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| GreenSky Home Improvement Issuer Trust              | GreenSky Home Improvement Issuer Trust, Series 2024-2, Class A3                 | CUSIP: 39571XAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1006842.40   | 0.02%             | 2059-10-27      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                        | Hilton Grand Vacations Trust, Series 2024-3A, Class C                           | CUSIP: 43283NAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2851081 | PA      | $2868185.69   | 0.07%             | 2040-08-27      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 20 Year                                                              | CUSIP: 3140Q87D1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6687405 | PA      | $6455945.72   | 0.16%             | 2038-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                             | Dryden Senior Loan Fund, Series 2016-43A, Class B1R3                            | CUSIP: 26245CBS1<br>LEI: 5493002P75UIPU4MC757 | Long             | ABS-CBDO         | CORP              | KY        |  10000000 | PA      | $10007260.00  | 0.24%             | 2034-04-20      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                               | Range Resources Corp.                                                           | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    680000 | PA      | $653554.60    | 0.02%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 10 Year                                                             | CUSIP: 3133LPTJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10701323 | PA      | $10166220.39  | 0.24%             | 2031-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OnDeck Asset Securitization Trust IV LLC            | OnDeck Asset Securitization Trust LLC, Series 2023-1A, Class A                  | CUSIP: 67108SAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3744000 | PA      | $3775647.66   | 0.09%             | 2030-08-19      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                      | Morgan Stanley Capital I Trust, Series 2020-HR8, Class XA                       | CUSIP: 61692BBU3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18708720 | PA      | $1344760.37   | 0.03%             | 2053-07-15      | Variable      | 1.78%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                 | Medline Borrower LP                                                             | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   1161000 | PA      | $1094203.72   | 0.03%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5846000 | PA      | $5354390.51   | 0.13%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                | Macquarie Group Ltd.                                                            | CUSIP: 55608JBF4<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |  10000000 | PA      | $10003622.10  | 0.24%             | 2026-08-09      | Variable      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822BY9<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |  11845000 | PA      | $11438920.00  | 0.28%             | 2027-07-20      | Variable      | 1.54%                 | No            |                  2 | On Loan: No      |
| Intelsat SA                                         | Intelsat SA                                                                     | CUSIP: N/A<br>LEI: 549300YV2L21F4K80V46       | Long             | EC               | CORP              | LU        |     14900 | NS      | $605312.50    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2015-85, Class SA                                           | CUSIP: 3136AQRN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2776864 | PA      | $259112.53    | 0.01%             | 2045-11-25      | Floating      | 1.18%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2024-2A, Class C                      | CUSIP: 22536VAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2061823.00   | 0.05%             | 2034-10-16      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Saavi Energia Sarl                                  | Saavi Energia Sarl                                                              | CUSIP: 78518PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   1080000 | PA      | $1099440.00   | 0.03%             | 2035-02-10      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| MRCD MARK Mortgage Trust                            | MRCD MARK Mortgage Trust, Series 2019-PARK, Class B                             | CUSIP: 55348UAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $5013600.00   | 0.12%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| FRTKL                                               | FRTKL, Series 2021-SFR1, Class D                                                | CUSIP: 30322DAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6762000 | PA      | $6480557.45   | 0.16%             | 2038-09-17      | Fixed         | 2.17%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Co.                            | Central Garden & Pet Co.                                                        | CUSIP: 153527AM8<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1009753.76   | 0.02%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280EN5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   5895000 | PA      | $5953556.10   | 0.14%             | 2030-11-19      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| White Cap Supply Holdings LLC                       | White Cap Supply Holdings LLC, 1st Lien Term Loan C                             | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |   1056500 | PA      | $1044699.26   | 0.03%             | 2029-10-19      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                              | Lendmark Funding Trust, Series 2021-2A, Class A                                 | CUSIP: 52604DAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4444000 | PA      | $4198309.46   | 0.10%             | 2032-04-20      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust              | Velocity Commercial Capital Loan Trust, Series 2018-2, Class A                  | CUSIP: 92259BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    636596 | PA      | $619203.16    | 0.01%             | 2048-10-26      | Variable      | 4.05%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                              | Lendmark Funding Trust, Series 2021-1A, Class B                                 | CUSIP: 52607MAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2750000 | PA      | $2563715.55   | 0.06%             | 2031-11-20      | Fixed         | 2.47%                 | Yes           |                  2 | On Loan: No      |
| CRIBS Mortgage Trust                                | CRIBS Mortgage Trust, Series 2025-RTL1, Class A1                                | CUSIP: 12704NAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1993713.00   | 0.05%             | 2040-05-25      | Variable      | 5.81%                 | Yes           |                  3 | On Loan: No      |
| Wayfair LLC                                         | Wayfair LLC                                                                     | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    860000 | PA      | $837581.69    | 0.02%             | 2029-10-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CarVal CLO II Ltd.                                  | CarVal CLO Ltd., Series 2019-1A, Class BR2                                      | CUSIP: 14686ABA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6222000 | PA      | $6227780.24   | 0.15%             | 2032-04-20      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2020-K118, Class D                                 | CUSIP: 30316TAS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   7500000 | PA      | $4878777.75   | 0.12%             | 2053-10-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Kingston Airport Revenue Finance Ltd.               | Kingston Airport Revenue Finance Ltd.                                           | CUSIP: 49647QAA6<br>LEI: 254900SK2YRR95AVHU30 | Long             | DBT              | CORP              | KY        |   1318000 | PA      | $1301933.58   | 0.03%             | 2036-12-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp., Series FIX                                               | CUSIP: 06051GML0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7103714.73   | 0.17%             | 2031-01-24      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                              | Standard Chartered plc                                                          | CUSIP: 85325C2D3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   5470000 | PA      | $5550737.20   | 0.13%             | 2029-01-21      | Variable      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                        | BX Commercial Mortgage Trust, Series 2024-MF, Class B                           | CUSIP: 05612EAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    708364 | PA      | $709249.09    | 0.02%             | 2039-02-15      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2024-2, Class C            | CUSIP: 02531BAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5091000 | PA      | $5151975.93   | 0.12%             | 2030-04-12      | Fixed         | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                         | Toronto-Dominion Bank (The)                                                     | CUSIP: 89115A2U5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   9975000 | PA      | $10276227.94  | 0.25%             | 2028-07-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2024-101, Class DV                                          | CUSIP: 3136BUFR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4858081 | PA      | $4983337.49   | 0.12%             | 2035-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                          | Constellation Brands, Inc.                                                      | CUSIP: 21036PBS6<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |   9105000 | PA      | $9096511.23   | 0.22%             | 2030-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4925, Class SH                                             | CUSIP: 3137FPCF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6124306 | PA      | $607652.46    | 0.01%             | 2049-10-25      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| Element Solutions, Inc.                             | Element Solutions, Inc.                                                         | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $960148.20    | 0.02%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| PRM5 Trust                                          | PRM5 Trust, Series 2025-PRM5, Class D                                           | CUSIP: 693980AG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220000 | PA      | $217725.09    | 0.01%             | 2033-03-10      | Variable      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                          | AMSR Trust, Series 2023-SFR2, Class B                                           | CUSIP: 00178YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1449832.20   | 0.03%             | 2040-06-17      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| CSN Inova Ventures                                  | CSN Inova Ventures                                                              | CUSIP: N/A<br>LEI: 222100R8R68DM7VM3661       | Long             | DBT              | CORP              | KY        |   3150000 | PA      | $2978325.00   | 0.07%             | 2028-01-28      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                                 | NuStar Logistics LP                                                             | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    172000 | PA      | $175233.59    | 0.00%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2024-67, Class FA                                           | CUSIP: 3136BSPM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5724755 | PA      | $5675568.89   | 0.14%             | 2054-09-25      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                         | Merchants Fleet Funding LLC, Series 2024-1A, Class B                            | CUSIP: 588926AG0<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |   5250000 | PA      | $5293185.45   | 0.13%             | 2037-04-20      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CKR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  87390000 | PA      | $88325345.66  | 2.12%             | 2027-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Gray Oak Pipeline LLC                               | Gray Oak Pipeline LLC                                                           | CUSIP: 38937LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14782000 | PA      | $14597170.75  | 0.35%             | 2025-10-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| Viterra Finance BV                                  | Viterra Finance BV                                                              | CUSIP: 92852LAC3<br>LEI: 213800HBZGEIZLKJBI17 | Long             | DBT              | CORP              | NL        |   3820000 | PA      | $3819051.00   | 0.09%             | 2027-04-21      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| Walgreens Boots Alliance, Inc.                      | Walgreens Boots Alliance, Inc.                                                  | CUSIP: 931427AQ1<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    950000 | PA      | $929002.34    | 0.02%             | 2026-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC                | Prime Security Services Borrower LLC                                            | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1233000 | PA      | $1236072.04   | 0.03%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                         | Acadia Healthcare Co., Inc.                                                     | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    886000 | PA      | $873043.22    | 0.02%             | 2028-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2025-4, Class LA                                                   | CUSIP: 38385CBR8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  16841686 | PA      | $15757918.83  | 0.38%             | 2051-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of the Bahamas                         | Commonwealth of the Bahamas                                                     | CUSIP: N/A<br>LEI: 549300W13SXC7EKNJC20       | Long             | DBT              | NUSS              | BS        |   1400000 | PA      | $1353800.00   | 0.03%             | 2028-11-21      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2022-SFR6, Class C                           | CUSIP: 74334DAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2005006.20   | 0.05%             | 2039-07-20      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| United Airlines, Inc.                               | United Airlines, Inc.                                                           | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    635000 | PA      | $603155.83    | 0.01%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| THL Credit Wind River CLO Ltd.                      | THL Credit Wind River CLO Ltd., Series 2019-3A, Class BR2                       | CUSIP: 97314JAL9<br>LEI: 549300QKM4OHZM4I5C40 | Long             | ABS-CBDO         | CORP              | KY        |   6666666 | PA      | $6671372.67   | 0.16%             | 2031-04-15      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2021-3A, Class D                      | CUSIP: 36263LAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6542832 | PA      | $6445021.06   | 0.16%             | 2027-07-15      | Fixed         | 1.48%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                          | AMSR Trust, Series 2021-SFR1, Class C                                           | CUSIP: 00179DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    581000 | PA      | $537040.55    | 0.01%             | 2038-06-17      | Fixed         | 2.35%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                               | OneMain Finance Corp.                                                           | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1195000 | PA      | $1208320.62   | 0.03%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                | NOVA Chemicals Corp.                                                            | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    405000 | PA      | $436032.72    | 0.01%             | 2030-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CFU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    214500 | PA      | $215664.67    | 0.01%             | 2027-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XVI Ltd.                               | Symphony CLO Ltd., Series 2015-16A, Class B1RR                                  | CUSIP: 87165VAZ2<br>LEI: 5493004PWOYFPAFQVT02 | Long             | ABS-CBDO         | CORP              | KY        |   5822000 | PA      | $5826663.42   | 0.14%             | 2031-10-15      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                          | iHeartCommunications, Inc.                                                      | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    296000 | PA      | $144764.72    | 0.00%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                      | Pagaya AI Debt Selection Trust, Series 2021-HG1, Class A                        | CUSIP: 69547PAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    321118 | PA      | $319213.33    | 0.01%             | 2029-01-16      | Fixed         | 1.22%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                   | NatWest Group plc                                                               | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   5135000 | PA      | $5154955.12   | 0.12%             | 2031-05-23      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley ABS Capital I, Inc. Trust            | Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-SD1, Class A              | CUSIP: 61744CBD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     89413 | PA      | $89034.25     | 0.00%             | 2034-08-25      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| Novelis Corp.                                       | Novelis Corp.                                                                   | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1005000 | PA      | $955387.77    | 0.02%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CMB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  78625000 | PA      | $78876845.31  | 1.90%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd.                                           | BXMT Ltd., Series 2021-FL4, Class A                                             | CUSIP: 05609GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1887709 | PA      | $1872180.72   | 0.05%             | 2038-05-15      | Floating      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Incora Intermediate LLC                             | Incora Intermediate II LLC                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     13421 | NS      | $268285.79    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2024-2A, Class B                      | CUSIP: 22536VAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3250000 | PA      | $3325033.08   | 0.08%             | 2034-08-15      | Fixed         | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Peru LNG Srl                                        | Peru LNG Srl                                                                    | CUSIP: N/A<br>LEI: 254900F70J1LOALV5K70       | Long             | DBT              | CORP              | PE        |   1916820 | PA      | $1768266.45   | 0.04%             | 2030-03-22      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| NRM FNT1 Excess LLC                                 | NRM FNT1 Excess LLC, Series 2024-FNT1, Class A                                  | CUSIP: 62956YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4147431 | PA      | $4192256.47   | 0.10%             | 2031-11-25      | Variable      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty SR, Inc.                               | Arbor Realty SR, Inc., Series QIB                                               | CUSIP: 03881NAG2<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4814164.30   | 0.12%             | 2027-10-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust    | Multi-Family Connecticut Avenue Securities Trust, Series 2019-01, Class M10     | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |   3813588 | PA      | $3836222.59   | 0.09%             | 2049-10-25      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                       | AIB Group plc                                                                   | CUSIP: 00135TAD6<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |  16690000 | PA      | $17555508.52  | 0.42%             | 2029-09-13      | Variable      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1309517.38   | 0.03%             | 2031-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| National Bank of Canada                             | National Bank of Canada                                                         | CUSIP: 63307A3B9<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   9500000 | PA      | $9407078.13   | 0.23%             | 2029-10-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2025-1A, Class C                      | CUSIP: 22536KAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8142000 | PA      | $8252152.30   | 0.20%             | 2035-07-16      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132DWHU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  41308704 | PA      | $41782612.72  | 1.01%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2021-4A, Class D                    | CUSIP: 30165JAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10039217 | PA      | $9905737.38   | 0.24%             | 2028-01-17      | Fixed         | 1.96%                 | No            |                  2 | On Loan: No      |
| Intelsat Jackson Holdings SA                        | Intelsat Jackson Holdings SA                                                    | CUSIP: 45824TBC8<br>LEI: 8XJ8KF85PBKK1TLMFN29 | Long             | DBT              | CORP              | LU        |   1233000 | PA      | $1212518.14   | 0.03%             | 2030-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC            | Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class C               | CUSIP: 05377RJA3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5100059.50   | 0.12%             | 2030-06-20      | Fixed         | 6.48%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                        | Mizuho Financial Group, Inc.                                                    | CUSIP: 60687YDH9<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |   9660000 | PA      | $9761711.40   | 0.23%             | 2031-05-13      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| NatWest Markets plc                                 | NatWest Markets plc                                                             | CUSIP: 63906YAJ7<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |   7125000 | PA      | $7306441.62   | 0.18%             | 2029-05-17      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Swedbank AB                                         | Swedbank AB                                                                     | CUSIP: 87019DAA5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   6900000 | PA      | $6957946.34   | 0.17%             | 2030-05-21      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust       | Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class D           | CUSIP: 10807HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5045284.50   | 0.12%             | 2031-03-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2016-74, Class GS                                           | CUSIP: 3136ATE34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1385379 | PA      | $176296.99    | 0.00%             | 2046-10-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| Republic of El Salvador                             | Republic of El Salvador                                                         | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |   1600000 | PA      | $1652800.00   | 0.04%             | 2029-02-28      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Consumer Portfolio Services Auto Trust              | Consumer Portfolio Services Auto Trust, Series 2025-A, Class C                  | CUSIP: 12633SAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3007042.20   | 0.07%             | 2031-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BlueMountain CLO Ltd.                               | BlueMountain CLO Ltd., Series 2021-32A, Class BR                                | CUSIP: 09631EAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |  10500000 | PA      | $10494193.50  | 0.25%             | 2034-10-15      | Floating      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K104, Class X3 | CUSIP: 3137FREL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  25300000 | PA      | $1920239.64   | 0.05%             | 2047-02-25      | Variable      | 1.89%                 | No            |                  2 | On Loan: No      |
