# EDGAR Filing Document

**Accession Number:** 0000763852
**File Stem:** 0001752724-23-016721
**Filing Date:** 2023-1
**Character Count:** 446288
**Document Hash:** 4245fbc56ed0ca292467d1cffe580f53
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016721.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016721

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST II
- **CENTRAL INDEX KEY:** 0000763852
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04236
- **FILM NUMBER:** 23563098

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**JPMorgan High Yield Fund**

**Schedule of Portfolio Investments as of November 30, 2022**

**(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., 2022. |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 83.0%** | **Corporate Bonds — 83.0%** | **Corporate Bonds — 83.0%** |
| **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 3/15/2025 (a) | 1229 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2027 (a) | 1676 | 1649 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/2028 (a) | 6974 | 6207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2029 (a) | 8074 | 7105 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. 6.75%, 1/15/2028 | 5937 | 6056 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2025 (a) | 4371 | 4324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 11/30/2029 (a) | 4099 | 4314 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc. 6.25%, 3/15/2026 (a) | 9392 | 9346 |
| &nbsp;&nbsp;&nbsp; Wesco Aircraft Holdings, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/15/2026 (a) | &nbsp;&nbsp; 18116 | &nbsp;&nbsp;&nbsp;&nbsp; 11503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.13%, 11/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54794 |
| **Airlines — 0.9%** | **Airlines — 0.9%** | **Airlines — 0.9%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/2026 (a) | &nbsp;&nbsp; 13523 | &nbsp;&nbsp;&nbsp;&nbsp; 13115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/2029 (a) | &nbsp;&nbsp; 15140 | &nbsp;&nbsp;&nbsp;&nbsp; 14095 |
| &nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5660 |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc. 4.38%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37833 |
| **Auto Components — 3.1%** | **Auto Components — 3.1%** | **Auto Components — 3.1%** |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd. 4.88%, 8/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8376 |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/2029 (a) | &nbsp;&nbsp; 14259 | &nbsp;&nbsp;&nbsp;&nbsp; 13478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/2027 | &nbsp;&nbsp; 10133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5443 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2025 (a) | &nbsp;&nbsp; 14316 | &nbsp;&nbsp;&nbsp;&nbsp; 14307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7502 |
| &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 6/1/2024 (a) | &nbsp;&nbsp; 24460 | &nbsp;&nbsp;&nbsp;&nbsp; 25588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/2026 (a) | &nbsp;&nbsp; 30427 | &nbsp;&nbsp;&nbsp;&nbsp; 12722 |
| &nbsp;&nbsp;&nbsp; Dana, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027 | &nbsp;&nbsp; 10210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3301 |
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6324 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2785 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Auto Components — continued** | **Auto Components — continued** | **Auto Components — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/30/2031 | 5591 | 4780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2031 | 1753 | 1502 |
|  |  | &nbsp;&nbsp;&nbsp; 134676 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC 9.50%, 10/1/2028 (a) | 10326 | 9058 |
| **Banks — 0.8%** | **Banks — 0.8%** | **Banks — 0.8%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (b) (c) (d) | 12177 | 11874 |
| &nbsp;&nbsp;&nbsp; Barclays plc (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 4.84%), 7.75%, 9/15/2023 (b) (c) (d) | 6252 | 6002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.67%), 8.00%, 6/15/2024 (b) (c) (d) | 5787 | 5570 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (b) (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (b) (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35243 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7707 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3510 |
| &nbsp;&nbsp;&nbsp; Grifols Escrow Issuer SA (Spain) 4.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6161 |
| **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5092 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp; 14430 | &nbsp;&nbsp;&nbsp;&nbsp; 13422 |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/2027 (a) | &nbsp;&nbsp; 16106 | &nbsp;&nbsp;&nbsp;&nbsp; 12616 |
| &nbsp;&nbsp;&nbsp; Masonite International Corp. 5.38%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4626 |
| &nbsp;&nbsp;&nbsp; PGT Innovations, Inc. 4.38%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3292 |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2028 (a) | &nbsp;&nbsp; 17675 | &nbsp;&nbsp;&nbsp;&nbsp; 16019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2065 |
| &nbsp;&nbsp;&nbsp; Summit Materials LLC 5.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 74868 |
| **Capital Markets — 0.0% ^** | **Capital Markets — 0.0% ^** | **Capital Markets — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1716 |
| **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
| &nbsp;&nbsp;&nbsp; Avient Corp. 7.13%, 8/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1649 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2027 (a) | 10023 | 9190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2029 (a) | 6987 | 5719 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2028 (a) | 10067 | 8842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (a) | 6570 | 5289 |
| &nbsp;&nbsp;&nbsp; CVR Partners LP 6.13%, 6/15/2028 (a) | 4512 | 4074 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. 3.88%, 9/1/2028 (a) | 7018 | 5998 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026 (a) | 1500 | 1334 |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/2025 (a) | 1832 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/2027 (a) | &nbsp;&nbsp; 16291 | &nbsp;&nbsp;&nbsp;&nbsp; 14622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3257 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 5788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4453 |
| &nbsp;&nbsp;&nbsp; Trinseo Materials Operating SCA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 9/1/2025 (a) | &nbsp;&nbsp; 15594 | &nbsp;&nbsp;&nbsp;&nbsp; 12495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3063 |
| &nbsp;&nbsp;&nbsp; Venator Finance SARL 9.50%, 7/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4944 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1882 |
|  |  | &nbsp;&nbsp;&nbsp; 103890 |
| **Commercial Services & Supplies — 3.0%** | **Commercial Services & Supplies — 3.0%** | **Commercial Services & Supplies — 3.0%** |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. 4.25%, 3/15/2029 (a) | &nbsp;&nbsp; 12145 | &nbsp;&nbsp;&nbsp;&nbsp; 10146 |
| &nbsp;&nbsp;&nbsp; ADT Security Corp. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/15/2032 (a) | &nbsp;&nbsp; 10447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9039 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/01/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6972 |
| &nbsp;&nbsp;&nbsp; APi Group DE, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3358 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc. 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8667 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The) 4.63%, 10/15/2027 (a) | &nbsp;&nbsp; 16239 | &nbsp;&nbsp;&nbsp;&nbsp; 14931 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. 8.25%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9263 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5970 |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3994 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/2029 (a) | 3940 | 3381 |
| &nbsp;&nbsp;&nbsp; Interface, Inc. 5.50%, 12/1/2028 (a) | 7000 | 5651 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/2028 (a) | 2946 | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/2029 (a) | 10936 | 8090 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/15/2026 (a) | 5698 | 5641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/31/2027 (a) | 4794 | 4218 |
| &nbsp;&nbsp;&nbsp; Stericycle, Inc. 3.88%, 1/15/2029 (a) | 5696 | 4955 |
|  |  | &nbsp;&nbsp;&nbsp; 132453 |
| **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** |
| &nbsp;&nbsp;&nbsp; CommScope Technologies LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp; CommScope, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/2026 (a) | &nbsp;&nbsp; 12521 | &nbsp;&nbsp;&nbsp;&nbsp; 12114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/1/2027 (a) | &nbsp;&nbsp; 11915 | &nbsp;&nbsp;&nbsp;&nbsp; 10228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/1/2029 (a) | &nbsp;&nbsp; 13099 | &nbsp;&nbsp;&nbsp;&nbsp; 11031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42248 |
| **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5759 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3729 |
| &nbsp;&nbsp;&nbsp; MasTec, Inc. 4.50%, 8/15/2028 (a) | &nbsp;&nbsp; 13701 | &nbsp;&nbsp;&nbsp;&nbsp; 12370 |
| &nbsp;&nbsp;&nbsp; Pike Corp. 5.50%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33629 |