| Imola Merger Corp.                                  | Imola Merger Corp.                                                              | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    860000 | PA      | $824042.80    | 0.02%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| MHC Commercial Mortgage Trust                       | MHC Commercial Mortgage Trust, Series 2021-MHC, Class D                         | CUSIP: 55316VAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1800000 | PA      | $1798875.00   | 0.04%             | 2038-04-15      | Floating      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2015-C27, Class C                 | CUSIP: 94989DBC2<br>LEI: 5493001SKB2HKIF64L70 | Long             | ABS-MBS          | CORP              | US        |   2495860 | PA      | $2198104.16   | 0.05%             | 2048-02-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2019-KC03, Class B                                 | CUSIP: 30297UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5000000 | PA      | $4915703.00   | 0.12%             | 2026-01-25      | Variable      | 4.33%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust          | JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class D1            | CUSIP: 46645LAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4600000 | PA      | $4000984.32   | 0.10%             | 2049-03-17      | Variable      | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                | Owens-Brockway Glass Container, Inc.                                            | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1150578.45   | 0.03%             | 2027-05-13      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                       | Asbury Automotive Group, Inc.                                                   | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    480000 | PA      | $467633.38    | 0.01%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class D    | CUSIP: 61690QAS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1893722.80   | 0.05%             | 2050-07-15      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                       | Lendbuzz Securitization Trust, Series 2022-1A, Class A                          | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    447041 | PA      | $445799.68    | 0.01%             | 2027-05-17      | Fixed         | 4.22%                 | Yes           |                  2 | On Loan: No      |
| Graphic Packaging International LLC                 | Graphic Packaging International LLC                                             | CUSIP: 38869PAP9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   2925000 | PA      | $2831268.73   | 0.07%             | 2026-04-15      | Fixed         | 1.51%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                 | Iron Mountain, Inc.                                                             | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    689000 | PA      | $680834.94    | 0.02%             | 2027-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                           | Republic of Cote d'Ivoire                                                       | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   1890000 | PA      | $1821563.10   | 0.04%             | 2033-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, Connecticut Avenue Securities, Series 2021-R02, Class 2M2                 | CUSIP: 20754KAB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   6500000 | PA      | $6536504.00   | 0.16%             | 2041-11-25      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                                                | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1171047.69   | 0.03%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                 | Sirius XM Radio LLC                                                             | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   3583000 | PA      | $3400029.09   | 0.08%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                         | Acadia Healthcare Co., Inc.                                                     | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95736.56     | 0.00%             | 2029-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                        | Drive Auto Receivables Trust, Series 2024-2, Class D                            | CUSIP: 26207AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3250000 | PA      | $3239863.90   | 0.08%             | 2032-05-17      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Coherent Corp.                                      | Coherent Corp.                                                                  | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    600000 | PA      | $581378.16    | 0.01%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                         | Caesars Entertainment, Inc.                                                     | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1358752.87   | 0.03%             | 2029-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                     | Danske Bank A/S                                                                 | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   3170000 | PA      | $3266499.81   | 0.08%             | 2030-03-01      | Variable      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                           | XPO, Inc.                                                                       | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    325000 | PA      | $328247.08    | 0.01%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K734, Class X3 | CUSIP: 3137FLN67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  35700000 | PA      | $597353.82    | 0.01%             | 2026-07-25      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| HCA, Inc.                                           | HCA, Inc.                                                                       | CUSIP: 404119CP2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |  10840000 | PA      | $10995402.13  | 0.26%             | 2028-06-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                               | WR Grace Holdings LLC                                                           | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    497000 | PA      | $437914.30    | 0.01%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                        | Tallgrass Energy Partners LP                                                    | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1121077.85   | 0.03%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                        | GS Mortgage Securities Trust, Series 2017-GS5, Class D                          | CUSIP: 36252HAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2250000 | PA      | $514382.40    | 0.01%             | 2050-03-10      | Variable      | 3.51%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    615000 | PA      | $569318.60    | 0.01%             | 2032-02-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XLIX Ltd.                      | Madison Park Funding Ltd., Series 2021-49A, Class B1R                           | CUSIP: 55820VAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7000000 | PA      | $6981226.00   | 0.17%             | 2034-10-19      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                              | Oportun Issuance Trust, Series 2021-B, Class A                                  | CUSIP: 68377GAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2054809 | PA      | $2000886.68   | 0.05%             | 2031-05-08      | Fixed         | 1.47%                 | Yes           |                  2 | On Loan: No      |
| HINNT LLC                                           | HINNT LLC, Series 2025-A, Class D                                               | CUSIP: 433403AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    941031 | PA      | $934622.79    | 0.02%             | 2044-03-15      | Fixed         | 8.22%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA II, 30 Year                                                                | CUSIP: 36179XDE3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3111163 | PA      | $2954064.69   | 0.07%             | 2052-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4338, Class SA                                             | CUSIP: 3137BB7C8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3351218 | PA      | $369677.86    | 0.01%             | 2044-05-15      | Floating      | 1.55%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                      | Rite Aid Corp.                                                                  | CUSIP: 767754CR3<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |    106773 | PA      | $0.00         | 0.00%             | 2031-08-30      | Variable      | 11.32%                | Yes           |                  3 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2021-4A, Class D                                    | CUSIP: 26253WAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7434152 | PA      | $7312369.88   | 0.18%             | 2027-09-15      | Fixed         | 1.99%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 15 Year                                                       | CUSIP: 3128MMSS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1275900 | PA      | $1256523.07   | 0.03%             | 2029-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2024-110, Class LC                                                 | CUSIP: 38384QJ82<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  28366598 | PA      | $27056492.31  | 0.65%             | 2048-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federation des Caisses Desjardins du Quebec         | Federation des Caisses Desjardins du Quebec                                     | CUSIP: 31429KAK9<br>LEI: 549300B2Q47IR0CR5B54 | Long             | DBT              | CORP              | CA        |   8075000 | PA      | $8319568.74   | 0.20%             | 2028-03-14      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                            | Svenska Handelsbanken AB                                                        | CUSIP: 86959LAP8<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |  10000000 | PA      | $10278473.40  | 0.25%             | 2028-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Coinbase Global, Inc.                               | Coinbase Global, Inc.                                                           | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    650000 | PA      | $604474.00    | 0.01%             | 2028-10-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Precision Drilling Corp.                            | Precision Drilling Corp.                                                        | CUSIP: 740212AL9<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |    192000 | PA      | $191785.90    | 0.00%             | 2026-01-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 20 Year                                                              | CUSIP: 31418BD37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3712244 | PA      | $3612552.78   | 0.09%             | 2034-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                            | Angel Oak Mortgage Trust, Series 2019-5, Class B1                               | CUSIP: 03464KAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1060000 | PA      | $979764.57    | 0.02%             | 2049-10-25      | Variable      | 3.96%                 | Yes           |                  2 | On Loan: No      |
| VOLT XCVI LLC                                       | VOLT XCVI LLC, Series 2021-NPL5, Class A1                                       | CUSIP: 92873FAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    389217 | PA      | $388978.94    | 0.01%             | 2051-03-27      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                             | CF Hippolyta Issuer LLC, Series 2021-1A, Class B1                               | CUSIP: 12530MAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2243181 | PA      | $2149877.84   | 0.05%             | 2061-03-15      | Fixed         | 1.98%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                       | Calpine Corp.                                                                   | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    580000 | PA      | $568867.36    | 0.01%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Lennar Corp.                                        | Lennar Corp.                                                                    | CUSIP: 526057CY8<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |   7985000 | PA      | $8059997.68   | 0.19%             | 2030-07-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 172967QA2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   7920000 | PA      | $7914593.81   | 0.19%             | 2031-05-07      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| Performance Food Group, Inc.                        | Performance Food Group, Inc.                                                    | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    755000 | PA      | $751868.41    | 0.02%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                       | CommScope LLC                                                                   | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    905000 | PA      | $902667.86    | 0.02%             | 2027-03-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                         | Caesars Entertainment, Inc.                                                     | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    561000 | PA      | $565513.25    | 0.01%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                         | CUSIP: 44891ABG1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   4606000 | PA      | $4469838.16   | 0.11%             | 2027-02-10      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury Ultra Bond                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -82 | NC      | $-219192.01   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class C                  | CUSIP: 17323VBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3600000 | PA      | $3267000.00   | 0.08%             | 2048-04-10      | Variable      | 4.04%                 | No            |                  2 | On Loan: No      |
| Dext ABS LLC                                        | Dext ABS LLC, Series 2025-1, Class B                                            | CUSIP: 252154AD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7920000 | PA      | $7917601.82   | 0.19%             | 2035-08-15      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                     | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   9665000 | PA      | $9753074.63   | 0.23%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                        | Veros Auto Receivables Trust, Series 2022-1, Class D                            | CUSIP: 92512VAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1004837.30   | 0.02%             | 2029-07-16      | Fixed         | 7.23%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                   | Hertz Corp. (The)                                                               | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   1945000 | PA      | $1717615.30   | 0.04%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, STRIPS, Series 267, Class S5                                             | CUSIP: 31325TN96<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2811716 | PA      | $282471.32    | 0.01%             | 2042-08-15      | Floating      | 1.55%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YEC5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  18405000 | PA      | $17758308.48  | 0.43%             | 2027-07-20      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| RingCentral, Inc.                                   | RingCentral, Inc.                                                               | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |    385000 | PA      | $406644.32    | 0.01%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                      | Univision Communications, Inc.                                                  | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1276097.55   | 0.03%             | 2030-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KC06, Class X1 | CUSIP: 3137FQ3Q4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  34181194 | PA      | $203275.56    | 0.00%             | 2026-06-25      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC            | Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class C               | CUSIP: 05377RJM7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1190000 | PA      | $1194151.20   | 0.03%             | 2030-12-20      | Fixed         | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                             | Bath & Body Works, Inc.                                                         | CUSIP: 501797AR5<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    895000 | PA      | $917367.84    | 0.02%             | 2029-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                        | Ardagh Packaging Finance plc                                                    | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    810000 | PA      | $736346.70    | 0.02%             | 2026-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Mizuho Financial Group, Inc.                        | Mizuho Financial Group, Inc.                                                    | CUSIP: 60687YBP3<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |  14165000 | PA      | $13709316.20  | 0.33%             | 2027-05-22      | Variable      | 1.23%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                   | EMRLD Borrower LP, 1st Lien Term Loan B                                         | CUSIP: 26872NAC3<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |   1076375 | PA      | $1070271.95   | 0.03%             | 2030-05-31      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| Continental Finance Credit Card ABS Master Trust    | Continental Finance Credit Card ABS Master Trust, Series 2021-A, Class A        | CUSIP: 66981PAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    378307 | PA      | $377884.64    | 0.01%             | 2029-12-17      | Fixed         | 2.55%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2020-K115, Class D                                 | CUSIP: 302673AG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   7500000 | PA      | $5075956.50   | 0.12%             | 2053-09-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280EW5<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  10640000 | PA      | $10687993.74  | 0.26%             | 2031-05-13      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2023-5A, Class C                      | CUSIP: 22535PAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3150000 | PA      | $3267961.20   | 0.08%             | 2034-04-17      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Brean Asset-Backed Securities Trust                 | Brean Asset-Backed Securities Trust, Series 2025-RM11, Class A1                 | CUSIP: 10638GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3950000 | PA      | $3793998.70   | 0.09%             | 2065-05-25      | Variable      | 4.75%                 | Yes           |                  3 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 17327CAM5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   8730000 | PA      | $8522494.97   | 0.21%             | 2027-01-28      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                     | CSAIL Commercial Mortgage Trust, Series 2015-C4, Class E                        | CUSIP: 12635RBF4<br>LEI: 54930025J96YEH8FQE77 | Long             | ABS-MBS          | CORP              | US        |   2973000 | PA      | $2799323.29   | 0.07%             | 2048-11-15      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2022-42, Class EA                                           | CUSIP: 3136BNRD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  50557957 | PA      | $48577778.89  | 1.17%             | 2052-06-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4634, Class MD                                             | CUSIP: 3137BSSN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6602839 | PA      | $6583765.76   | 0.16%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2021-SFR1, Class F2                                | CUSIP: 33767WAQ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3867763.60   | 0.09%             | 2038-08-17      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QBW1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   1000000 | PA      | $979360.00    | 0.02%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  84815000 | PA      | $84549953.13  | 2.03%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                       | Staples, Inc.                                                                   | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    355000 | PA      | $321374.93    | 0.01%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Marriott Ownership Resorts, Inc.                    | Marriott Ownership Resorts, Inc.                                                | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    250000 | PA      | $234709.63    | 0.01%             | 2029-06-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC            | Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class C               | CUSIP: 05377RDW1<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    897500 | PA      | $894190.64    | 0.02%             | 2026-08-20      | Fixed         | 3.02%                 | Yes           |                  2 | On Loan: No      |
| BHMS                                                | BHMS, Series 2018-ATLS, Class A                                                 | CUSIP: 05549GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $500039.40    | 0.01%             | 2035-07-15      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Cencora, Inc.                                       | Cencora, Inc.                                                                   | CUSIP: 03073EAW5<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |   7050000 | PA      | $7104245.66   | 0.17%             | 2029-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                    | ABN AMRO Bank NV                                                                | CUSIP: 00080QAF2<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |  16158000 | PA      | $16147459.33  | 0.39%             | 2025-07-28      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Wingspire Equipment Finance LLC                     | Wingspire Equipment Finance LLC, Series 2024-1A, Class C                        | CUSIP: 97415AAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1004497.30   | 0.02%             | 2032-09-20      | Fixed         | 5.28%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2025-SFR2, Class D                           | CUSIP: 74334GAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2717826.00   | 0.07%             | 2042-04-17      | Fixed         | 3.56%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3138ERTJ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    149721 | PA      | $147132.39    | 0.00%             | 2031-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                                   | Lebanese Republic                                                               | CUSIP: N/A<br>LEI: 529900QPC4K9S1KHL354       | Long             | DBT              | NUSS              | LB        |   4362000 | PA      | $754626.00    | 0.02%             | 2020-03-09      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                                 | Station Casinos LLC                                                             | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1251110.01   | 0.03%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Trust                               | Toorak Mortgage Trust, Series 2025-RRTL1, Class A1                              | CUSIP: 89053JAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5600000 | PA      | $5572189.84   | 0.13%             | 2040-02-25      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                            | Blue Racer Midstream LLC                                                        | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    680000 | PA      | $702560.36    | 0.02%             | 2029-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                              | Tenet Healthcare Corp.                                                          | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    923000 | PA      | $886295.34    | 0.02%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Dana, Inc.                                          | Dana, Inc.                                                                      | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    425000 | PA      | $422986.90    | 0.01%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Barclays plc                                        | Barclays plc                                                                    | CUSIP: 06738EBU8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |  20445000 | PA      | $19728600.45  | 0.47%             | 2027-11-24      | Variable      | 2.28%                 | No            |                  2 | On Loan: No      |