| **Consumer Finance — 3.0%** | **Consumer Finance — 3.0%** | **Consumer Finance — 3.0%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 6/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/16/2025 | &nbsp;&nbsp; 10310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 8/1/2026 | &nbsp;&nbsp; 19438 | &nbsp;&nbsp;&nbsp;&nbsp; 18293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 1/9/2027 | &nbsp;&nbsp; 13228 | &nbsp;&nbsp;&nbsp;&nbsp; 12240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/17/2027 | &nbsp;&nbsp; 12830 | &nbsp;&nbsp;&nbsp;&nbsp; 11706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/2/2027 | &nbsp;&nbsp; 12917 | &nbsp;&nbsp;&nbsp;&nbsp; 11571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 2/16/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 2/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4147 |
| &nbsp;&nbsp;&nbsp; ILFC E-Capital Trust II 5.37%, 12/21/2065 (a) (e) | &nbsp;&nbsp; 21298 | &nbsp;&nbsp;&nbsp;&nbsp; 14536 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2106 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **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;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2028 | 695 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/2030 | 1377 | 1034 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc (Switzerland) 6.38%, 2/1/2030 (a) | 5702 | 4676 |
|  |  | &nbsp;&nbsp;&nbsp; 130132 |
| **Containers & Packaging — 1.7%** | **Containers & Packaging — 1.7%** | **Containers & Packaging — 1.7%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC 6.00%, 6/15/2027 (a) | 311 | 304 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc 5.25%, 8/15/2027 (a) | 30395 | 22988 |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a) | 3888 | 3287 |
| &nbsp;&nbsp;&nbsp; LABL, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/2026 (a) | 13420 | 12816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/2027 (a) | 557 | 513 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 4/15/2025 (a) | &nbsp;&nbsp;&nbsp; 10339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9434 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4324 |
| &nbsp;&nbsp;&nbsp; Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5675 |
| &nbsp;&nbsp;&nbsp; TriMas Corp. 4.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4992 |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/2026 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 8/15/2027 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 4012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 75552 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3751 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Sabre GLBL, Inc. 7.38%, 9/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7934 |
| **Diversified Telecommunication Services — 8.3%** | **Diversified Telecommunication Services — 8.3%** | **Diversified Telecommunication Services — 8.3%** |
| &nbsp;&nbsp;&nbsp; Altice France Holding SA (Luxembourg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2273 |
| &nbsp;&nbsp;&nbsp; Altice France SA (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp; 11282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3897 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/1/2027 (a) | &nbsp;&nbsp;&nbsp; 53374 | &nbsp;&nbsp;&nbsp;&nbsp; 50518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp; 30591 | &nbsp;&nbsp;&nbsp;&nbsp; 28121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp; 11650 | &nbsp;&nbsp;&nbsp;&nbsp; 10572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp; 29909 | &nbsp;&nbsp;&nbsp;&nbsp; 25713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp; 23493 | &nbsp;&nbsp;&nbsp;&nbsp; 19072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5940 |
| &nbsp;&nbsp;&nbsp; Embarq Corp. 8.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp; 11178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4749 |
| &nbsp;&nbsp;&nbsp; ESC Co., Intelsat Jackson Holdings, Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/1/2023 ‡ (g) | &nbsp;&nbsp;&nbsp; 29162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/15/2024 ‡ (g) | &nbsp;&nbsp;&nbsp; 40649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 7/15/2025 ‡ (g) | 8659 | 1 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 (a) | 8185 | 7788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/2028 (a) | 15000 | 13350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/2029 (a) | 1846 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/2029 | 1490 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2030 (a) | 1466 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/15/2030 (a) | 704 | 728 |
| &nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a) | 49314 | 45369 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/15/2027 (a) | 5809 | 4894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3169 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2026 (a) | &nbsp;&nbsp;&nbsp; 17275 | &nbsp;&nbsp;&nbsp;&nbsp; 14770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp; 23618 | &nbsp;&nbsp;&nbsp;&nbsp; 20134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, 6.88%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4767 |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp. 8.75%, 3/15/2032 | &nbsp;&nbsp;&nbsp; 34678 | &nbsp;&nbsp;&nbsp;&nbsp; 41463 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA (Italy) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1993 |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance plc (United Kingdom) 4.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp; 12677 | &nbsp;&nbsp;&nbsp;&nbsp; 10587 |
|  |  | &nbsp;&nbsp;&nbsp; 364201 |
| **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3147 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6062 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC 4.38%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22647 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp; Sensata Technologies BV  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp; 14859 | &nbsp;&nbsp;&nbsp;&nbsp; 12933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 9/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15526 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| &nbsp;&nbsp;&nbsp; CDW LLC 4.25%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5195 |
| &nbsp;&nbsp;&nbsp; Coherent Corp. 5.00%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6703 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc. 3.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15027 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/1/2027 (a) | 3862 | 3737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2028 (a) | 3270 | 3033 |
| &nbsp;&nbsp;&nbsp; Nabors Industries Ltd. 7.25%, 1/15/2026 (a) | 2730 | 2624 |
| &nbsp;&nbsp;&nbsp; Nabors Industries, Inc. 5.75%, 2/1/2025 | 7020 | 6739 |
| &nbsp;&nbsp;&nbsp; Precision Drilling Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 1/15/2026 (a) | 8000 | 7833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/2029 (a) | 1003 | 948 |
| &nbsp;&nbsp;&nbsp; Telford Offshore Ltd. (United Arab Emirates) 12.00% (PIK), 12/31/2164 (b) (c) (h) | 9878 | 5 |
| &nbsp;&nbsp;&nbsp; Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a) | 10301 | 10018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34937 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc. 10.00% (Cash), 6/15/2026 (a) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 5825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2177 |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2692 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/1/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2027 (a) | &nbsp;&nbsp; 13913 | &nbsp;&nbsp;&nbsp;&nbsp; 13939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 (a) | &nbsp;&nbsp; 12638 | &nbsp;&nbsp;&nbsp;&nbsp; 11406 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1417 |
| &nbsp;&nbsp;&nbsp; WMG Acquisition Corp. 3.75%, 12/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 60369 |
| **Equity Real Estate Investment Trusts (REITs) — 2.1%** | **Equity Real Estate Investment Trusts (REITs) — 2.1%** | **Equity Real Estate Investment Trusts (REITs) — 2.1%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5162 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 | &nbsp;&nbsp; 18271 | &nbsp;&nbsp;&nbsp;&nbsp; 16690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275 |
| &nbsp;&nbsp;&nbsp; VICI Properties LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/1/2026 (a) | &nbsp;&nbsp; 16880 | &nbsp;&nbsp;&nbsp;&nbsp; 15701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/1/2027 (a) | &nbsp;&nbsp; 25425 | &nbsp;&nbsp;&nbsp;&nbsp; 24637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 91684 |
| **Food & Staples Retailing — 1.4%** | **Food & Staples Retailing — 1.4%** | **Food & Staples Retailing — 1.4%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/2029 (a) | &nbsp;&nbsp; 11720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9763 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Food & Staples Retailing — continued** | **Food & Staples Retailing — continued** | **Food & Staples Retailing — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/15/2030 (a) | 4360 | 3890 |
| &nbsp;&nbsp;&nbsp; New Albertsons LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 6/15/2026 | 2278 | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/1/2028 | 1704 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 8/1/2029 | 3130 | 3156 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2027 (a) | 8368 | 8075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/2029 (a) | 9483 | 8427 |
| &nbsp;&nbsp;&nbsp; Rite Aid Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/1/2025 (a) | 9639 | 7242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026 (a) | 15820 | 9843 |
| &nbsp;&nbsp;&nbsp; US Foods, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 62608 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6965 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 (a) | &nbsp;&nbsp; 11992 | &nbsp;&nbsp;&nbsp;&nbsp; 11014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27168 |