| ams-OSRAM AG                                        | ams-OSRAM AG                                                                    | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |   1100000 | PA      | $1147227.40   | 0.03%             | 2029-03-30      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2024-151, Class HB                                                 | CUSIP: 38384WMQ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  35347524 | PA      | $34619948.35  | 0.83%             | 2052-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2023-5A, Class B                      | CUSIP: 22535PAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1334000 | PA      | $1368383.58   | 0.03%             | 2034-02-15      | Fixed         | 6.71%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Select Receivables Trust                   | GLS Auto Select Receivables Trust, Series 2025-1A, Class C                      | CUSIP: 36271FAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2470000 | PA      | $2487477.72   | 0.06%             | 2031-03-15      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| VOLT XCV LLC                                        | VOLT XCV LLC, Series 2021-NPL4, Class A1                                        | CUSIP: 92873BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1488139 | PA      | $1486296.57   | 0.04%             | 2051-03-27      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Purewest ABS Issuer LLC                             | Purewest ABS Issuer LLC, Series 2025-1, Class A2                                | CUSIP: 74628AAB0<br>LEI: 254900N011GHBESCKS35 | Long             | ABS-O            | CORP              | US        |   3994871 | PA      | $3994870.71   | 0.10%             | 2040-04-05      | Fixed         | 6.53%                 | Yes           |                  3 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class D   | CUSIP: 46641BAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    845605 | PA      | $796906.97    | 0.02%             | 2046-12-15      | Variable      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                      | Community Health Systems, Inc.                                                  | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1114000 | PA      | $1070311.48   | 0.03%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  11829000 | PA      | $11442160.71  | 0.28%             | 2027-07-22      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                         | Allied Universal Holdco LLC                                                     | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $573123.32    | 0.01%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                           | Republic of Cote d'Ivoire                                                       | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |   1551000 | PA      | $1540011.17   | 0.04%             | 2028-03-03      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                          | Grifols SA                                                                      | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |   1150000 | PA      | $1093949.12   | 0.03%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2021-1A, Class D                                    | CUSIP: 23344GAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    327462 | PA      | $326961.29    | 0.01%             | 2026-11-16      | Fixed         | 1.16%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                                | Archrock Partners LP                                                            | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    288000 | PA      | $288415.30    | 0.01%             | 2027-04-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                           | First Student Bidco, Inc., 1st Lien Term Loan C                                 | CUSIP: 33718FAM2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    536991 | PA      | $536840.85    | 0.01%             | 2028-07-21      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group, Inc.               | Sumitomo Mitsui Financial Group, Inc.                                           | CUSIP: 86562MCR9<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |  12115000 | PA      | $12436139.21  | 0.30%             | 2028-01-13      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Amcor Flexibles North America, Inc.                 | Amcor Flexibles North America, Inc.                                             | CUSIP: 02344AAD0<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |   7850000 | PA      | $7901290.33   | 0.19%             | 2030-03-17      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| Directv Financing LLC                               | Directv Financing LLC                                                           | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    721000 | PA      | $709686.52    | 0.02%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CFIN 2022-RTL1 Issuer LLC                           | CFIN 2022-RTL1 Issuer LLC, Class B                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    930000 | PA      | $930000.00    | 0.02%             | 2027-08-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| FS Luxembourg Sarl                                  | FS Luxembourg Sarl                                                              | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    523000 | PA      | $528230.00    | 0.01%             | 2031-02-12      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4477, Class SA                                             | CUSIP: 3137BHYU5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3305457 | PA      | $380932.15    | 0.01%             | 2045-05-15      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| Tricon Residential Trust                            | Tricon Residential Trust, Series 2021-SFR1, Class E1                            | CUSIP: 89614YAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3760000 | PA      | $3635414.66   | 0.09%             | 2038-07-17      | Fixed         | 2.79%                 | Yes           |                  2 | On Loan: No      |
| Hilton Grand Vacations Trust                        | Hilton Grand Vacations Trust, Series 2024-2A, Class C                           | CUSIP: 43283JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5506191 | PA      | $5546877.64   | 0.13%             | 2038-03-25      | Fixed         | 5.99%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                    | Goodyear Tire & Rubber Co. (The)                                                | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $979743.87    | 0.02%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2025-1, Class D            | CUSIP: 02528DAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2593000 | PA      | $2599659.60   | 0.06%             | 2031-08-12      | Fixed         | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                        | Islamic Republic of Pakistan                                                    | CUSIP: 695847AT0<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    800000 | PA      | $681192.00    | 0.02%             | 2031-04-08      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2018-KF53, Class B                                 | CUSIP: 35708AAG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    368817 | PA      | $366372.76    | 0.01%             | 2025-10-25      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Trinity Industries, Inc.                            | Trinity Industries, Inc.                                                        | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    950000 | PA      | $987211.50    | 0.02%             | 2028-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust               | Westlake Automobile Receivables Trust, Series 2021-3A, Class D                  | CUSIP: 96043JAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3184671 | PA      | $3163610.66   | 0.08%             | 2027-01-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                             | American Airlines, Inc.                                                         | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    975000 | PA      | $973334.17    | 0.02%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                       | SM Energy Co.                                                                   | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    675000 | PA      | $675724.28    | 0.02%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LCM Ltd.                                            | LCM Ltd., Series 36A, Class BR                                                  | CUSIP: 50190LAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   9395833 | PA      | $9369045.48   | 0.23%             | 2034-01-15      | Floating      | 5.76%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 172967NX5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  25390000 | PA      | $25448464.54  | 0.61%             | 2026-09-29      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132DWEE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6635528 | PA      | $6455144.77   | 0.16%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140X6JS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  23034572 | PA      | $21860914.67  | 0.53%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                    | Gray Media, Inc.                                                                | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1068000 | PA      | $762605.08    | 0.02%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U3P6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   3290000 | PA      | $3338992.15   | 0.08%             | 2031-01-24      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd.                                   | CIFC Funding Ltd., Series 2016-1A, Class BR3                                    | CUSIP: 17180TBN1<br>LEI: 54930076OPDXR0U68E20 | Long             | ABS-CBDO         | CORP              | KY        |  10435000 | PA      | $10405782.00  | 0.25%             | 2031-10-21      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                           | MGM Resorts International                                                       | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   1565000 | PA      | $1572440.01   | 0.04%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GFL Environmental, Inc.                             | GFL Environmental, Inc.                                                         | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |   1802000 | PA      | $1732287.65   | 0.04%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                  | Credit Agricole SA                                                              | CUSIP: 22535WAR8<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   6455000 | PA      | $6511663.02   | 0.16%             | 2031-05-27      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Elara HGV Timeshare Issuer LLC                      | Elara HGV Timeshare Issuer LLC, Series 2021-A, Class B                          | CUSIP: 28416LAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1432961 | PA      | $1351184.15   | 0.03%             | 2035-08-27      | Fixed         | 1.74%                 | Yes           |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                        | Drive Auto Receivables Trust, Series 2025-1, Class D                            | CUSIP: 262102AF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4002117.20   | 0.10%             | 2032-09-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 10 Year Ultra Note                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -897 | NC      | $-1242836.49  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings, Inc.                                 | Post Holdings, Inc.                                                             | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    999000 | PA      | $945435.02    | 0.02%             | 2030-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                         | CUSIP: 44891ADC8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   3440000 | PA      | $3473246.26   | 0.08%             | 2029-06-24      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2023-1A, Class C                      | CUSIP: 224927AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500000 | PA      | $6679104.90   | 0.16%             | 2033-07-15      | Fixed         | 7.71%                 | Yes           |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes             | Santander Bank Auto Credit-Linked Notes, Series 2024-A, Class C                 | CUSIP: 80290CCK8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5743464 | PA      | $5775732.40   | 0.14%             | 2032-06-15      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K111, Class X3 | CUSIP: 3137FUZF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15643603 | PA      | $2087142.92   | 0.05%             | 2048-04-25      | Variable      | 3.18%                 | No            |                  2 | On Loan: No      |
| STWD Mortgage Trust                                 | STWD Mortgage Trust, Series 2021-LIH, Class B                                   | CUSIP: 78486EAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | KY        |   3600000 | PA      | $3582000.00   | 0.09%             | 2036-11-15      | Floating      | 6.10%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                 | U.S. Treasury 10 Year Note                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     -1095 | NC      | $-1071109.29  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan, Inc.                                 | Kinder Morgan, Inc.                                                             | CUSIP: 49456BBB6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3028188.36   | 0.07%             | 2030-06-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   2400000 | PA      | $2378160.00   | 0.06%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC            | Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class B               | CUSIP: 05377RHZ0<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2047753.20   | 0.05%             | 2030-06-20      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC            | Avis Budget Rental Car Funding AESOP LLC, Series 2023-2A, Class C               | CUSIP: 05377RGN8<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   1700000 | PA      | $1708983.31   | 0.04%             | 2027-10-20      | Fixed         | 6.18%                 | Yes           |                  2 | On Loan: No      |
| Connect Finco SARL                                  | Connect Finco SARL                                                              | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    665000 | PA      | $633818.02    | 0.02%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Adient US LLC                                       | Adient US LLC, 1st Lien Term Loan B-2                                           | CUSIP: 00687MAH4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    697950 | PA      | $694069.40    | 0.02%             | 2031-01-31      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                       | Smyrna Ready Mix Concrete LLC                                                   | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256724.00    | 0.01%             | 2031-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| News Corp.                                          | News Corp.                                                                      | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |    428000 | PA      | $405914.90    | 0.01%             | 2029-05-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Danske Bank A/S                                     | Danske Bank A/S                                                                 | CUSIP: 23636ABJ9<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   4615000 | PA      | $4564643.52   | 0.11%             | 2030-10-02      | Variable      | 4.61%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                      | Morgan Stanley Capital I Trust, Series 2015-MS1, Class B                        | CUSIP: 61765DAX6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5450000 | PA      | $5223103.97   | 0.13%             | 2048-05-15      | Variable      | 4.01%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K736, Class X3 | CUSIP: 3137FNX21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  50000000 | PA      | $1057295.00   | 0.03%             | 2047-09-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Herc Holdings, Inc.                                 | Herc Holdings, Inc.                                                             | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    795000 | PA      | $789215.58    | 0.02%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Westgate Resorts LLC                                | Westgate Resorts LLC, Series 2024-1A, Class C                                   | CUSIP: 96034KAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2400590 | PA      | $2424930.87   | 0.06%             | 2038-01-20      | Fixed         | 7.06%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                          | Flagship Credit Auto Trust, Series 2021-1, Class D                              | CUSIP: 33843WAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3947264 | PA      | $3885075.91   | 0.09%             | 2027-03-15      | Fixed         | 1.27%                 | Yes           |                  2 | On Loan: No      |
| Gap, Inc. (The)                                     | Gap, Inc. (The)                                                                 | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $922311.30    | 0.02%             | 2029-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K739, Class X1 | CUSIP: 3137F64R5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  60256472 | PA      | $1187130.83   | 0.03%             | 2027-09-25      | Variable      | 1.18%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                 | Hilton Domestic Operating Co., Inc.                                             | CUSIP: 432833AJ0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   1030000 | PA      | $973109.08    | 0.02%             | 2029-05-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2015-123, Class SE                                                 | CUSIP: 38379QCX1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3489653 | PA      | $330805.81    | 0.01%             | 2045-09-20      | Floating      | 1.28%                 | No            |                  2 | On Loan: No      |
| First Investors Auto Owner Trust                    | First Investors Auto Owner Trust, Series 2023-1A, Class B                       | CUSIP: 320986AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3264000 | PA      | $3342849.10   | 0.08%             | 2029-12-17      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 20 Year                                                       | CUSIP: 3128P7ZN6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21926 | PA      | $21036.24     | 0.00%             | 2033-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                 | Rocket Mortgage LLC                                                             | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    591000 | PA      | $551392.42    | 0.01%             | 2029-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                            | Lumen Technologies, Inc.                                                        | CUSIP: 550241AH6<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    684275 | PA      | $664601.62    | 0.02%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| California Resources Corp.                          | California Resources Corp.                                                      | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    131000 | PA      | $130887.75    | 0.00%             | 2026-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust               | Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class D                | CUSIP: 94989TBH6<br>LEI: 549300XO83D3BDYP0P62 | Long             | ABS-MBS          | CORP              | US        |  10105912 | PA      | $8293362.11   | 0.20%             | 2058-09-15      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| BHG Securitization Trust                            | BHG Securitization Trust, Series 2021-B, Class B                                | CUSIP: 08862BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5402820 | PA      | $5276513.87   | 0.13%             | 2034-10-17      | Fixed         | 1.67%                 | Yes           |                  2 | On Loan: No      |
| Scripps Escrow, Inc.                                | Scripps Escrow, Inc.                                                            | CUSIP: 81104PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    455000 | PA      | $385777.62    | 0.01%             | 2027-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| TEGNA, Inc.                                         | TEGNA, Inc.                                                                     | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    676000 | PA      | $643900.95    | 0.02%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2021-2A, Class D                    | CUSIP: 30165XAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6851904 | PA      | $6725432.51   | 0.16%             | 2027-04-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, Other                                                                     | CUSIP: 3140FXF23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2303854 | PA      | $2116128.10   | 0.05%             | 2057-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Life Mortgage Trust                                 | Life Mortgage Trust, Series 2021-BMR, Class C                                   | CUSIP: 53218CAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    299574 | PA      | $297514.01    | 0.01%             | 2038-03-15      | Floating      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust          | JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class C            | CUSIP: 46644UBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7732000 | PA      | $5975861.77   | 0.14%             | 2048-07-15      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                            | Energizer Holdings, Inc.                                                        | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    860000 | PA      | $829272.54    | 0.02%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                 | Medline Borrower LP                                                             | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $345971.71    | 0.01%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  12799000 | PA      | $12327725.21  | 0.30%             | 2027-10-21      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                             | Bath & Body Works, Inc.                                                         | CUSIP: 501797AN4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    430000 | PA      | $429826.37    | 0.01%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 31418ELY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7022454 | PA      | $6970442.44   | 0.17%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Stonepeak ABS                                       | Stonepeak ABS, Series 2021-1A                                                   | CUSIP: 78433XAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1703097 | PA      | $1628068.14   | 0.04%             | 2033-02-28      | Fixed         | 3.82%                 | Yes           |                  3 | On Loan: No      |