| **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 8/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2054 |
| &nbsp;&nbsp;&nbsp; Superior Plus LP (Canada) 4.50%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7368 |
| **Health Care Equipment & Supplies — 0.7%** | **Health Care Equipment & Supplies — 0.7%** | **Health Care Equipment & Supplies — 0.7%** |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. 3.25%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3099 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/2029 (a) | &nbsp;&nbsp; 15221 | &nbsp;&nbsp;&nbsp;&nbsp; 13086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31498 |
| **Health Care Providers & Services — 5.4%** | **Health Care Providers & Services — 5.4%** | **Health Care Providers & Services — 5.4%** |
| &nbsp;&nbsp;&nbsp; 180 Medical, Inc. (United Kingdom) 3.88%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1630 |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a) | &nbsp;&nbsp; 11080 | &nbsp;&nbsp;&nbsp;&nbsp; 10417 |
| &nbsp;&nbsp;&nbsp; AHP Health Partners, Inc. 5.75%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3762 |
| &nbsp;&nbsp;&nbsp; Centene Corp. 4.63%, 12/15/2029 | &nbsp;&nbsp; 29318 | &nbsp;&nbsp;&nbsp;&nbsp; 27261 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3119 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (a) | 4175 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/2030 (a) | 3592 | 1832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2030 (a) | 10317 | 7868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2031 (a) | 4000 | 2931 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2030 (a) | 10100 | 8176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (a) | 18416 | 13536 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2028 | 25848 | 23244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2030 | 3750 | 3328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/1/2031 | 40 | 35 |
| &nbsp;&nbsp;&nbsp; Envision Healthcare Corp. 8.75%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp; 10925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3168 |
| &nbsp;&nbsp;&nbsp; Global Medical Response, Inc. 6.50%, 10/1/2025 (a) | &nbsp;&nbsp;&nbsp; 12075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9087 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. 5.38%, 9/1/2026 | &nbsp;&nbsp;&nbsp; 11206 | &nbsp;&nbsp;&nbsp;&nbsp; 11155 |
| &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp; 10359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3309 |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc. 9.25%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3609 |
| &nbsp;&nbsp;&nbsp; RP Escrow Issuer LLC 5.25%, 12/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3304 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/1/2026 (a) | &nbsp;&nbsp;&nbsp; 36201 | &nbsp;&nbsp;&nbsp;&nbsp; 34354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/2027 (a) | &nbsp;&nbsp;&nbsp; 14685 | &nbsp;&nbsp;&nbsp;&nbsp; 14068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/1/2027 (a) | &nbsp;&nbsp;&nbsp; 17711 | &nbsp;&nbsp;&nbsp;&nbsp; 16673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5832 |
|  |  | &nbsp;&nbsp;&nbsp; 235904 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8726 |
| **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) 4.00%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp; 15856 | &nbsp;&nbsp;&nbsp;&nbsp; 13353 |
| &nbsp;&nbsp;&nbsp; Boyne USA, Inc. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5065 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 7/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 7/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3167 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 2/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp; 11204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1362 |
| &nbsp;&nbsp;&nbsp; Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3351 |
| &nbsp;&nbsp;&nbsp; Cedar Fair LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 5/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2029 | 4575 | 3997 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/1/2028 (a) | 1937 | 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/1/2029 (a) | 1247 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2030 | 4845 | 4484 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | 4672 | 4494 |
| &nbsp;&nbsp;&nbsp; International Game Technology plc 6.50%, 2/15/2025 (a) | 730 | 734 |
| &nbsp;&nbsp;&nbsp; IRB Holding Corp. 7.00%, 6/15/2025 (a) | 1810 | 1815 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a) | 8221 | 6926 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/15/2023 | 3802 | 3802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/1/2026 | &nbsp;&nbsp;&nbsp; 13333 | &nbsp;&nbsp;&nbsp;&nbsp; 12300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2734 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 6/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp; 10188 | &nbsp;&nbsp;&nbsp;&nbsp; 10468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5433 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/31/2024 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp; 10104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9123 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC 4.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp; 15332 | &nbsp;&nbsp;&nbsp;&nbsp; 13523 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. 6.25%, 5/15/2025 (a) | &nbsp;&nbsp;&nbsp; 12128 | &nbsp;&nbsp;&nbsp;&nbsp; 12115 |
| &nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC 5.50%, 3/1/2025 (a) | &nbsp;&nbsp;&nbsp; 10504 | &nbsp;&nbsp;&nbsp;&nbsp; 10083 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8565 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4074 |
|  |  | &nbsp;&nbsp;&nbsp; 203767 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a) | &nbsp;&nbsp;&nbsp; 11224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9947 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1106 |
| &nbsp;&nbsp;&nbsp; Tempur Sealy International, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24214 |
| **Household Products — 1.2%** | **Household Products — 1.2%** | **Household Products — 1.2%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2030 | &nbsp;&nbsp;&nbsp; 11446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **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;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/31/2027 (a) | 3445 | 3262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2028 (a) | 14251 | 12426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/31/2029 (a) | 12180 | 10362 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/2029 (a) | 4384 | 3743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/15/2030 (a) | 13219 | 11321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 3/15/2031 (a) | 1977 | 1478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 52761 |
| **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.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.74%), 7.00%, 12/15/2026 (a) (b) (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8490 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; TripAdvisor, Inc. 7.00%, 7/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765 |
| **Internet & Direct Marketing Retail — 0.2%** | **Internet & Direct Marketing Retail — 0.2%** | **Internet & Direct Marketing Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a) | &nbsp;&nbsp; 15180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9343 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4694 |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1506 |
| &nbsp;&nbsp;&nbsp; Black Knight InfoServ LLC 3.63%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5959 |
| &nbsp;&nbsp;&nbsp; Block, Inc. 3.50%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1852 |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4315 |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC 6.00%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8061 |
| &nbsp;&nbsp;&nbsp; Exela Intermediate LLC 11.50%, 7/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4231 |
| &nbsp;&nbsp;&nbsp; Presidio Holdings, Inc. 4.88%, 2/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40635 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Mattel, Inc. 5.88%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4205 |
| &nbsp;&nbsp;&nbsp; Vista Outdoor, Inc. 4.50%, 3/15/2029 (a) | &nbsp;&nbsp; 12339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13582 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Syneos Health, Inc. 3.63%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4541 |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| &nbsp;&nbsp;&nbsp; ATS Corp. (Canada) 4.13%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2586 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| &nbsp;&nbsp;&nbsp; Terex Corp. 5.00%, 5/15/2029 (a) | 7660 | 6926 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. 4.50%, 10/15/2028 (a) | 5435 | 4596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14108 |
| **Media — 9.2%** | **Media — 9.2%** | **Media — 9.2%** |
| &nbsp;&nbsp;&nbsp; Altice Financing SA (Luxembourg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/2028 (a) | 253 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 8/15/2029 (a) | 6723 | 5498 |
| &nbsp;&nbsp;&nbsp; Audacy Capital Corp. 6.50%, 5/1/2027 (a) | 9553 | 2433 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/15/2027 (a) | 17889 | 15418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/2028 (a) | 7920 | 5901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6405 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5723 |