| Xerox Holdings Corp.                                | Xerox Holdings Corp.                                                            | CUSIP: 98421MAA4<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    779000 | PA      | $775310.81    | 0.02%             | 2025-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NRZ Excess Spread-Collateralized Notes              | NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A               | CUSIP: 65246QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2076123 | PA      | $1998194.24   | 0.05%             | 2026-11-25      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K090, Class X3 | CUSIP: 3137FLMY7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  32597903 | PA      | $2608774.32   | 0.06%             | 2029-10-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YFS9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   5825000 | PA      | $5882849.47   | 0.14%             | 2030-07-19      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | Deutsche Bank AG                                                                | CUSIP: 251526DA4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   9095000 | PA      | $9107574.02   | 0.22%             | 2031-05-09      | Variable      | 5.30%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140XJHG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   8741154 | PA      | $8469271.58   | 0.20%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 20 Year                                                              | CUSIP: 3140X6MZ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  20660870 | PA      | $19640391.56  | 0.47%             | 2039-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United Rentals North America, Inc.                  | United Rentals North America, Inc.                                              | CUSIP: 911365BP8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $897696.40    | 0.02%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                      | Carvana Auto Receivables Trust, Series 2024-N2, Class C                         | CUSIP: 14687VAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3148000 | PA      | $3203691.90   | 0.08%             | 2030-09-10      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| Bank of Nova Scotia (The)                           | Bank of Nova Scotia (The)                                                       | CUSIP: 06418GAL1<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   8645000 | PA      | $8614541.76   | 0.21%             | 2028-09-08      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                          | Upstart Pass-Through Trust, Series 2021-ST5, Class A                            | CUSIP: 91679XAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    178839 | PA      | $176934.58    | 0.00%             | 2027-07-20      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Stream Innovations Issuer Trust                     | Stream Innovations Issuer Trust, Series 2024-2A, Class A                        | CUSIP: 86324EAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1785840 | PA      | $1791113.44   | 0.04%             | 2045-02-15      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| H&E Equipment Services, Inc.                        | H&E Equipment Services, Inc.                                                    | CUSIP: 404030AJ7<br>LEI: 254900KVLRCDMQRYY541 | Long             | DBT              | CORP              | US        |    620000 | PA      | $624757.88    | 0.02%             | 2028-12-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Capital America                             | Hyundai Capital America                                                         | CUSIP: 44891ADM6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   9850000 | PA      | $9963526.47   | 0.24%             | 2030-01-08      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Banco Continental SAECA                             | Banco Continental SAECA                                                         | CUSIP: 059490AB8<br>LEI: 8945005Q0D60A6FCEM55 | Long             | DBT              | CORP              | PY        |   3600000 | PA      | $3549150.00   | 0.09%             | 2025-12-10      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Altice Financing SA                                 | Altice Financing SA                                                             | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    900000 | PA      | $704679.75    | 0.02%             | 2028-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                   | NatWest Group plc                                                               | CUSIP: 639057AC2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   9818000 | PA      | $9512962.59   | 0.23%             | 2027-06-14      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust                            | Octane Receivables Trust, Series 2023-1A, Class C                               | CUSIP: 67571BAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1709000 | PA      | $1729806.73   | 0.04%             | 2029-09-20      | Fixed         | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                          | Avis Budget Car Rental LLC                                                      | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1307301.18   | 0.03%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                         | Hashemite Kingdom of Jordan                                                     | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |   2800000 | PA      | $2800420.00   | 0.07%             | 2026-01-29      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                           | ATI, Inc.                                                                       | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    807000 | PA      | $806927.67    | 0.02%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K061, Class X3 | CUSIP: 3137BTUQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2775000 | PA      | $77990.54     | 0.00%             | 2044-12-25      | Variable      | 1.98%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                 | Petroleos Mexicanos                                                             | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   1650000 | PA      | $1542667.50   | 0.04%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| INEOS Finance plc                                   | INEOS Finance plc                                                               | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |   1075000 | PA      | $1056126.66   | 0.03%             | 2029-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust    | Multi-Family Connecticut Avenue Securities Trust, Series 2020-01, Class M10     | CUSIP: 62548QAD3<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |   3686025 | PA      | $3739573.03   | 0.09%             | 2050-03-25      | Floating      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                             | RHP Hotel Properties LP                                                         | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1464000 | PA      | $1446648.38   | 0.03%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                 | Buckeye Partners LP, 1st Lien Term Loan B-6                                     | CUSIP: 11823LAQ8<br>LEI: 549300C1PQJLVEIUBK50 | Long             | LON              | CORP              | US        |    674908 | PA      | $674604.79    | 0.02%             | 2030-11-22      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| Escrow Rite Aid                                     | Escrow Rite Aid                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    100605 | PA      | $0.00         | 0.00%             | 2049-12-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132AD3L0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10204742 | PA      | $9519923.51   | 0.23%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Matador Resources Co.                               | Matador Resources Co.                                                           | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    845000 | PA      | $827370.26    | 0.02%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Somnigroup International, Inc.                      | Somnigroup International, Inc.                                                  | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |   1142000 | PA      | $1075608.00   | 0.03%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Griffon Corp.                                       | Griffon Corp.                                                                   | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |    827000 | PA      | $822012.53    | 0.02%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                              | Cleveland-Cliffs, Inc.                                                          | CUSIP: 185899AH4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    995000 | PA      | $979991.30    | 0.02%             | 2027-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Deutsche Alt-A Securities Mortgage Loan Trust       | Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-3, Class 2A1         | CUSIP: 25151KAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    568655 | PA      | $435001.10    | 0.01%             | 2047-10-25      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5516, Class DV                                             | CUSIP: 3137HKBD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9519101 | PA      | $9767245.64   | 0.23%             | 2035-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC                 | Ascent Resources Utica Holdings LLC                                             | CUSIP: 04364VAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    990000 | PA      | $1004907.42   | 0.02%             | 2028-12-31      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  12760000 | PA      | $12514964.74  | 0.30%             | 2028-03-24      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                              | Oportun Issuance Trust, Series 2025-A, Class C                                  | CUSIP: 68377TAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3492750.10   | 0.08%             | 2033-02-08      | Fixed         | 5.89%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C31, Class B    | CUSIP: 61766RBD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2577000 | PA      | $2407822.01   | 0.06%             | 2049-11-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                   | Clarios Global LP                                                               | CUSIP: 69867DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    544000 | PA      | $544051.25    | 0.01%             | 2026-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Vertiv Group Corp.                                  | Vertiv Group Corp., 1st Lien Term Loan B-3                                      | CUSIP: 92537EAF5<br>LEI: 549300ZT8RQ5VK10E643 | Long             | LON              | CORP              | US        |   1051136 | PA      | $1049790.70   | 0.03%             | 2027-03-02      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                       | Staples, Inc.                                                                   | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    428977 | PA      | $276138.07    | 0.01%             | 2030-01-15      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   9600000 | PA      | $9939346.27   | 0.24%             | 2028-11-10      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | Deutsche Bank AG                                                                | CUSIP: 251526CU1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   8360000 | PA      | $8845788.90   | 0.21%             | 2029-11-20      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| Marriott Ownership Resorts, Inc.                    | Marriott Ownership Resorts, Inc.                                                | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    390000 | PA      | $377630.45    | 0.01%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 20 Year                                                              | CUSIP: 3140QGGU5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  11543969 | PA      | $10351480.36  | 0.25%             | 2040-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group plc                            | Lloyds Banking Group plc                                                        | CUSIP: 539439AX7<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  20510000 | PA      | $21111140.51  | 0.51%             | 2029-03-06      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                        | Drive Auto Receivables Trust, Series 2024-2, Class C                            | CUSIP: 26207AAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4775000 | PA      | $4749028.30   | 0.11%             | 2032-05-17      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                         | Nationwide Building Society                                                     | CUSIP: 63861VAK3<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |   7650000 | PA      | $7772195.67   | 0.19%             | 2029-07-29      | Fixed         | 5.13%                 | Yes           |                  2 | On Loan: No      |
| VOLT XCIII LLC                                      | VOLT XCIII LLC, Series 2021-NPL2, Class A1                                      | CUSIP: 92873CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    528770 | PA      | $528176.52    | 0.01%             | 2051-02-27      | Variable      | 5.89%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multi-Family Structured Credit Risk           | FHLMC, Multi-Family Structured Credit Risk, Series 2021-MN1, Class M1           | CUSIP: 35563FAA9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    252038 | PA      | $250819.32    | 0.01%             | 2051-01-25      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| DT Midstream, Inc.                                  | DT Midstream, Inc.                                                              | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1471000 | PA      | $1401084.15   | 0.03%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| AerCap Ireland Capital DAC                          | AerCap Ireland Capital DAC                                                      | CUSIP: 00774MBG9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |  10625000 | PA      | $10933783.96  | 0.26%             | 2027-04-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K125, Class X3 | CUSIP: 3137F9ZB0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15690000 | PA      | $1929860.59   | 0.05%             | 2049-02-25      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Antero Resources Corp.                              | Antero Resources Corp.                                                          | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |    675000 | PA      | $690930.68    | 0.02%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA                                             | BPCE SA                                                                         | CUSIP: 056121AA4<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   6125000 | PA      | $6176885.73   | 0.15%             | 2031-05-28      | Variable      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| OCP Aegis CLO Ltd.                                  | OCP Aegis CLO Ltd., Series 2024-39A, Class A1                                   | CUSIP: 67120EAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   3500000 | PA      | $3502961.00   | 0.08%             | 2037-01-16      | Floating      | 5.48%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5481, Class FC                                             | CUSIP: 3137HHQ46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  27954956 | PA      | $28022374.74  | 0.67%             | 2054-12-25      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2014-CR20, Class C                            | CUSIP: 12592LBP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    501480 | PA      | $483727.33    | 0.01%             | 2047-11-10      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5021, Class MI                                             | CUSIP: 3137FWMC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  21286625 | PA      | $3668500.83   | 0.09%             | 2050-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust               | Westlake Automobile Receivables Trust, Series 2023-1A, Class D                  | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3064148.40   | 0.07%             | 2028-11-15      | Fixed         | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust       | Bridgecrest Lending Auto Securitization Trust, Series 2025-1, Class D           | CUSIP: 10806HAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6375000 | PA      | $6440232.19   | 0.15%             | 2030-11-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2021-3A, Class D                                    | CUSIP: 23344QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11998149 | PA      | $11789617.75  | 0.28%             | 2027-05-17      | Fixed         | 1.31%                 | Yes           |                  2 | On Loan: No      |
| USA Compression Partners LP                         | USA Compression Partners LP                                                     | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $459833.34    | 0.01%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2024-96, Class FA                                           | CUSIP: 3136BTK85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12255665 | PA      | $12244960.84  | 0.29%             | 2054-12-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Accelerated LLC                                     | Accelerated LLC, Series 2021-1H, Class B                                        | CUSIP: 00439KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1196514 | PA      | $1107933.81   | 0.03%             | 2040-10-20      | Fixed         | 1.90%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                            | Bausch Health Cos., Inc.                                                        | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   2253000 | PA      | $1839011.25   | 0.04%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                 | New Residential Mortgage Loan Trust, Series 2024-RTL2, Class A1                 | CUSIP: 64831WAA8<br>LEI: 213800H34ZKQ2LAZZL53 | Long             | ABS-MBS          | CORP              | US        |   5250000 | PA      | $5209728.83   | 0.13%             | 2039-09-25      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments II Trust      | Structured Asset Mortgage Investments II Trust, Series 2006-AR6, Class 2A1      | CUSIP: 86360UAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    854071 | PA      | $604747.16    | 0.01%             | 2046-07-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Weekley Homes LLC                                   | Weekley Homes LLC                                                               | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    850000 | PA      | $816950.64    | 0.02%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                      | DISH DBS Corp.                                                                  | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1045000 | PA      | $884359.47    | 0.02%             | 2028-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                       | Organon & Co.                                                                   | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425000 | PA      | $399213.25    | 0.01%             | 2028-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2023-2A, Class E                                    | CUSIP: 23346CAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2800000 | PA      | $3014733.96   | 0.07%             | 2030-04-15      | Fixed         | 11.06%                | Yes           |                  2 | On Loan: No      |
| Genesee & Wyoming, Inc.                             | Genesee & Wyoming, Inc., 1st Lien Term Loan                                     | CUSIP: 37156QAZ9<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | LON              | CORP              | US        |    997494 | PA      | $992316.74    | 0.02%             | 2031-04-10      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| FREMF 2020-K739 Mortgage Trust                      | FREMF Mortgage Trust, Series 2020-K739, Class D                                 | CUSIP: 30289SAS6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   7000000 | PA      | $5656823.90   | 0.14%             | 2053-11-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2015-PC1, Class B                             | CUSIP: 12593GAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3150000 | PA      | $3058650.00   | 0.07%             | 2050-07-10      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| BX                                                  | BX, Series 2021-MFM1, Class E                                                   | CUSIP: 05608VAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1781850 | PA      | $1776281.72   | 0.04%             | 2034-01-15      | Floating      | 6.69%                 | Yes           |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                        | Veros Auto Receivables Trust, Series 2025-1, Class B                            | CUSIP: 92511BAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2750000 | PA      | $2765881.53   | 0.07%             | 2029-07-16      | Fixed         | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2024-SFR1, Class D                           | CUSIP: 74331QAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3375000 | PA      | $3164003.78   | 0.08%             | 2041-02-17      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                        | Antero Midstream Partners LP                                                    | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    572000 | PA      | $566179.21    | 0.01%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                        | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAK7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   5000000 | PA      | $5000650.00   | 0.12%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Capital One Financial Corp.                         | Capital One Financial Corp.                                                     | CUSIP: 14040HCX1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |  19895000 | PA      | $20248470.09  | 0.49%             | 2029-02-01      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                     | WFRBS Commercial Mortgage Trust, Series 2014-C22, Class C                       | CUSIP: 92890KBG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8583000 | PA      | $6906654.27   | 0.17%             | 2057-09-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| Ares XXXVII CLO Ltd.                                | Ares CLO Ltd., Series 2015-4A, Class A3RR                                       | CUSIP: 04015NAQ7<br>LEI: 635400YF4AHA6NB2CU53 | Long             | ABS-CBDO         | CORP              | KY        |   8645000 | PA      | $8633761.50   | 0.21%             | 2030-10-15      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                            | PRET LLC, Series 2021-RN4, Class A1                                             | CUSIP: 69359QAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3364195 | PA      | $3359506.64   | 0.08%             | 2051-10-25      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| PG&E Corp.                                          | PG&E Corp.                                                                      | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |   1249000 | PA      | $1218658.04   | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K095, Class X3 | CUSIP: 3137FNAH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  25000000 | PA      | $1895482.50   | 0.05%             | 2047-08-25      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| Cinemark USA, Inc.                                  | Cinemark USA, Inc.                                                              | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |    710000 | PA      | $700440.06    | 0.02%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                              | Tenet Healthcare Corp.                                                          | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1371000 | PA      | $1371974.78   | 0.03%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United Airlines, Inc.                               | United Airlines, Inc.                                                           | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    776000 | PA      | $766804.20    | 0.02%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   6375000 | PA      | $6429459.14   | 0.15%             | 2030-07-23      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2023-3A, Class C                      | CUSIP: 224936AE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1050000 | PA      | $1088427.80   | 0.03%             | 2033-12-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| VFI ABS LLC                                         | VFI ABS LLC, Series 2023-1A, Class A                                            | CUSIP: 92555QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    631264 | PA      | $634729.16    | 0.02%             | 2029-03-26      | Fixed         | 7.27%                 | Yes           |                  2 | On Loan: No      |
| BX                                                  | BX, Series 2021-MFM1, Class D                                                   | CUSIP: 05608VAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1400000 | PA      | $1396937.50   | 0.03%             | 2034-01-15      | Floating      | 5.94%                 | Yes           |                  2 | On Loan: No      |
| Aqua Finance Trust                                  | Aqua Finance Trust, Series 2020-AA, Class A                                     | CUSIP: 038413AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    384544 | PA      | $358253.99    | 0.01%             | 2046-07-17      | Fixed         | 1.90%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5194, Class H                                              | CUSIP: 3137H5S81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  32545186 | PA      | $29126620.40  | 0.70%             | 2047-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes             | Santander Bank Auto Credit-Linked Notes, Series 2024-B, Class D                 | CUSIP: 80280BAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2996057.10   | 0.07%             | 2033-01-18      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K093, Class X3 | CUSIP: 3137FMCU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  50000000 | PA      | $3798120.00   | 0.09%             | 2047-05-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| FREMF 2018-K082 Mortgage Trust                      | FREMF Mortgage Trust, Series 2018-K82, Class X2B                                | CUSIP: 30297LAC6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  24694906 | PA      | $71783.15     | 0.00%             | 2028-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| CIM Trust                                           | CIM Trust, Series 2019-INV2, Class A11                                          | CUSIP: 12554TAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     59493 | PA      | $56995.95     | 0.00%             | 2049-05-25      | Floating      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                       | Starwood Property Trust, Inc.                                                   | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1138334.63   | 0.03%             | 2029-04-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| VOLT CV LLC                                         | VOLT CV LLC, Series 2021-CF2, Class A1                                          | CUSIP: 91835GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4517843 | PA      | $4503166.03   | 0.11%             | 2051-11-27      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| Identity Digital Ltd.                               | Identity Digital Ltd.                                                           | CUSIP: N/A<br>LEI: 5493005BN677T7KORE19       | Long             | DBT              | CORP              | IE        |   4000000 | PA      | $4000000.00   | 0.10%             | 2065-03-20      | Fixed         | 6.79%                 | No            |                  3 | On Loan: No      |