| &nbsp;&nbsp;&nbsp; Diamond Sports Group LLC 5.38%, 8/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1344 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC 5.88%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp; 10274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9427 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp; 42592 | &nbsp;&nbsp;&nbsp;&nbsp; 42267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/2024 | &nbsp;&nbsp;&nbsp; 45053 | &nbsp;&nbsp;&nbsp;&nbsp; 42812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/2026 | &nbsp;&nbsp;&nbsp; 19088 | &nbsp;&nbsp;&nbsp;&nbsp; 15988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp; 25130 | &nbsp;&nbsp;&nbsp;&nbsp; 21574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3376 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp. 11.75%, 11/15/2027 (a) | &nbsp;&nbsp;&nbsp; 11845 | &nbsp;&nbsp;&nbsp;&nbsp; 12175 |
| &nbsp;&nbsp;&nbsp; Gannett Holdings LLC 6.00%, 11/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2487 |
| &nbsp;&nbsp;&nbsp; GCI LLC 4.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp; 15567 | &nbsp;&nbsp;&nbsp;&nbsp; 13337 |
| &nbsp;&nbsp;&nbsp; Gray Escrow II, Inc. 5.38%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2962 |
| &nbsp;&nbsp;&nbsp; Gray Television, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 5/1/2027 | &nbsp;&nbsp;&nbsp; 17092 | &nbsp;&nbsp;&nbsp;&nbsp; 15212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7766 |
| &nbsp;&nbsp;&nbsp; Liberty Interactive LLC 8.25%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 892 |
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4541 |
| &nbsp;&nbsp;&nbsp; Midcontinent Communications 5.38%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5861 |
| &nbsp;&nbsp;&nbsp; National CineMedia LLC 5.88%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2109 |
| &nbsp;&nbsp;&nbsp; News Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2035 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/2027 (a) | 22674 | 21380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/1/2028 (a) | 11866 | 10560 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow II, Inc. 5.38%, 1/15/2031 (a) | 2892 | 2361 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | 1185 | 1055 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2027 (a) | 11700 | 10919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/2028 (a) | 6376 | 5635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2029 (a) | 25670 | 23901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/1/2030 (a) | 1872 | 1580 |
| &nbsp;&nbsp;&nbsp; Stagwell Global LLC 5.63%, 8/15/2029 (a) | 6861 | 5883 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6211 |
| &nbsp;&nbsp;&nbsp; UPC Holding BV (Netherlands) 5.50%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1682 |
| &nbsp;&nbsp;&nbsp; Videotron Ltd. (Canada) 5.13%, 4/15/2027 (a) | &nbsp;&nbsp; 13098 | &nbsp;&nbsp;&nbsp;&nbsp; 12522 |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504 |
|  |  | &nbsp;&nbsp;&nbsp; 402350 |
| **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** |
| &nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4373 |
| &nbsp;&nbsp;&nbsp; Arconic Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/15/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/15/2028 (a) | &nbsp;&nbsp; 13034 | &nbsp;&nbsp;&nbsp;&nbsp; 12238 |
| &nbsp;&nbsp;&nbsp; ATI, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1951 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC 6.63%, 1/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8305 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1518 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. 4.63%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7481 |
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. 4.50%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2837 |
| &nbsp;&nbsp;&nbsp; Novelis Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1209 |
| &nbsp;&nbsp;&nbsp; United States Steel Corp. 6.88%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 70191 |
| **Multiline Retail — 0.4%** | **Multiline Retail — 0.4%** | **Multiline Retail — 0.4%** |
| &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC 5.88%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1201 |
| &nbsp;&nbsp;&nbsp; NMG Holding Co., Inc. 7.13%, 4/1/2026 (a) | &nbsp;&nbsp; 16865 | &nbsp;&nbsp;&nbsp;&nbsp; 16240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17441 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — 8.4%** | **Oil, Gas & Consumable Fuels — 8.4%** | **Oil, Gas & Consumable Fuels — 8.4%** |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/15/2026 (a) | 8938 | 9119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2027 (a) | 5065 | 4837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 (a) | 7589 | 7172 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 7/15/2026 (a) | 4943 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 2/1/2029 (a) | 3522 | 3594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/1/2030 (a) | 2697 | 2527 |
| &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) 8.75%, 4/1/2027 (a) | 9164 | 9448 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC 7.63%, 12/15/2025 (a) | 4070 | 4107 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 3/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5335 |
| &nbsp;&nbsp;&nbsp; California Resources Corp. 7.13%, 2/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8192 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. 4.63%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4631 |
| &nbsp;&nbsp;&nbsp; Chesapeake Energy Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 2/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2029 (a) | &nbsp;&nbsp; 11909 | &nbsp;&nbsp;&nbsp;&nbsp; 11805 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. 6.38%, 6/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7018 |
| &nbsp;&nbsp;&nbsp; CNX Midstream Partners LP 4.75%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1284 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3107 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/2029 (a) | &nbsp;&nbsp; 12053 | &nbsp;&nbsp;&nbsp;&nbsp; 11772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3502 |
| &nbsp;&nbsp;&nbsp; Crestwood Midstream Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9431 |
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating LP 6.75%, 9/15/2037 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5681 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2046 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a) | &nbsp;&nbsp; 11130 | &nbsp;&nbsp;&nbsp;&nbsp; 10651 |
| &nbsp;&nbsp;&nbsp; EnLink Midstream LLC 6.50%, 9/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2312 |
| &nbsp;&nbsp;&nbsp; EnLink Midstream Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (b) (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp; EQM Midstream Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 7/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5740 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2026 | 5665 | 5251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 1/15/2027 | 1560 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/2028 | 2181 | 2081 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/17/2026 | 4317 | 4304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/17/2026 (a) | 9001 | 8972 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/2024 ‡ (g) | 10250 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/2025 ‡ (g) | 1796 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/15/2026 ‡ (g) | 8845 | 11 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3571 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2117 |
| &nbsp;&nbsp;&nbsp; Holly Energy Partners LP 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4943 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP 5.88%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2160 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC 7.50%, 2/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2548 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7254 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8988 | &nbsp;&nbsp;&nbsp;&nbsp; 10302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6215 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7600 |
| &nbsp;&nbsp;&nbsp; Rockcliff Energy II LLC 5.50%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2616 |
| &nbsp;&nbsp;&nbsp; SM Energy Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1821 |
| &nbsp;&nbsp;&nbsp; Southwestern Energy Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798 |
| &nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC 8.50%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3845 |
| &nbsp;&nbsp;&nbsp; Sunoco LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8058 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/1/2025 (a) | 13989 | 14164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/2027 (a) | 1615 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030 (a) | 4155 | 3760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/2031 (a) | 7682 | 6847 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/15/2028 | 2700 | 2557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 3/1/2030 | 1860 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/1/2031 | 7082 | 6450 |
|  |  | &nbsp;&nbsp;&nbsp; 367793 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Glatfelter Corp. 4.75%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2639 |
| **Personal Products — 0.5%** | **Personal Products — 0.5%** | **Personal Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; Coty, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3582 |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3107 |
| &nbsp;&nbsp;&nbsp; Prestige Brands, Inc. 5.13%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22661 |