| Republic Finance Issuance Trust                     | Republic Finance Issuance Trust, Series 2024-B, Class A                         | CUSIP: 76042GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5530000 | PA      | $5580893.70   | 0.13%             | 2037-11-20      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| VistaJet Malta Finance plc                          | VistaJet Malta Finance plc                                                      | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    720000 | PA      | $709273.08    | 0.02%             | 2028-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC            | Avis Budget Rental Car Funding AESOP LLC, Series 2023-6A, Class C               | CUSIP: 05377RHJ6<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |   3350000 | PA      | $3470486.44   | 0.08%             | 2029-12-20      | Fixed         | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust                              | Alternative Loan Trust, Series 2004-25CB, Class A1                              | CUSIP: 12667FWJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    114381 | PA      | $102027.62    | 0.00%             | 2034-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREMF 2018-KW04 Trust                               | FREMF Trust, Series 2018-KW04, Class C                                          | CUSIP: 30296MAG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   5000000 | PA      | $3173252.00   | 0.08%             | 2032-12-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                      | Entegris, Inc.                                                                  | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    490000 | PA      | $473078.98    | 0.01%             | 2028-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2021-SFR3, Class E1                                | CUSIP: 33768JAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5738261.40   | 0.14%             | 2038-12-17      | Fixed         | 2.98%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132DULR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  16326110 | PA      | $16270486.40  | 0.39%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                     | Gulfport Energy Operating Corp.                                                 | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    710000 | PA      | $720263.44    | 0.02%             | 2029-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FRTKL                                               | FRTKL, Series 2021-SFR1, Class E1                                               | CUSIP: 30322DAS8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3750000 | PA      | $3577063.88   | 0.09%             | 2038-09-17      | Fixed         | 2.37%                 | Yes           |                  2 | On Loan: No      |
| Magnetite XXV Ltd.                                  | Magnetite Ltd., Series 2020-25A, Class A                                        | CUSIP: 55955GAA1<br>LEI: 549300WFCL37N4TDUR08 | Long             | ABS-CBDO         | CORP              | KY        |   1239037 | PA      | $1240176.52   | 0.03%             | 2032-01-25      | Floating      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| NYMT Loan Trust                                     | NYMT Loan Trust, Series 2021-SP1, Class A1                                      | CUSIP: 62955RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3741312 | PA      | $3722886.86   | 0.09%             | 2061-08-25      | Variable      | 4.67%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                              | Shutterfly Finance LLC                                                          | CUSIP: 82568NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    770961 | PA      | $679220.48    | 0.02%             | 2027-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Westgate Resorts LLC                                | Westgate Resorts LLC, Series 2024-1A, Class B                                   | CUSIP: 96034KAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2680085 | PA      | $2706498.99   | 0.07%             | 2038-01-20      | Fixed         | 6.56%                 | Yes           |                  2 | On Loan: No      |
| Ally Financial, Inc.                                | Ally Financial, Inc.                                                            | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    525000 | PA      | $525895.57    | 0.01%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Prologis LP                                         | Prologis LP                                                                     | CUSIP: 74340XCQ2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |   6220000 | PA      | $6239520.54   | 0.15%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mercury Financial Credit Card Master Trust          | Mercury Financial Credit Card Master Trust, Series 2024-2A, Class A             | CUSIP: 58940BAZ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7731000 | PA      | $7795405.41   | 0.19%             | 2029-07-20      | Fixed         | 6.56%                 | Yes           |                  2 | On Loan: No      |
| American Homes 4 Rent LP                            | American Homes 4 Rent LP                                                        | CUSIP: 02666TAK3<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   7910000 | PA      | $7904031.51   | 0.19%             | 2030-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Civitas Resources, Inc.                             | Civitas Resources, Inc.                                                         | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    348000 | PA      | $340241.63    | 0.01%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2020-K115, Class X2B                               | CUSIP: 302673AL2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  18200000 | PA      | $75284.30     | 0.00%             | 2053-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Verdant Receivables LLC                             | Verdant Receivables LLC, Series 2024-1A, Class A2                               | CUSIP: 92339MAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4689790 | PA      | $4754600.95   | 0.11%             | 2031-12-12      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| FirstEnergy Transmission LLC                        | FirstEnergy Transmission LLC                                                    | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |   3035000 | PA      | $3007113.57   | 0.07%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $742262.63    | 0.02%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Certificates Trust       | WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR5, Class A6        | CUSIP: 92922FM21<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     46146 | PA      | $45580.49     | 0.00%             | 2035-05-25      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4012, Class GS                                             | CUSIP: 3137AMNB9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3724363 | PA      | $502946.89    | 0.01%             | 2042-03-15      | Floating      | 2.05%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                          | AMSR Trust, Series 2025-SFR1, Class D                                           | CUSIP: 00182MAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1807282.00   | 0.04%             | 2042-06-17      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                               | WR Grace Holdings LLC                                                           | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    824000 | PA      | $812429.39    | 0.02%             | 2027-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Bank of Montreal                                    | Bank of Montreal                                                                | CUSIP: 06368L8L3<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   6355000 | PA      | $6350096.80   | 0.15%             | 2030-09-10      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2018-139, Class SB                                                 | CUSIP: 38381ALD6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5053399 | PA      | $711908.70    | 0.02%             | 2048-10-20      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2021-SFR8, Class E1                          | CUSIP: 74333TAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500000 | PA      | $6275268.35   | 0.15%             | 2038-10-17      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                  | Chemours Co. (The)                                                              | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   1106000 | PA      | $990318.81    | 0.02%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust       | Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class C           | CUSIP: 107933AE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4023788.80   | 0.10%             | 2029-04-16      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                        | DNB Bank ASA                                                                    | CUSIP: 23341CAC7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |  11650000 | PA      | $11694544.36  | 0.28%             | 2026-10-09      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                 | Republic of Ecuador                                                             | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |   3000000 | PA      | $2325750.00   | 0.06%             | 2030-07-31      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2020-K113 Mortgage Trust                      | FREMF Mortgage Trust, Series 2020-K113, Class D                                 | CUSIP: 30315KAE2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   9000000 | PA      | $5771021.40   | 0.14%             | 2053-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| UBS AG                                              | UBS AG                                                                          | CUSIP: 22550L2M2<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |  18000000 | PA      | $19345420.08  | 0.47%             | 2028-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 31418E4N7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4499224 | PA      | $4545065.08   | 0.11%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mariner Finance issuance Trust                      | Mariner Finance issuance Trust, Series 2024-BA, Class C                         | CUSIP: 56847GAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2197000 | PA      | $2210425.65   | 0.05%             | 2038-11-20      | Fixed         | 5.73%                 | Yes           |                  2 | On Loan: No      |
| PRM5 Trust                                          | PRM5 Trust, Series 2025-PRM5, Class C                                           | CUSIP: 693980AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    310000 | PA      | $306940.73    | 0.01%             | 2033-03-10      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Puget Energy, Inc.                                  | Puget Energy, Inc.                                                              | CUSIP: 745310AM4<br>LEI: SYBSJ96YIDMIUY7WDR33 | Long             | DBT              | CORP              | US        |   4515000 | PA      | $4235580.29   | 0.10%             | 2028-06-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2024-2, Class D                  | CUSIP: 80286YAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5133055.00   | 0.12%             | 2031-08-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2019-KF60, Class B                                 | CUSIP: 30308HAG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    632180 | PA      | $624603.62    | 0.02%             | 2026-02-25      | Floating      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| HUB International Ltd.                              | HUB International Ltd.                                                          | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    910000 | PA      | $947694.02    | 0.02%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2018-K082 Mortgage Trust                      | FREMF Mortgage Trust, Series 2018-K82, Class X2A                                | CUSIP: 30297LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  97471209 | PA      | $250198.85    | 0.01%             | 2028-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                     | Citigroup, Inc.                                                                 | CUSIP: 17327CAT0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  19165000 | PA      | $18929071.57  | 0.46%             | 2030-09-19      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC                                                                           | CUSIP: 31288QQM5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15604674 | PA      | $16133512.58  | 0.39%             | 2046-11-01      | Variable      | 6.79%                 | No            |                  2 | On Loan: No      |
| Outfront Media Capital LLC                          | Outfront Media Capital LLC                                                      | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1060000 | PA      | $1002505.07   | 0.02%             | 2029-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| UBS Group AG                                        | UBS Group AG                                                                    | CUSIP: 902613AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2865000 | PA      | $2801233.24   | 0.07%             | 2027-01-30      | Variable      | 1.36%                 | Yes           |                  2 | On Loan: No      |
| Noble Finance II LLC                                | Noble Finance II LLC                                                            | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $508186.95    | 0.01%             | 2030-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Roc Mortgage Trust                                  | Roc Mortgage Trust, Series 2025-RTL1, Class A1                                  | CUSIP: 77119RAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1135000 | PA      | $1131837.89   | 0.03%             | 2040-02-25      | Variable      | 5.62%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2019-KC06, Class B                                 | CUSIP: 30312MAL5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   7600000 | PA      | $7289007.24   | 0.18%             | 2026-09-25      | Variable      | 3.82%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                            | Comstock Resources, Inc.                                                        | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    961000 | PA      | $947186.68    | 0.02%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CNO Global Funding                                  | CNO Global Funding                                                              | CUSIP: 18977W2F6<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8491842.98   | 0.20%             | 2029-09-09      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                     | Republic Finance Issuance Trust, Series 2021-A, Class B                         | CUSIP: 76042UAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $975460.30    | 0.02%             | 2031-12-22      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2024-3, Class D                  | CUSIP: 80287LAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4074300.40   | 0.10%             | 2031-10-15      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Standard Chartered plc                              | Standard Chartered plc                                                          | CUSIP: 85325C2H4<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   6770000 | PA      | $6780628.90   | 0.16%             | 2031-05-13      | Variable      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 20 Year                                                              | CUSIP: 3140X7LP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  17461674 | PA      | $16500649.93  | 0.40%             | 2037-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                          | iHeartCommunications, Inc.                                                      | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   1249250 | PA      | $1033735.89   | 0.02%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2021-D, Class D                              | CUSIP: 12658VAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7400757 | PA      | $7350111.79   | 0.18%             | 2027-12-15      | Fixed         | 2.31%                 | Yes           |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                 | Constellation Energy Generation LLC                                             | CUSIP: 210385AB6<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |   6570000 | PA      | $6773595.04   | 0.16%             | 2028-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Arches Buyer, Inc.                                  | Arches Buyer, Inc.                                                              | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |    505000 | PA      | $475647.33    | 0.01%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class C    | CUSIP: 61765LAY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2060000 | PA      | $1997221.71   | 0.05%             | 2048-05-15      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| KKR Static CLO Ltd.                                 | KKR Static CLO Ltd., Series 2022-1A, Class BR2                                  | CUSIP: 48255QAW3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   7098437 | PA      | $7074550.76   | 0.17%             | 2031-07-20      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| American Express Co.                                | American Express Co.                                                            | CUSIP: 025816EF2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   7270000 | PA      | $7352486.22   | 0.18%             | 2031-04-25      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                  | Chord Energy Corp.                                                              | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    370000 | PA      | $367439.75    | 0.01%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund VII Trust           | Bayview Opportunity Master Fund Trust, Series 2024-SN1, Class D                 | CUSIP: 072926AF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1526278.95   | 0.04%             | 2029-07-16      | Fixed         | 6.36%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                      | Rite Aid Corp.                                                                  | CUSIP: 767ESCAC0<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |   1022000 | PA      | $0.01         | 0.00%             | 2026-11-15      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| MVW LLC                                             | MVW LLC, Series 2024-1A, Class B                                                | CUSIP: 62847RAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1480931 | PA      | $1485039.86   | 0.04%             | 2043-02-20      | Fixed         | 5.51%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3138EQH70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2957337 | PA      | $2820852.53   | 0.07%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                      | Carvana Auto Receivables Trust, Series 2024-N1, Class C                         | CUSIP: 14687QAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2750000 | PA      | $2790429.95   | 0.07%             | 2030-05-10      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                      | BNP Paribas SA                                                                  | CUSIP: 09659W2Z6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |  10065000 | PA      | $10162068.27  | 0.24%             | 2030-11-19      | Variable      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2020-K118, Class X2A                               | CUSIP: 30316TAN2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  81996977 | PA      | $326397.17    | 0.01%             | 2053-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1230000 | PA      | $1258299.61   | 0.03%             | 2028-09-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                         | Crescent Energy Finance LLC                                                     | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    860000 | PA      | $887958.23    | 0.02%             | 2028-02-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Regional Management Issuance Trust                  | Regional Management Issuance Trust, Series 2021-1, Class A                      | CUSIP: 75907VAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    443571 | PA      | $441571.19    | 0.01%             | 2031-03-17      | Fixed         | 1.68%                 | Yes           |                  2 | On Loan: No      |
| Diamond Resorts Owner Trust                         | Diamond Resorts Owner Trust, Series 2021-1A, Class C                            | CUSIP: 25273CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195204 | PA      | $193450.49    | 0.00%             | 2033-11-21      | Fixed         | 2.70%                 | Yes           |                  2 | On Loan: No      |
| CFMT LLC                                            | CFMT LLC, Series 2024-HB15, Class M1                                            | CUSIP: 15723AAB7<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1928665.20   | 0.05%             | 2034-08-25      | Variable      | 4.00%                 | Yes           |                  3 | On Loan: No      |
| Frontier Communications Holdings LLC                | Frontier Communications Holdings LLC                                            | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    584000 | PA      | $585522.49    | 0.01%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                      | Anywhere Real Estate Group LLC                                                  | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    905000 | PA      | $742108.24    | 0.02%             | 2029-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley                                      | Morgan Stanley                                                                  | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   9600000 | PA      | $9956752.80   | 0.24%             | 2028-10-18      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5394, Class AV                                             | CUSIP: 3137HBQK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6116183 | PA      | $6206313.83   | 0.15%             | 2035-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of Ireland Group plc                           | Bank of Ireland Group plc                                                       | CUSIP: 06279JAB5<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |  18735000 | PA      | $18055743.84  | 0.43%             | 2027-09-30      | Variable      | 2.03%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2024-20, Class MA                                           | CUSIP: 3136BRT72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  25082330 | PA      | $25041565.93  | 0.60%             | 2049-11-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                    | Gray Media, Inc.                                                                | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    305000 | PA      | $324373.91    | 0.01%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Termocandelaria Power SA                            | Termocandelaria Power SA                                                        | CUSIP: 88087AAA6<br>LEI: 549300YDORW43JL6G659 | Long             | DBT              | CORP              | ES        |   1730000 | PA      | $1721350.00   | 0.04%             | 2031-09-17      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3140X4JA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4370266 | PA      | $4192960.82   | 0.10%             | 2033-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2025-27, Class BV                                           | CUSIP: 3136BVKF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  14515594 | PA      | $14782270.62  | 0.36%             | 2036-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mariner Finance issuance Trust                      | Mariner Finance issuance Trust, Series 2024-BA, Class B                         | CUSIP: 56847GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2510768.50   | 0.06%             | 2038-11-20      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                         | Hashemite Kingdom of Jordan                                                     | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |   1300000 | PA      | $1295944.00   | 0.03%             | 2025-07-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                        | GS Mortgage Securities Trust, Series 2015-GC30, Class C                         | CUSIP: 36250GAW5<br>LEI: 549300L45M7638EL0H21 | Long             | ABS-MBS          | CORP              | US        |   3695000 | PA      | $3290471.40   | 0.08%             | 2050-05-10      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| FREMF 2020-K739 Mortgage Trust                      | FREMF Mortgage Trust, Series 2020-K739, Class X2B                               | CUSIP: 30289SAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  17500000 | PA      | $33293.75     | 0.00%             | 2053-11-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Seagate HDD Cayman                                  | Seagate HDD Cayman                                                              | CUSIP: 81180WBN0<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    304000 | PA      | $324022.96    | 0.01%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                 | Nexstar Media, Inc.                                                             | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   1705000 | PA      | $1640360.38   | 0.04%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Honduras                                | Republic of Honduras                                                            | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |    600000 | PA      | $608196.00    | 0.01%             | 2034-11-27      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2024-1A, Class C                      | CUSIP: 22537GAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6450000 | PA      | $6640653.62   | 0.16%             | 2034-07-17      | Fixed         | 6.71%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2024-184, Class BG                                                 | CUSIP: 38384XK93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6588195 | PA      | $6276592.86   | 0.15%             | 2051-10-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | BNP Paribas SA                                                                  | CUSIP: 09659W2N3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   4862000 | PA      | $4760744.91   | 0.11%             | 2027-01-13      | Variable      | 1.32%                 | Yes           |                  2 | On Loan: No      |