| **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** |
| &nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/1/2026 (a) | &nbsp;&nbsp; 33524 | &nbsp;&nbsp;&nbsp;&nbsp; 21738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2182 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/1/2025 (a) | &nbsp;&nbsp; 49837 | &nbsp;&nbsp;&nbsp;&nbsp; 42107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 12/15/2025 (a) | &nbsp;&nbsp; 29696 | &nbsp;&nbsp;&nbsp;&nbsp; 21381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/2029 (a) | &nbsp;&nbsp; 10285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3380 |
| &nbsp;&nbsp;&nbsp; Catalent Pharma Solutions, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1352 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. 6.40%, 8/28/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp; Endo Dac  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2024 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 7/31/2027 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 7096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/30/2028 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 4621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp; Endo Luxembourg Finance Co. I Sarl 6.13%, 4/1/2029 (a) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2288 |
| &nbsp;&nbsp;&nbsp; Jazz Securities DAC 4.38%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1616 |
| &nbsp;&nbsp;&nbsp; Mallinckrodt International Finance SA  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 12/15/2028 (a) | &nbsp;&nbsp; 16955 | &nbsp;&nbsp;&nbsp;&nbsp; 14607 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 6/15/2029 (a) | 5503 | 2820 |
| &nbsp;&nbsp;&nbsp; Organon & Co.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2028 (a) | 11443 | 10299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/30/2031 (a) | 6766 | 6004 |
| &nbsp;&nbsp;&nbsp; Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a) (f) | 5402 | 4065 |
|  |  | &nbsp;&nbsp;&nbsp; 162382 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a) | 2244 | 1931 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc. 4.75%, 3/1/2029 | 1337 | 1085 |
| &nbsp;&nbsp;&nbsp; Realogy Group LLC 5.25%, 4/15/2030 (a) | 9718 | 7143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8228 |
| **Road & Rail — 1.2%** | **Road & Rail — 1.2%** | **Road & Rail — 1.2%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/1/2029 (a) | &nbsp;&nbsp; 10967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9656 |
| &nbsp;&nbsp;&nbsp; ESC GCBREGS EXIDE TECH  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 8/1/2026 (g) | &nbsp;&nbsp; 22954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2028 (g) | &nbsp;&nbsp; 20858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1773 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2024 (g) | &nbsp;&nbsp;&nbsp;&nbsp; 6563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6246 |
| &nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2046 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53396 |
| **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG (Austria) 7.00%, 7/31/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4512 |
| &nbsp;&nbsp;&nbsp; Entegris Escrow Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4516 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3126 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp; 14750 | &nbsp;&nbsp;&nbsp;&nbsp; 13079 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc. 4.00%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40863 |
| **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** |
| &nbsp;&nbsp;&nbsp; ACI Worldwide, Inc. 5.75%, 8/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3381 |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3073 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3465 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/1/2029 (a) | 4702 | 4026 |
| &nbsp;&nbsp;&nbsp; NCR Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/1/2027 (a) | 10740 | 10445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/2028 (a) | 3815 | 3319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/15/2029 (a) | 5232 | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/1/2029 (a) | 8610 | 8352 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc. 5.50%, 9/30/2027 (a) | 13853 | 13240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53801 |
| **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/2028 | 4416 | 3995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1440 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 7/1/2025 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1931 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1147 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. 3.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5315 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2028 (a) | &nbsp;&nbsp; 13674 | &nbsp;&nbsp;&nbsp;&nbsp; 12493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5532 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3521 |
| &nbsp;&nbsp;&nbsp; SRS Distribution, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6492 |
| &nbsp;&nbsp;&nbsp; Staples, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2026 (a) | &nbsp;&nbsp; 24652 | &nbsp;&nbsp;&nbsp;&nbsp; 21993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 4/15/2027 (a) | &nbsp;&nbsp; 14544 | &nbsp;&nbsp;&nbsp;&nbsp; 10633 |
| &nbsp;&nbsp;&nbsp; White Cap Buyer LLC 6.88%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 99656 |
| **Thrifts & Mortgage Finance — 0.5%** | **Thrifts & Mortgage Finance — 0.5%** | **Thrifts & Mortgage Finance — 0.5%** |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5498 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21547 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | 3400 | 3214 |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp. 4.75%, 5/15/2029 (a) | 19887 | 17749 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2028 | 3635 | 3486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/2030 | 6185 | 5829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/2031 | 2868 | 2467 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 6/15/2025 (a) | 7280 | 7371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/2028 (a) | 10535 | 10673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 50789 |
| **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp; Sprint LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 3/1/2026 | &nbsp;&nbsp; 13554 | &nbsp;&nbsp;&nbsp;&nbsp; 14255 |
| &nbsp;&nbsp;&nbsp; United States Cellular Corp. 6.70%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $4,115,248)<br>|  | 3645655 |
| **Loan Assignments — 6.5%** (d) (i) | **Loan Assignments — 6.5%** (d) (i) | **Loan Assignments — 6.5%** (d) (i) |
| **Auto Components — 0.2%** | **Auto Components — 0.2%** | **Auto Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 6.27%, 4/6/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1713 |
| &nbsp;&nbsp;&nbsp; DexKo Global, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%; ICE LIBOR USD 3 Month + 3.75%), 7.68%, 10/4/2028 | &nbsp;&nbsp; 10014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10748 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; Triton Water Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 7.17%, 3/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6666 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Solenis International LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 7.44%, 11/9/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2072 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 6.82%, 6/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7231 |
| **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** |
| &nbsp;&nbsp;&nbsp; Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 7.02%, 4/3/2024 | &nbsp;&nbsp; 16733 | &nbsp;&nbsp;&nbsp;&nbsp; 16221 |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 7.07%, 8/4/2027 (j) | &nbsp;&nbsp; 13109 | &nbsp;&nbsp;&nbsp;&nbsp; 12797 |
| &nbsp;&nbsp;&nbsp; LABL, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 9.07%, 10/29/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36771 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Altice France SA, 1st Lien Term Loan B-13 (France) (ICE LIBOR USD 3 Month + 4.00%), 8.65%, 8/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6722 |
| **Food & Staples Retailing — 0.4%** | **Food & Staples Retailing — 0.4%** | **Food & Staples Retailing — 0.4%** |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 12/31/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1457 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Term Loan B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 7.00%), 10.67%, 4/1/2024 ‡ | &nbsp;&nbsp; 13932 | &nbsp;&nbsp;&nbsp;&nbsp; 11192 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 3 Month + 10.75%), 14.42%, 10/1/2024 | &nbsp;&nbsp; 11041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6404 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19053 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Medline, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 7.32%, 10/23/2028 | 4824 | 4576 |
| **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Envision Healthcare Corp., 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-MONTH CME TERM SOFR + 3.75%), 7.49%, 3/31/2027 | 11872 | 2651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-MONTH CME TERM SOFR + 4.25%), 7.99%, 3/31/2027 | 4849 | 1455 |
| &nbsp;&nbsp;&nbsp; PAREXEL International Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 7.00%, 11/15/2028 | 9210 | 8845 |
| &nbsp;&nbsp;&nbsp; U.S. Renal Care, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 9.13%, 6/26/2026 | 13720 | 7623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20574 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp; Cabinetworks, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 7.32%, 5/17/2028 | 10683 | 7734 |
| **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 9.07%, 9/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3518 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Exela Intermediate LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 6.50%), 8.81%, 7/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 4912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3326 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2023 ‡ (g) | &nbsp;&nbsp;&nbsp;&nbsp; 3719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp; Hercules Achievement, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 7.57%, 12/16/2024 | &nbsp;&nbsp; 14479 | &nbsp;&nbsp;&nbsp;&nbsp; 13879 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14284 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| &nbsp;&nbsp;&nbsp; SPX Flow, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.50%), 8.69%, 4/5/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850 |
| &nbsp;&nbsp;&nbsp; Thyssenkrupp Elevator, 1st Lien Term Loan B-1 (ICE LIBOR USD 6 Month + 3.50%), 6.87%, 7/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 9785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9369 |
| &nbsp;&nbsp;&nbsp; Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 5.88%, 3/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17977 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 9.07%, 8/2/2027 | &nbsp;&nbsp; 12658 | &nbsp;&nbsp;&nbsp;&nbsp; 12106 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 7.07%, 5/1/2026 | &nbsp;&nbsp; 12331 | &nbsp;&nbsp;&nbsp;&nbsp; 11536 |
| &nbsp;&nbsp;&nbsp; Summer (BC) Holdco B SARL, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%), 8.17%, 12/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2509 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26151 |
| **Personal Products — 0.6%** | **Personal Products — 0.6%** | **Personal Products — 0.6%** |
| &nbsp;&nbsp;&nbsp; Nestle Skin Health SA, Term Loan B (Luxembourg) (ICE LIBOR USD 3 Month + 3.75%), 7.42%, 10/1/2026 | &nbsp;&nbsp; 25649 | &nbsp;&nbsp;&nbsp;&nbsp; 24326 |
| &nbsp;&nbsp;&nbsp; Revlon Consumer Products Corp., Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.57%, 9/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 7785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26414 |
| **Road & Rail — 0.4%** | **Road & Rail — 0.4%** | **Road & Rail — 0.4%** |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 6.64%, 7/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7255 |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 1st Lien Term Loan C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 3.00%), 6.64%, 7/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 4.00%), 7.65%, 7/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 7.65%, 7/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16113 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Brooks Automation, 1st Lien Term Loan B (1 Month SOFR + 3.10%; 6 Month SOFR), 5.26%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3290 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp; Genesys Telecom Holdings US, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 7.86%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4570 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
| &nbsp;&nbsp;&nbsp; Claire's Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 10.57%, 12/18/2026 (k) | 13105 | 11664 |
| &nbsp;&nbsp;&nbsp; Petco Health and Wellness Co., Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 6.92%, 3/3/2028 | 12480 | 12079 |
| &nbsp;&nbsp;&nbsp; PrimeSource, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 6.99%, 12/28/2027 | 5617 | 4866 |
| &nbsp;&nbsp;&nbsp; Pure Fishing, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 8.57%, 12/22/2025 | 19929 | 13538 |
| &nbsp;&nbsp;&nbsp; Serta Simmons Bedding LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 7.50%), 10.79%, 8/10/2023 | 12911 | 5936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments <br>(Cost $330,984)<br>|  | &nbsp;&nbsp;&nbsp; 285873 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Common Stocks — 2.5%** | **Common Stocks — 2.5%** | **Common Stocks — 2.5%** |
| **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Goodman Networks, Inc. ‡ \* | 300 | &nbsp;&nbsp; — |
| **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** | **Diversified Financial Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; ACC Claims Holdings LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 7076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9188 |
| **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Telford Offshore Holdings Ltd. (Cayman Islands) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity Real Estate Investment Trusts (REITs) — 0.3%** | **Equity Real Estate Investment Trusts (REITs) — 0.3%** | **Equity Real Estate Investment Trusts (REITs) — 0.3%** |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp;&nbsp; 13434 |
| **Food & Staples Retailing — 0.0% ^** | **Food & Staples Retailing — 0.0% ^** | **Food & Staples Retailing — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Moran Foods Backstop Equity ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1539 |
| **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** | **Internet & Direct Marketing Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; MYT Holding Co. ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 5623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1614 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2612 |
| &nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4808 |
| **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** |
| &nbsp;&nbsp;&nbsp; Chesapeake Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8525 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 10277 |
| &nbsp;&nbsp;&nbsp; EP Energy Corp. ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2072 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 14620 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35494 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Mallinckrodt plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2093 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; NMG, Inc. ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 15756 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Claire's Stores, Inc. ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5429 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Intelsat SA (Luxembourg) ‡ \* | 748 | 19067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $96,609)<br>|  | &nbsp;&nbsp;&nbsp; 108440 |
| **Convertible Preferred Stocks — 0.7%** | **Convertible Preferred Stocks — 0.7%** | **Convertible Preferred Stocks — 0.7%** |
| **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** |
| &nbsp;&nbsp;&nbsp; Claire's Stores, Inc. ‡ \*(Cost $3,724) | 13 | 29036 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Convertible Bonds — 0.5%** | **Convertible Bonds — 0.5%** | **Convertible Bonds — 0.5%** |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. 4.25%, 6/15/2023 | 500 | 524 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &nbsp;&nbsp;&nbsp; DISH Network Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/15/2026 | &nbsp;&nbsp; 18645 | &nbsp;&nbsp;&nbsp;&nbsp; 12073 |
| &nbsp;&nbsp;&nbsp; Liberty Interactive LLC  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19739 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Corp. 10.00% (Cash), 11/28/2022 ‡ (b) (c) (h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds <br>(Cost $30,468)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 24543 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** |
| **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Goodman Networks, Inc. ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| **Internet & Direct Marketing Retail — 0.3%** | **Internet & Direct Marketing Retail — 0.3%** | **Internet & Direct Marketing Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp; MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ | &nbsp;&nbsp; 13477 | &nbsp;&nbsp;&nbsp;&nbsp; 14471 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks <br>(Cost $14,233)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 14892 |
|  | **NO. OF** <br> **WARRANTS** <br>**(000)**<br>|  |
| **Warrants — 0.1%** | **Warrants — 0.1%** | **Warrants — 0.1%** |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **NO. OF** <br> **WARRANTS**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Warrants — continued** | **Warrants — continued** | **Warrants — continued** |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom) ‡ \* | 109 | 4838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Warrants <br>(Cost $1)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5030 |
|  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>|  |
| **Rights — 0.1%** | **Rights — 0.1%** | **Rights — 0.1%** |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings SA, expiring 12/5/2025 (Luxembourg) ‡ \*  | 157 | 2 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp; Vistra Corp., expiring 12/31/2049 ‡ \* | 2823 | 3600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Rights <br>(Cost $2)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3602 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 4.9%** | **Short-Term Investments — 4.9%** | **Short-Term Investments — 4.9%** |
| **Investment Companies — 4.9%** | **Investment Companies — 4.9%** | **Investment Companies — 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 3.50% (l) (m) <br>(Cost $217,389)<br>| 217389 | &nbsp;&nbsp;&nbsp; 217389 |
| **Total Investments — 98.6%** <br>**(Cost $4,808,658)**<br>|  | **4334460** |
| **Other Assets Less Liabilities — 1.4%** |  | **59697** |
| **NET ASSETS — 100.0%** |  | **4394157** |