| Jersey Central Power & Light Co.                    | Jersey Central Power & Light Co.                                                | CUSIP: 476556DC6<br>LEI: 549300W9UGH9ZPLNPF79 | Long             | DBT              | CORP              | US        |    230000 | PA      | $229267.80    | 0.01%             | 2026-01-15      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 3878, Class PL                                             | CUSIP: 3137ACM89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7899646 | PA      | $7893496.37   | 0.19%             | 2040-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CFIN 2022-RTL1 Issuer LLC                           | CFIN 2022-RTL1 Issuer LLC, Class A                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    735000 | PA      | $735000.00    | 0.02%             | 2027-08-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Exeter Automobile Receivables Trust                 | Exeter Automobile Receivables Trust, Series 2025-3A, Class D                    | CUSIP: 30166XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4025812.80   | 0.10%             | 2031-10-15      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                        | ING Groep NV                                                                    | CUSIP: 456837AV5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   6355000 | PA      | $6202769.79   | 0.15%             | 2027-04-01      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust       | Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class C           | CUSIP: 108056AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1794701.48   | 0.04%             | 2029-08-15      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                 | Societe Generale SA                                                             | CUSIP: 83368RBC5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |  15685000 | PA      | $15192963.59  | 0.37%             | 2027-06-09      | Variable      | 1.79%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                           | HCA, Inc.                                                                       | CUSIP: 404119CZ0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   6535000 | PA      | $6633055.45   | 0.16%             | 2030-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 49 Ltd.          | Neuberger Berman Loan Advisers CLO Ltd., Series 2022-49A, Class BR              | CUSIP: 64135JAN2<br>LEI: 549300IN02DS1MN5HW62 | Long             | ABS-CBDO         | CORP              | KY        |   3366000 | PA      | $3366467.87   | 0.08%             | 2035-07-25      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                              | Oportun Issuance Trust, Series 2021-C, Class A                                  | CUSIP: 68377WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2802903 | PA      | $2732927.64   | 0.07%             | 2031-10-08      | Fixed         | 2.18%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280ED7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   9570000 | PA      | $9786703.85   | 0.24%             | 2030-03-04      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Santander Consumer Auto Receivables Trust           | Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D              | CUSIP: 80282YAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1484049.75   | 0.04%             | 2027-01-15      | Fixed         | 1.57%                 | Yes           |                  2 | On Loan: No      |
| VOLT CIII LLC                                       | VOLT CIII LLC, Series 2021-CF1, Class A1                                        | CUSIP: 92873JAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1852726 | PA      | $1851745.12   | 0.04%             | 2051-08-25      | Variable      | 4.99%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust          | JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class C            | CUSIP: 46644YBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3360000 | PA      | $2688012.10   | 0.06%             | 2048-08-15      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| BMW US Capital LLC                                  | BMW US Capital LLC                                                              | CUSIP: 05565ECR4<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   7035000 | PA      | $6999621.27   | 0.17%             | 2029-08-13      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Icahn Enterprises LP                                | Icahn Enterprises LP                                                            | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1170447.34   | 0.03%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                     | Madison IAQ LLC                                                                 | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |   1439000 | PA      | $1385064.41   | 0.03%             | 2028-06-30      | 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        |   5550000 | PA      | $5442246.75   | 0.13%             | 2029-03-01      | Fixed         | 7.60%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K070, Class X3 | CUSIP: 3137FCJN5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  16536735 | PA      | $774127.56    | 0.02%             | 2044-12-25      | Variable      | 2.04%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                | LHOME Mortgage Trust, Series 2025-RTL1, Class A1                                | CUSIP: 50205UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4673000 | PA      | $4674549.10   | 0.11%             | 2040-01-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                        | Avolon Holdings Funding Ltd.                                                    | CUSIP: 05401AAU5<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |  11575000 | PA      | $11785263.00  | 0.28%             | 2029-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Transocean, Inc.                                    | Transocean, Inc.                                                                | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    148800 | PA      | $150846.74    | 0.00%             | 2030-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                        | Islamic Republic of Pakistan                                                    | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    800000 | PA      | $779400.00    | 0.02%             | 2026-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Cherry Securitization Trust                         | Cherry Securitization Trust, Series 2024-1A, Class A                            | CUSIP: 164737AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5384000 | PA      | $5418680.50   | 0.13%             | 2032-04-15      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC            | Sierra Timeshare Receivables Funding LLC, Series 2021-2A, Class A               | CUSIP: 82652RAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    214670 | PA      | $210116.34    | 0.01%             | 2038-09-20      | Fixed         | 1.35%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                                 | NuStar Logistics LP                                                             | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1012513.89   | 0.02%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MRCD MARK Mortgage Trust                            | MRCD MARK Mortgage Trust, Series 2019-PARK, Class E                             | CUSIP: 55348UAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7500000 | PA      | $5229750.00   | 0.13%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund                    | JPMorgan Prime Money Market Fund, Class IM                                      | CUSIP: 46637K844<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        | 108526616 | NS      | $108548321.62 | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies, Inc.                            | Lumen Technologies, Inc.                                                        | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    549990 | PA      | $534177.79    | 0.01%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2022-A, Class D                              | CUSIP: 12659WAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10701809 | PA      | $10587063.59  | 0.25%             | 2029-04-16      | Fixed         | 2.84%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                              | Oportun Issuance Trust, Series 2021-B, Class B                                  | CUSIP: 68377GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1066628 | PA      | $1039341.86   | 0.03%             | 2031-05-08      | Fixed         | 1.96%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                     | Permian Resources Operating LLC                                                 | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    965000 | PA      | $953140.25    | 0.02%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                          | Progress Residential Trust, Series 2021-SFR6, Class C                           | CUSIP: 74333HAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6250000 | PA      | $6053686.25   | 0.15%             | 2038-07-17      | Fixed         | 1.85%                 | Yes           |                  2 | On Loan: No      |
| Granite Park Equipment Leasing LLC                  | Granite Park Equipment Leasing LLC, Series 2023-1A, Class D                     | CUSIP: 387422AF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1033855.50   | 0.02%             | 2033-08-22      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                 | New Residential Mortgage Loan Trust, Series 2024-RTL1, Class A1                 | CUSIP: 64831PAA3<br>LEI: 213800CVLC5IFCJL6C96 | Long             | ABS-MBS          | CORP              | US        |   2355000 | PA      | $2369034.39   | 0.06%             | 2039-03-25      | Variable      | 6.66%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC                                                                           | CUSIP: 31288QQV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4496196 | PA      | $4625257.13   | 0.11%             | 2047-09-01      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                         | Federal Republic of Nigeria                                                     | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |   3600000 | PA      | $3486384.00   | 0.08%             | 2027-11-28      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                     | TransDigm, Inc.                                                                 | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    814000 | PA      | $827265.76    | 0.02%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K115, Class X3 | CUSIP: 3137FWGA2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  21272896 | PA      | $2631082.83   | 0.06%             | 2048-09-25      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2022-SFR2, Class F1                                | CUSIP: 33767PAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $5741704.20   | 0.14%             | 2039-07-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2025-2A, Class D                      | CUSIP: 37989BAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5750000 | PA      | $5789929.15   | 0.14%             | 2031-01-15      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                        | Fibercop SpA, Series 2033                                                       | CUSIP: 683879AB6<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    607000 | PA      | $585755.00    | 0.01%             | 2033-11-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 3138WKX34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     58942 | PA      | $57755.76     | 0.00%             | 2032-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 20 Year                                                              | CUSIP: 31418ATC2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    104598 | PA      | $102110.69    | 0.00%             | 2033-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Purchasing Power Funding LLC                        | Purchasing Power Funding LLC, Series 2024-A, Class B                            | CUSIP: 745935AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $756060.00    | 0.02%             | 2028-08-15      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                        | Zimmer Biomet Holdings, Inc.                                                    | CUSIP: 98956PBB7<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8625679.39   | 0.21%             | 2030-02-19      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4839, Class WS                                             | CUSIP: 3137FJK99<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  10973809 | PA      | $1500921.88   | 0.04%             | 2056-08-15      | Floating      | 1.65%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                      | Mariner Finance Issuance Trust, Series 2021-AA, Class A                         | CUSIP: 56848DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6885000 | PA      | $6639414.80   | 0.16%             | 2036-03-20      | Fixed         | 1.86%                 | Yes           |                  2 | On Loan: No      |
| Miter Brands Acquisition Holdco, Inc.               | Miter Brands Acquisition Holdco, Inc.                                           | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    680000 | PA      | $685118.36    | 0.02%             | 2032-04-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Columbia Cent CLO Ltd.                              | Columbia Cent CLO Ltd., Series 2021-31A, Class BR                               | CUSIP: 19737LAU7<br>LEI: 5493007YZPNOMQEILE23 | Long             | ABS-CBDO         | CORP              | KY        |  10250000 | PA      | $10252818.75  | 0.25%             | 2034-04-20      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K088, Class X3 | CUSIP: 3137FL6H2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9575000 | PA      | $724243.43    | 0.02%             | 2047-02-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| VOLT XCVII LLC                                      | VOLT XCVII LLC, Series 2021-NPL6, Class A1                                      | CUSIP: 91835EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    985679 | PA      | $984141.02    | 0.02%             | 2051-04-25      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                            | Venture Global LNG, Inc.                                                        | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1790819.55   | 0.04%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Stagwell Global LLC                                 | Stagwell Global LLC                                                             | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |   1238000 | PA      | $1164014.15   | 0.03%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Athene Global Funding                               | Athene Global Funding                                                           | CUSIP: 04685A2U4<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   6929000 | PA      | $6793994.05   | 0.16%             | 2026-01-08      | Fixed         | 1.45%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                  | Republic of Angola                                                              | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |   2000000 | PA      | $1798500.00   | 0.04%             | 2028-05-09      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC                | Charter Communications Operating LLC                                            | CUSIP: 161175CM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9150000 | PA      | $9311729.09   | 0.22%             | 2026-11-10      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                        | Royal Caribbean Cruises Ltd.                                                    | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    465000 | PA      | $471277.50    | 0.01%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust               | Westlake Automobile Receivables Trust, Series 2024-1A, Class D                  | CUSIP: 96043RAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $7103401.90   | 0.17%             | 2029-10-15      | Fixed         | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Seagate HDD Cayman                                  | Seagate HDD Cayman                                                              | CUSIP: 81180WBD2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |   1060000 | PA      | $982504.78    | 0.02%             | 2031-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC                   | Alliant Holdings Intermediate LLC                                               | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $851763.36    | 0.02%             | 2028-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Enel Finance International NV                       | Enel Finance International NV                                                   | CUSIP: 29278GBD9<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   7480000 | PA      | $7572736.14   | 0.18%             | 2029-06-26      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2022-SFR1, Class F2                                | CUSIP: 33768NAQ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2300000 | PA      | $1967984.42   | 0.05%             | 2039-05-19      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280BX6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  13295000 | PA      | $13269294.92  | 0.32%             | 2026-09-12      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| EnfraGen Energia Sur SA                             | EnfraGen Energia Sur SA                                                         | CUSIP: N/A<br>LEI: 2549002TO75PYMY3VY07       | Long             | DBT              | CORP              | ES        |   2200000 | PA      | $1902450.00   | 0.05%             | 2030-12-30      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                          | Dana, Inc.                                                                      | CUSIP: 235825AJ5<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    265000 | PA      | $247907.95    | 0.01%             | 2032-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SG Commercial Mortgage Securities Trust             | SG Commercial Mortgage Securities Trust, Series 2016-C5, Class B                | CUSIP: 78419CAK0<br>LEI: 549300SZQW4U3UN4A157 | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $262454.14    | 0.01%             | 2048-10-10      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| VOLT C LLC                                          | VOLT C LLC, Series 2021-NPL9, Class A1                                          | CUSIP: 91835DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1589980 | PA      | $1586546.40   | 0.04%             | 2051-05-25      | Variable      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K068, Class X1 | CUSIP: 3137FBBZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        | 225246750 | PA      | $1788121.33   | 0.04%             | 2027-08-25      | Variable      | 0.41%                 | No            |                  2 | On Loan: No      |
| GAM Re-REMIC Trust                                  | GAM Re-REMIC Trust, Series 2022-FRR3, Class BK61                                | CUSIP: 36459DAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4200000 | PA      | $3791516.40   | 0.09%             | 2049-11-27      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Republic of Senegal                                 | Republic of Senegal                                                             | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |   2000000 | PA      | $1433760.00   | 0.03%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Bills                                                             | CUSIP: 912797PF8<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   9179000 | PA      | $9122956.06   | 0.22%             | 2025-07-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2015-CR26, Class B                            | CUSIP: 12593QBH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2550000 | PA      | $2490975.41   | 0.06%             | 2048-10-10      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5472, Class FE                                             | CUSIP: 3137HHEP2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  25671901 | PA      | $25584277.69  | 0.62%             | 2054-11-25      | Floating      | 5.67%                 | No            |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                            | Group 1 Automotive, Inc.                                                        | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |    496000 | PA      | $475319.58    | 0.01%             | 2028-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Merchants Fleet Funding LLC                         | Merchants Fleet Funding LLC, Series 2023-1A, Class A                            | CUSIP: 588926AA3<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-O            | CORP              | US        |   2439834 | PA      | $2460925.67   | 0.06%             | 2036-05-20      | Fixed         | 7.21%                 | Yes           |                  2 | On Loan: No      |