---

&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** |  |
| CME | Chicago Mercantile Exchange |
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| SCA | Limited partnership with share capital |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (b) | Security is an interest bearing note with preferred security characteristics. |
| (c) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time <br> and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in <br> effect as of November 30, 2022.<br>|
| (d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2022. |
| (e) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2022. <br>|

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 predetermined trigger. The interest rate shown is the current rate as of November 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All or a portion of this security is unsettled as of November 30, 2022. Unless otherwise indicated, the coupon rate is undetermined.
 The coupon rate shown may not be accrued for the entire position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Fund is subject to legal or contractual restrictions on the resale of the security.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The rate shown is the current yield as of November 30, 2022.

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(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 SEC 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 is calculated on a valuation date.

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

Swaps are valued utilizing market quotations from approved Pricing Services.

See the table on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2022.

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

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

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

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

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

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(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 ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Communications Equipment | $— | $— | $—(a) | $—(a) |
| &nbsp;&nbsp;&nbsp; Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9188 |
| &nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; 13434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13434 |
| &nbsp;&nbsp;&nbsp; Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1539 |
| &nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1614 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4808 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 33422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35494 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2093 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15756 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5429 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19067 |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 62945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45495 | &nbsp;&nbsp;&nbsp;&nbsp; 108440 |
| Convertible Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19739 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4280 |
| &nbsp;&nbsp;&nbsp; Total Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24543 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29036 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54794 |
| &nbsp;&nbsp;&nbsp; Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37833 |
| &nbsp;&nbsp;&nbsp; Auto Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134676 |
| &nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9058 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35243 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7707 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6161 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74868 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1716 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103890 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132453 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42248 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33629 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130132 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75552 |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3751 |
| &nbsp;&nbsp;&nbsp; Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7934 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 364193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 364201 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22647 |

---

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(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; Electrical Equipment | $— | $15526 | $— | $15526 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15027 |
| &nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34937 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60369 |
| &nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91684 |
| &nbsp;&nbsp;&nbsp; Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62608 |
| &nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27168 |
| &nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7368 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31498 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 235904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 235904 |
| &nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8726 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 203767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 203767 |
| &nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24214 |
| &nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52761 |
| &nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8490 |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765 |
| &nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9343 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40635 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13582 |
| &nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4541 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14108 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 402350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 402350 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70191 |
| &nbsp;&nbsp;&nbsp; Multiline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17441 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 367767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 367793 |
| &nbsp;&nbsp;&nbsp; Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2639 |
| &nbsp;&nbsp;&nbsp; Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22661 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 162382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 162382 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1931 |
| &nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8228 |
| &nbsp;&nbsp;&nbsp; Road & Rail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53396 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40863 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53801 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99656 |
| &nbsp;&nbsp;&nbsp; Thrifts & Mortgage Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21547 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50789 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28473 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 3645621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp; 3645655 |
| Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Auto Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10748 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6666 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2072 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7231 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36771 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6722 |
| &nbsp;&nbsp;&nbsp; Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7861 | &nbsp;&nbsp;&nbsp;&nbsp; 11192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19053 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4576 |