| WEC US Holdings, Inc.                               | WEC US Holdings, Inc., 1st Lien Term Loan                                       | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |   1339875 | PA      | $1336726.29   | 0.03%             | 2031-01-27      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                            | Venture Global LNG, Inc.                                                        | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    986000 | PA      | $1009072.40   | 0.02%             | 2028-06-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2015-LC21, Class D                            | CUSIP: 12593FBJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $895026.40    | 0.02%             | 2048-07-10      | Variable      | 4.31%                 | No            |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                      | JELD-WEN, Inc.                                                                  | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    855000 | PA      | $746512.47    | 0.02%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4954, Class SB                                             | CUSIP: 3137FR2Z3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6282502 | PA      | $704382.86    | 0.02%             | 2050-02-25      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                 | Hilton Domestic Operating Co., Inc.                                             | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    345000 | PA      | $347330.48    | 0.01%             | 2033-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2014-CR21, Class D                            | CUSIP: 12592RAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95382 | PA      | $93952.21     | 0.00%             | 2047-12-10      | Variable      | 4.16%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4630, Class MA                                             | CUSIP: 3137BSY98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5524288 | PA      | $5458703.54   | 0.13%             | 2055-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JetBlue Airways Corp.                               | JetBlue Airways Corp.                                                           | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    585000 | PA      | $578661.95    | 0.01%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC            | Sierra Timeshare Receivables Funding LLC, Series 2024-1A, Class B               | CUSIP: 826935AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1482908 | PA      | $1487960.86   | 0.04%             | 2043-01-20      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2020-K115, Class X2A                               | CUSIP: 302673AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  80925661 | PA      | $318385.83    | 0.01%             | 2053-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                   | Wells Fargo & Co.                                                               | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   5640000 | PA      | $5918560.45   | 0.14%             | 2029-10-23      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust        | American Credit Acceptance Receivables Trust, Series 2024-4, Class D            | CUSIP: 024945AG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5345000 | PA      | $5336155.09   | 0.13%             | 2031-08-12      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                    | Deutsche Bank AG                                                                | CUSIP: 251526CE7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   3335000 | PA      | $3288342.88   | 0.08%             | 2026-11-24      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| Phoenix Newco, Inc.                                 | Phoenix Newco, Inc., 1st Lien Term Loan                                         | CUSIP: 71911KAE4<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |   1034550 | PA      | $1034312.22   | 0.02%             | 2028-11-15      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                        | CaixaBank SA                                                                    | CUSIP: 12803RAB0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |  15990000 | PA      | $16358813.99  | 0.39%             | 2027-09-13      | Variable      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Standard Chartered plc                              | Standard Chartered plc                                                          | CUSIP: 85325C2A9<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   4950000 | PA      | $4945944.07   | 0.12%             | 2030-10-15      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FHF Issuer Trust                                    | FHF Issuer Trust, Series 2024-3A, Class A2                                      | CUSIP: 30339EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4628704 | PA      | $4632684.43   | 0.11%             | 2030-11-15      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| F&G Global Funding                                  | F&G Global Funding                                                              | CUSIP: 30321L2G6<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |   9710000 | PA      | $9899557.45   | 0.24%             | 2027-06-10      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                        | Ecopetrol SA                                                                    | CUSIP: 279158AT6<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    820000 | PA      | $860180.00    | 0.02%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC                            | NGL Energy Operating LLC                                                        | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    252000 | PA      | $246325.34    | 0.01%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                     | CHL Mortgage Pass-Through Trust, Series 2005-J2, Class 3A8                      | CUSIP: 12669GV73<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    478828 | PA      | $306540.64    | 0.01%             | 2035-08-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC            | Sierra Timeshare Receivables Funding LLC, Series 2025-1A, Class A               | CUSIP: 82653CAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3987573 | PA      | $3986028.60   | 0.10%             | 2042-01-21      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                           | Republic of Cote d'Ivoire                                                       | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   2174000 | PA      | $2049114.57   | 0.05%             | 2036-04-01      | Fixed         | 8.07%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4505, Class SA                                             | CUSIP: 3137BKWZ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2847958 | PA      | $303766.37    | 0.01%             | 2045-08-15      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XHBR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7089633 | PA      | $6617335.71   | 0.16%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                        | DaVita, Inc.                                                                    | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1158706.72   | 0.03%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                              | Shutterfly Finance LLC                                                          | CUSIP: 82568NAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     87833 | PA      | $87613.42     | 0.00%             | 2027-10-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                            | Angel Oak Mortgage Trust, Series 2019-5, Class A3                               | CUSIP: 03464KAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    187831 | PA      | $185142.22    | 0.00%             | 2049-10-25      | Variable      | 2.92%                 | Yes           |                  2 | On Loan: No      |
| LendingPoint Pass-Through Trust                     | LendingPoint Pass-Through Trust, Series 2022-ST1, Class A                       | CUSIP: 52607NAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137601 | PA      | $135228.14    | 0.00%             | 2028-03-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Graham Packaging Co., Inc.                          | Graham Packaging Co., Inc., 1st Lien Term Loan                                  | CUSIP: 38469EAE3<br>LEI: 549300YS0ZFT826HIK72 | Long             | LON              | CORP              | US        |   1021271 | PA      | $1020995.46   | 0.02%             | 2027-08-04      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                          | iHeartCommunications, Inc.                                                      | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    382700 | PA      | $294727.61    | 0.01%             | 2030-08-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2020-K118, Class X2B                               | CUSIP: 30316TAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  16750000 | PA      | $70030.08     | 0.00%             | 2053-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC            | Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C               | CUSIP: 82652QAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    185744 | PA      | $181758.86    | 0.00%             | 2037-11-20      | Fixed         | 1.79%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 31418EYN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  19416958 | PA      | $19630795.41  | 0.47%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ACCO Brands Corp.                                   | ACCO Brands Corp.                                                               | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $918677.03    | 0.02%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                 | Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class B                  | CUSIP: 29425AAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3274161.45   | 0.08%             | 2058-09-10      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| TEGNA, Inc.                                         | TEGNA, Inc.                                                                     | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    162000 | PA      | $157049.85    | 0.00%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                          | Edgewell Personal Care Co.                                                      | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |   1082000 | PA      | $1063773.83   | 0.03%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MH Sub I LLC                                        | MH Sub I LLC, 1st Lien Term Loan                                                | CUSIP: 45567YAP0<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    800579 | PA      | $727926.80    | 0.02%             | 2031-12-31      | Variable      | 8.58%                 | No            |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                            | Boost Newco Borrower LLC                                                        | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    980000 | PA      | $1036897.82   | 0.02%             | 2031-01-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes             | Santander Bank Auto Credit-Linked Notes, Series 2024-A, Class D                 | CUSIP: 80290CCL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3063594 | PA      | $3081100.56   | 0.07%             | 2032-06-15      | Fixed         | 6.11%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                       | CommScope LLC                                                                   | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    386000 | PA      | $369607.00    | 0.01%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Darden Restaurants, Inc.                            | Darden Restaurants, Inc.                                                        | CUSIP: 237194AQ8<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | DBT              | CORP              | US        |   4550000 | PA      | $4509074.75   | 0.11%             | 2029-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                              | Cascade MH Asset Trust, Series 2019-MH1, Class A                                | CUSIP: 14732FAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2698041 | PA      | $2559489.69   | 0.06%             | 2044-11-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K097, Class X3 | CUSIP: 3137FNX88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  20476699 | PA      | $1498380.40   | 0.04%             | 2046-09-25      | Variable      | 2.02%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 30 Year                                                             | CUSIP: 3132DVMV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  28893674 | PA      | $29859059.85  | 0.72%             | 2054-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 15 Year                                                             | CUSIP: 3132CWBJ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1585221 | PA      | $1550989.82   | 0.04%             | 2034-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 3036, Class NE                                             | CUSIP: 31396AXW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     67112 | PA      | $68421.94     | 0.00%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 20 Year                                                              | CUSIP: 31418AVV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67450 | PA      | $64598.74     | 0.00%             | 2033-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                      | DISH DBS Corp.                                                                  | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    950000 | PA      | $816780.53    | 0.02%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                            | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDS0<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   7230000 | PA      | $7402816.88   | 0.18%             | 2029-02-28      | Variable      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                | Clear Channel Outdoor Holdings, Inc.                                            | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    322000 | PA      | $294227.50    | 0.01%             | 2028-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                  | Banco Bilbao Vizcaya Argentaria SA                                              | CUSIP: 05946KAK7<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |  17400000 | PA      | $17437642.46  | 0.42%             | 2026-09-14      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                              | Tenet Healthcare Corp.                                                          | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1221855.97   | 0.03%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                      | Rite Aid Corp., Escrow                                                          | CUSIP: 767ESCAG1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |    287344 | PA      | $0.00         | 0.00%             | 2024-10-18      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Central Parent LLC                                  | Central Parent LLC, 1st Lien Term Loan                                          | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    696500 | PA      | $618763.64    | 0.01%             | 2029-07-06      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                               | Bank of America Corp.                                                           | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   9680000 | PA      | $10028763.24  | 0.24%             | 2029-09-15      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2025-29, Class CV                                           | CUSIP: 3136BVV21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12210510 | PA      | $12371928.44  | 0.30%             | 2036-04-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Elastic NV                                          | Elastic NV                                                                      | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |    605000 | PA      | $567290.01    | 0.01%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Santander UK Group Holdings plc                     | Santander UK Group Holdings plc                                                 | CUSIP: 80281LAV7<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   9325000 | PA      | $9537064.77   | 0.23%             | 2031-04-15      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                 | New Residential Mortgage Loan Trust, Series 2022-SFR1, Class E1                 | CUSIP: 64831KAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2730000 | PA      | $2619917.12   | 0.06%             | 2039-02-17      | Fixed         | 3.55%                 | Yes           |                  2 | On Loan: No      |
| Credit Agricole SA                                  | Credit Agricole SA                                                              | CUSIP: 22535WAG2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |  19033000 | PA      | $19011164.58  | 0.46%             | 2026-06-16      | Variable      | 1.91%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2025-4, Class PV                                            | CUSIP: 3136BUS84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5122258 | PA      | $5274604.95   | 0.13%             | 2036-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd.                                | Macquarie Group Ltd.                                                            | CUSIP: 55607PAF2<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |  10310000 | PA      | $9905868.52   | 0.24%             | 2027-09-23      | Variable      | 1.63%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                  | United Rentals North America, Inc.                                              | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    614000 | PA      | $607485.06    | 0.01%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                   | Credit Acceptance Auto Loan Trust, Series 2024-3A, Class C                      | CUSIP: 22535LAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6040866.60   | 0.15%             | 2035-01-16      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| AIB Group plc                                       | AIB Group plc                                                                   | CUSIP: 00135TAF1<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |   4240000 | PA      | $4277379.67   | 0.10%             | 2031-05-15      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K087, Class X3 | CUSIP: 3137FKUS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  13786492 | PA      | $970939.88    | 0.02%             | 2046-01-25      | Variable      | 2.28%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                 | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2                 | CUSIP: 20754AAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9450000 | PA      | $9499413.11   | 0.23%             | 2041-12-25      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                              | Oportun Issuance Trust, Series 2025-A, Class B                                  | CUSIP: 68377TAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9700000 | PA      | $9684253.99   | 0.23%             | 2033-02-08      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Trust LLC                             | SCF Equipment Trust LLC, Series 2025-1A, Class D                                | CUSIP: 78437DAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1033000 | PA      | $1052596.01   | 0.03%             | 2035-11-20      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   3855000 | PA      | $3911186.63   | 0.09%             | 2031-04-23      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                      | Carvana Auto Receivables Trust, Series 2023-P3, Class C                         | CUSIP: 14688GAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2675000 | PA      | $2775447.05   | 0.07%             | 2029-11-13      | Fixed         | 6.09%                 | Yes           |                  2 | On Loan: No      |
| California Housing Finance Agency                   | California Housing Finance Agency, Series 2021-1, Class X                       | CUSIP: 13033DAF2<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | MUN               | US        |  51529451 | PA      | $2225010.76   | 0.05%             | 2035-11-20      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| CFMT LLC                                            | CFMT LLC, Series 2024-HB13, Class M1                                            | CUSIP: 12530VAB1<br>LEI: 984500D67D63D8645054 | Long             | ABS-MBS          | CORP              | US        |    826000 | PA      | $783235.75    | 0.02%             | 2034-05-25      | Variable      | 3.00%                 | Yes           |                  3 | On Loan: No      |
| Republic of Turkiye (The)                           | Republic of Turkiye (The)                                                       | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    600000 | PA      | $587118.00    | 0.01%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2014-UBS5, Class C                            | CUSIP: 12592KBH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2750000 | PA      | $2530000.00   | 0.06%             | 2047-09-10      | Variable      | 4.72%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust                         | SBNA Auto Receivables Trust, Series 2024-A, Class D                             | CUSIP: 78437PAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5525000 | PA      | $5615484.58   | 0.14%             | 2030-04-15      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| OCP SA                                              | OCP SA                                                                          | CUSIP: 67091TAJ4<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |    340000 | PA      | $333986.25    | 0.01%             | 2036-03-01      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                           | Vistra Operations Co. LLC                                                       | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    367000 | PA      | $354787.34    | 0.01%             | 2029-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K735, Class X3 | CUSIP: 3137FMU91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  40532126 | PA      | $798588.27    | 0.02%             | 2047-05-25      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                         | Block, Inc.                                                                     | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    404000 | PA      | $365047.13    | 0.01%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 30 Year                                                              | CUSIP: 3140XHPX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  23556204 | PA      | $22332062.00  | 0.54%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA UMBS, 15 Year                                                              | CUSIP: 31418FE86<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  16671527 | PA      | $16682384.90  | 0.40%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Amer Sports Co.                                     | Amer Sports Co.                                                                 | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |    545000 | PA      | $562723.40    | 0.01%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                            | Republic of South Africa                                                        | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   2385000 | PA      | $2308751.55   | 0.06%             | 2036-11-19      | Fixed         | 7.10%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                | NOVA Chemicals Corp.                                                            | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    998000 | PA      | $996425.56    | 0.02%             | 2027-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KC05, Class X1 | CUSIP: 3137FPJQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  24762361 | PA      | $370900.55    | 0.01%             | 2027-06-25      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                      | ZF North America Capital, Inc.                                                  | CUSIP: 98877DAD7<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    870000 | PA      | $862230.29    | 0.02%             | 2028-04-14      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| DT Auto Owner Trust                                 | DT Auto Owner Trust, Series 2023-3A, Class E                                    | CUSIP: 23345WAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2800000 | PA      | $2987104.12   | 0.07%             | 2030-05-15      | Fixed         | 10.21%                | Yes           |                  2 | On Loan: No      |
| Transocean Titan Financing Ltd.                     | Transocean Titan Financing Ltd.                                                 | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    655952 | PA      | $666121.01    | 0.02%             | 2028-02-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                               | Nomura Holdings, Inc.                                                           | CUSIP: 65535HAW9<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |  17065000 | PA      | $16490906.95  | 0.40%             | 2026-07-14      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC Gold Pools, 30 Year                                                       | CUSIP: 31335CCQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    138180 | PA      | $133303.30    | 0.00%             | 2047-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging International LLC                 | Graphic Packaging International LLC                                             | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    555000 | PA      | $555819.74    | 0.01%             | 2032-07-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CND9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  72795000 | PA      | $72578889.84  | 1.75%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP                                | AmeriGas Partners LP                                                            | CUSIP: 030981AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1221501.05   | 0.03%             | 2026-08-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2019-31, Class S                                            | CUSIP: 3136B5NQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3335835 | PA      | $352076.37    | 0.01%             | 2049-07-25      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| XPO, Inc.                                           | XPO, Inc.                                                                       | CUSIP: 98379KAB8<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    630000 | PA      | $652281.84    | 0.02%             | 2031-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| CPS Auto Receivables Trust                          | CPS Auto Receivables Trust, Series 2024-C, Class C                              | CUSIP: 223920AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3584000 | PA      | $3623433.68   | 0.09%             | 2030-10-15      | Fixed         | 5.76%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA II, 30 Year                                                                | CUSIP: 3622ADHZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  22408987 | PA      | $22317745.76  | 0.54%             | 2054-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                     | Goldman Sachs Group, Inc. (The)                                                 | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |  29050000 | PA      | $28063836.45  | 0.68%             | 2028-02-24      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, Other                                                                     | CUSIP: 3140FXD74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   7772077 | PA      | $7138850.55   | 0.17%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CKZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30470000 | PA      | $30759227.03  | 0.74%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Standard Industries, Inc.                           | Standard Industries, Inc.                                                       | CUSIP: 853496AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1048000 | PA      | $1029073.64   | 0.02%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FREMF 17-K68 Mortgage Trust                         | FREMF Mortgage Trust, Series 2017-K68, Class D                                  | CUSIP: 30305EAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   8000000 | PA      | $6580388.00   | 0.16%             | 2049-10-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables LLC              | Amur Equipment Finance Receivables LLC, Series 2022-1A, Class D                 | CUSIP: 03236VAE1<br>LEI: 549300K5Y88MV8B4M421 | Long             | ABS-O            | CORP              | US        |   3210000 | PA      | $3188900.35   | 0.08%             | 2028-08-21      | Fixed         | 2.91%                 | Yes           |                  2 | On Loan: No      |