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------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(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; Health Care Providers & Services | $— | $20574 | $— | $20574 |
| &nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7734 |
| &nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3518 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3326 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14284 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17977 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26151 |
| &nbsp;&nbsp;&nbsp; Personal Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26414 |
| &nbsp;&nbsp;&nbsp; Road & Rail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16113 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3290 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4570 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48083 |
| &nbsp;&nbsp;&nbsp; Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274276 | &nbsp;&nbsp;&nbsp;&nbsp; 11597 | &nbsp;&nbsp;&nbsp;&nbsp; 285873 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14892 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3602 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5030 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; 217389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 217389 |
| **Total Investments in Securities** | $280334 | $3940160 | $113966 | $4334460 |

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

(a) 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:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2022**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**November 30,** <br>**2022**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $42398 | $21031 | $(33468) | $— | $— | $(27084) | $42618 | $— | $45495 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4280 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 28969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29036 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (169) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; 14193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp; (2698) | &nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11597 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 14718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14892 |
| &nbsp;&nbsp;&nbsp; Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (211) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3602 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2517 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5030 |
| **Total** | $110448 | $20993 | $(33149) | $217 | $1026 | $(28187) | $42618 | $— | $113966 |

---

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

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

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

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2022, which were valued using significant unobservable inputs (level 3) amounted to $(44,641).

Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the period ended November 30, 2022.

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

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at** <br>**November 30, 2022**<br>| **Valuation Technique(s)** | **Unobservable Input** | &nbsp;&nbsp; **Range (Weighted** <br>**Average) (a)**<br>|
|  | $18 | Terms of Exchange Offer / Restructuring | Expected Recovery | $0.00 ($0.00) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 0(b) | Market Comparable Companies | EBITDA Multiple (c) | 5.0x (5.0x) |
|  |  |  | Liquidity Discount | 30.00% (30.00%) |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 417 | Terms of Restructuring | Liquidation Preference | 71.43x (71.43x) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | Market Comparable Companies | EBITDA Multiple (c) | 5.0x (5.0x) |
|  |  |  | Liquidity Discount | 30.00% (30.00%) |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 421 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 405 | Terms of Restructuring | Expected Recovery | 10.90% (10.90%) |
| &nbsp;&nbsp;&nbsp; Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; 405 |  |  |  |
|  | &nbsp;&nbsp; 4280 | Terms of Restructuring | Liquidation Preference | 71.43x (71.43x) |
| &nbsp;&nbsp;&nbsp; Convertible Bonds | &nbsp;&nbsp; 4280 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | Terms of Restructuring | Expected Recovery | 0.01 ($0.01) |
| &nbsp;&nbsp;&nbsp; Corporate Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | $5132 |  |  |  |

---

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

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2022, the value of these investments was $108,834. 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.

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

**B. Investment Transactions with Affiliates** — The Fund invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated

------

**JPMorgan High Yield Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

issuers. The Underlying Funds' distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class Institutional Shares, 3.50% <br> (a) (b)<br>| $52250 | $2175902 | $2010763 | $— | $— | $217389 | 217389 | $1573 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of November 30, 2022.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 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 High Yield Fund

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

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

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

- **a. Date of fiscal year-end:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4409339908.64

**Total Liabilities:** $4875380.50

**Net Assets:** $4404464528.14

**Cash Not Reported:** $1796455.61

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 3476.69109000 | **5-Year:** 59672.88366000 | **10-Year:** 9442.79881000 | **30-Year:** 0.00000000

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

- **3-Month:** 1446.73547000 | **1-Year:** 107773.94977000 | **5-Year:** 1225368.38827000 | **10-Year:** 235304.26516000 | **30-Year:** 23373.43557000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009636 | -3.79%               | 2.58%                | 1.83%                |
| Class ID C000033521 | -3.78%               | 2.57%                | 1.99%                |
| Class ID C000009639 | -3.87%               | 2.52%                | 1.77%                |
| Class ID C000192735 | -3.64%               | 2.56%                | 1.82%                |
| Class ID C000009637 | -3.84%               | 2.57%                | 1.82%                |
| Class ID C000070641 | -3.87%               | 2.55%                | 1.79%                |
| Class ID C000192734 | -3.68%               | 2.55%                | 1.80%                |
| Class ID C000009640 | -3.78%               | 2.58%                | 1.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-14435062.96            | $-169394314.14                             |
| Month 2  | $-1098172.40             | $92486581.20                               |
| Month 3  | $-3934478.47             | $60425665.27                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                             | Title                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Liberty Interactive LLC                          | Liberty Interactive LLC                                         | CUSIP: 530715AJ0<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |   1784000 | PA      | $892000.00    | 0.02%             | 2030-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Wynn Las Vegas LLC                               | Wynn Las Vegas LLC                                              | CUSIP: 983130AV7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10504000 | PA      | $10083104.72  | 0.23%             | 2025-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                              | NuStar Logistics LP                                             | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   2880000 | PA      | $2791065.60   | 0.06%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.              | American Axle & Manufacturing, Inc., 1st Lien Term Loan B       | CUSIP: 02406MAP2<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | LON              | CORP              | US        |   1720648 | PA      | $1712577.67   | 0.04%             | 2024-04-06      | Variable      | 6.27%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                         | Energizer Holdings, Inc.                                        | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |  12180000 | PA      | $10361769.60  | 0.24%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Midcontinent Communications                      | Midcontinent Communications                                     | CUSIP: 59565XAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6373000 | PA      | $5860646.87   | 0.13%             | 2027-08-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                       | Garda World Security Corp.                                      | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   7425000 | PA      | $6668318.25   | 0.15%             | 2027-02-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                           | Sonic Automotive, Inc.                                          | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |   4268000 | PA      | $3521100.00   | 0.08%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                              | Owens & Minor, Inc.                                             | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |   3723000 | PA      | $3308518.41   | 0.08%             | 2030-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                   | DISH DBS Corp.                                                  | CUSIP: 25470XAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  45053000 | PA      | $42812063.78  | 0.97%             | 2024-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Hercules Achievement, Inc.                       | Hercules Achievement, Inc., 1st Lien Term Loan                  | CUSIP: 42703UAG0<br>LEI: 549300YOKDS0ZSYJRX81 | Long             | LON              | CORP              | US        |  14478686 | PA      | $13878833.57  | 0.32%             | 2024-12-16      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies BV                          | Sensata Technologies BV                                         | CUSIP: 81725WAL7<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |   2730000 | PA      | $2592502.51   | 0.06%             | 2030-09-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CVR Partners LP                                  | CVR Partners LP                                                 | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4512000 | PA      | $4074020.16   | 0.09%             | 2028-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC         | Encino Acquisition Partners Holdings LLC                        | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |  11130000 | PA      | $10650627.12  | 0.24%             | 2028-05-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| NMG, Inc.                                        | NMG, Inc.                                                       | CUSIP: 62929P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5635 | NS      | $1000212.50   | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Gulfport Energy Operating Corp.                  | Gulfport Energy Operating Corp., Escrow