| NCR Atleos Corp.                                    | NCR Atleos Corp.                                                                | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    403000 | PA      | $440204.96    | 0.01%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                               | OneMain Finance Corp.                                                           | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    823000 | PA      | $834142.60    | 0.02%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2022-SFR2, Class F2                                | CUSIP: 33767PAS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2856745.80   | 0.07%             | 2039-07-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                        | Veros Auto Receivables Trust, Series 2024-1, Class A                            | CUSIP: 92512WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    663276 | PA      | $666362.17    | 0.02%             | 2027-11-15      | Fixed         | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                       | Six Flags Entertainment Corp.                                                   | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $815536.43    | 0.02%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA ACES, Series 2020-M37, Class X                                             | CUSIP: 3136BBGX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  65814294 | PA      | $2499166.19   | 0.06%             | 2032-04-25      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                        | ING Groep NV                                                                    | CUSIP: 456837BR3<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   7860000 | PA      | $7904362.70   | 0.19%             | 2031-03-25      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K078, Class X1 | CUSIP: 3137FGR56<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  47937044 | PA      | $164917.81    | 0.00%             | 2028-06-25      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| ReadyCap Holdings LLC                               | ReadyCap Holdings LLC, Series QIB                                               | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3995426.64   | 0.10%             | 2028-03-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| KBC Group NV                                        | KBC Group NV                                                                    | CUSIP: 48241FAB0<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |  13760000 | PA      | $14134832.31  | 0.34%             | 2029-01-19      | Variable      | 5.80%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5481, Class FA                                             | CUSIP: 3137HHQ20<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  20208402 | PA      | $20189088.59  | 0.49%             | 2054-12-25      | Floating      | 5.72%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust I LLC                      | Angel Oak Mortgage Trust I LLC, Series 2018-3, Class B1                         | CUSIP: 03464NAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3766213.20   | 0.09%             | 2048-09-25      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| STReAM 2008 BV                                      | STReAM 2008 BV                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | NL        |    505000 | PA      | $505000.00    | 0.01%             | 2030-02-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| CCO Holdings LLC                                    | CCO Holdings LLC                                                                | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    554000 | PA      | $492740.01    | 0.01%             | 2033-06-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Chart Industries, Inc.                              | Chart Industries, Inc.                                                          | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1090772.05   | 0.03%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust              | Santander Drive Auto Receivables Trust, Series 2022-6, Class D                  | CUSIP: 802918AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $7064080.10   | 0.17%             | 2031-02-18      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings plc                                   | HSBC Holdings plc                                                               | CUSIP: 404280ER6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   3655000 | PA      | $3664290.50   | 0.09%             | 2031-03-03      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                   | GLS Auto Receivables Issuer Trust, Series 2025-1A, Class D                      | CUSIP: 36271KAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2024470.40   | 0.05%             | 2030-11-15      | Fixed         | 5.61%                 | Yes           |                  2 | On Loan: No      |
| MRCD MARK Mortgage Trust                            | MRCD MARK Mortgage Trust, Series 2019-PARK, Class D                             | CUSIP: 55348UAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1473800.00   | 0.04%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2012-39, Class MI                                                  | CUSIP: 38378DNU5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    225929 | PA      | $40861.68     | 0.00%             | 2042-03-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Republic of Angola                                  | Republic of Angola                                                              | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    900000 | PA      | $899156.25    | 0.02%             | 2025-11-12      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Aqua Finance Trust                                  | Aqua Finance Trust, Series 2021-A, Class B                                      | CUSIP: 03842VAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2187000 | PA      | $1976004.58   | 0.05%             | 2046-07-17      | Fixed         | 2.40%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                 | Medline Borrower LP                                                             | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    852000 | PA      | $832620.75    | 0.02%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Vital Energy, Inc.                                  | Vital Energy, Inc.                                                              | CUSIP: 516806AH9<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    880000 | PA      | $741447.61    | 0.02%             | 2029-07-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                       | Six Flags Entertainment Corp.                                                   | CUSIP: 83001AAC6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    806000 | PA      | $804203.10    | 0.02%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BXMT Ltd.                                           | BXMT Ltd., Series 2021-FL4, Class C                                             | CUSIP: 05609GAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1658847.75   | 0.04%             | 2038-05-15      | Floating      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| VOC Escrow Ltd.                                     | VOC Escrow Ltd.                                                                 | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    630000 | PA      | $621420.47    | 0.01%             | 2028-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2024-27, Class CA                                           | CUSIP: 3136BRYP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3290988 | PA      | $3303927.84   | 0.08%             | 2048-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                      | BNP Paribas SA                                                                  | CUSIP: 09659W3D4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   7750000 | PA      | $7754583.51   | 0.19%             | 2031-05-09      | Variable      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust               | Westlake Automobile Receivables Trust, Series 2021-3A, Class E                  | CUSIP: 96043JAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13000000 | PA      | $12890237.10  | 0.31%             | 2027-04-15      | Fixed         | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                  | Istanbul Metropolitan Municipality                                              | CUSIP: 46522TAC2<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |   2030000 | PA      | $2159920.00   | 0.05%             | 2028-12-06      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                             | American Airlines, Inc.                                                         | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1049875 | PA      | $1030953.80   | 0.02%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                            | EquipmentShare.com, Inc.                                                        | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    650000 | PA      | $674787.75    | 0.02%             | 2028-05-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K099, Class X3 | CUSIP: 3137FPJK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  13745131 | PA      | $967404.31    | 0.02%             | 2047-10-25      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| MEG Energy Corp.                                    | MEG Energy Corp.                                                                | CUSIP: 552704AF5<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |   1130000 | PA      | $1124161.22   | 0.03%             | 2029-02-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                           | Commercial Mortgage Trust, Series 2015-CR25, Class B                            | CUSIP: 12593PAZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5899000 | PA      | $5854315.08   | 0.14%             | 2048-08-10      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                        | MH Sub I LLC, 1st Lien Term Loan                                                | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   1182905 | PA      | $1134666.28   | 0.03%             | 2028-05-03      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| GNMA                                                | GNMA, Series 2016-108, Class SM                                                 | CUSIP: 38379YYJ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    620122 | PA      | $81691.34     | 0.00%             | 2046-08-20      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities LLC                         | Business Jet Securities LLC, Series 2024-2A, Class B                            | CUSIP: 12326TAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2657626 | PA      | $2614448.38   | 0.06%             | 2039-09-15      | Fixed         | 5.75%                 | Yes           |                  3 | On Loan: No      |
| Cooperatieve Rabobank UA                            | Cooperatieve Rabobank UA                                                        | CUSIP: 74977RDR2<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |  10450000 | PA      | $10448907.56  | 0.25%             | 2028-08-22      | Variable      | 4.66%                 | Yes           |                  2 | On Loan: No      |
| Biogen, Inc.                                        | Biogen, Inc.                                                                    | CUSIP: 09062XAN3<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |   7425000 | PA      | $7462300.08   | 0.18%             | 2031-01-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                          | AMSR Trust, Series 2021-SFR3, Class E2                                          | CUSIP: 00180UAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5500000 | PA      | $5237569.70   | 0.13%             | 2038-10-17      | Fixed         | 2.43%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                 | Newell Brands, Inc.                                                             | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    940000 | PA      | $941895.04    | 0.02%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes             | Santander Bank Auto Credit-Linked Notes, Series 2024-B, Class C                 | CUSIP: 80280BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3490494.70   | 0.08%             | 2033-01-18      | Fixed         | 5.14%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                | FREMF Mortgage Trust, Series 2019-KF62, Class B                                 | CUSIP: 30310WAF8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    211841 | PA      | $206125.94    | 0.00%             | 2026-04-25      | Floating      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| Veros Auto Receivables Trust                        | Veros Auto Receivables Trust, Series 2023-1, Class C                            | CUSIP: 924933AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7250000 | PA      | $7444226.05   | 0.18%             | 2028-11-15      | Fixed         | 8.32%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                    | Altice France SA                                                                | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   1197000 | PA      | $1016960.07   | 0.02%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.               | Global Infrastructure Solutions, Inc.                                           | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1298078.54   | 0.03%             | 2029-06-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                | FNMA ACES, Series 2020-M10, Class X1                                            | CUSIP: 3136B9DS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  46348007 | PA      | $2783559.35   | 0.07%             | 2030-12-25      | Variable      | 1.77%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities LLC                         | Business Jet Securities LLC, Series 2024-1A, Class B                            | CUSIP: 12327CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3373046 | PA      | $3443574.53   | 0.08%             | 2039-05-15      | Fixed         | 6.92%                 | Yes           |                  3 | On Loan: No      |
| FirstKey Homes Trust                                | FirstKey Homes Trust, Series 2022-SFR1, Class F1                                | CUSIP: 33768NAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4326878.50   | 0.10%             | 2039-05-19      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Organon & Co.                                       | Organon & Co.                                                                   | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    537000 | PA      | $451230.68    | 0.01%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Seagate HDD Cayman                                  | Seagate HDD Cayman                                                              | CUSIP: 81180WBP5<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     76000 | PA      | $81150.82     | 0.00%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC                                      | 1011778 BC ULC                                                                  | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    369000 | PA      | $357175.21    | 0.01%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                | Mitsubishi UFJ Financial Group, Inc.                                            | CUSIP: 606822DK7<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |   1575000 | PA      | $1596748.10   | 0.04%             | 2031-04-24      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 4632, Class MA                                             | CUSIP: 3137BSS87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4351519 | PA      | $4250104.62   | 0.10%             | 2054-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                | FNMA, REMIC, Series 2017-31, Class SG                                           | CUSIP: 3136AWKF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6966095 | PA      | $775885.09    | 0.02%             | 2047-05-25      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                     | TransDigm, Inc.                                                                 | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    348000 | PA      | $355483.74    | 0.01%             | 2032-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| VOLT CVI LLC                                        | VOLT CVI LLC, Series 2021-NP12, Class A1                                        | CUSIP: 92873KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2478087 | PA      | $2468123.11   | 0.06%             | 2051-12-26      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                  | Canadian Imperial Bank of Commerce                                              | CUSIP: 13608JAA5<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  12645000 | PA      | $12938379.81  | 0.31%             | 2029-04-08      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                              | Oportun Issuance Trust, Series 2022-A, Class B                                  | CUSIP: 68378NAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1900000 | PA      | $1898765.57   | 0.05%             | 2031-06-09      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                          | FHLMC UMBS, 10 Year                                                             | CUSIP: 3133LPSX6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  15716688 | PA      | $14988915.14  | 0.36%             | 2030-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                 | Hilcorp Energy I LP                                                             | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    885000 | PA      | $845429.70    | 0.02%             | 2029-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                              | Tenet Healthcare Corp.                                                          | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    455000 | PA      | $446162.56    | 0.01%             | 2028-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Japan Tobacco, Inc.                                 | Japan Tobacco, Inc.                                                             | CUSIP: 471105AD8<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |   9945000 | PA      | $10149224.25  | 0.24%             | 2030-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| VStrong Auto Receivables Trust                      | VStrong Auto Receivables Trust, Series 2023-A, Class B                          | CUSIP: 92920CAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2551916.00   | 0.06%             | 2030-02-15      | Fixed         | 7.11%                 | Yes           |                  2 | On Loan: No      |
| FREMF                                               | FREMF, Series 2018-KF46, Class B                                                | CUSIP: 302955AC3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     11345 | PA      | $10896.48     | 0.00%             | 2028-03-25      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| UKG, Inc.                                           | UKG, Inc., 1st Lien Term Loan                                                   | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    987538 | PA      | $989117.56    | 0.02%             | 2031-02-10      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| FHLMC                                               | FHLMC, REMIC, Series 5182, Class D                                              | CUSIP: 3137H5C62<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  18073169 | PA      | $16732924.39  | 0.40%             | 2043-11-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                  | Energy Transfer LP                                                              | CUSIP: 29273VAZ3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   4040000 | PA      | $4106194.23   | 0.10%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd.                                       | Voya CLO Ltd., Series 2018-1A, Class A2                                         | CUSIP: 92917AAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   8000000 | PA      | $8010688.00   | 0.19%             | 2031-04-19      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                           | SCF Equipment Leasing LLC, Series 2024-1A, Class B                              | CUSIP: 783896AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2167000 | PA      | $2227415.09   | 0.05%             | 2032-04-20      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                      | Carnival Corp.                                                                  | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1119000 | PA      | $1121949.37   | 0.03%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Home Partners of America Trust                      | Home Partners of America Trust, Series 2021-3, Class E1                         | CUSIP: 43730XAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    451426 | PA      | $408696.69    | 0.01%             | 2041-01-17      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust          | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class D            | CUSIP: 46647TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3725000 | PA      | $2760906.68   | 0.07%             | 2050-03-15      | Variable      | 4.49%                 | Yes           |                  2 | On Loan: No      |
| United States of America                            | U.S. Treasury Notes                                                             | CUSIP: 91282CGH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    690000 | PA      | $683585.15    | 0.02%             | 2028-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                            | Bausch Health Cos., Inc.                                                        | CUSIP: 071734AH0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    944000 | PA      | $747459.20    | 0.02%             | 2028-01-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                             | Civitas Resources, Inc.                                                         | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    869000 | PA      | $875521.85    | 0.02%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                               | Arroyo Mortgage Trust, Series 2019-1, Class A1                                  | CUSIP: 042859AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     54746 | PA      | $53174.37     | 0.00%             | 2049-01-25      | Variable      | 3.80%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                            | Foundation Finance Trust, Series 2021-1A, Class A                               | CUSIP: 35041LAA8<br>LEI: 549300MQ65NOVQXYNB21 | Long             | ABS-O            | CORP              | US        |   5282097 | PA      | $4938908.90   | 0.12%             | 2041-05-15      | Fixed         | 1.27%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                        | Royal Caribbean Cruises Ltd.                                                    | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1205000 | PA      | $1209325.30   | 0.03%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                     | WFRBS Commercial Mortgage Trust, Series 2014-C22, Class D                       | CUSIP: 92890KAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $383690.00    | 0.01%             | 2057-09-15      | Variable      | 3.76%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                    | Bombardier, Inc.                                                                | CUSIP: 097751BX8<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1390000 | PA      | $1389090.90   | 0.03%             | 2028-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Hillenbrand, Inc.                                   | Hillenbrand, Inc.                                                               | CUSIP: 431571AF5<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |    940000 | PA      | $943243.94    | 0.02%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer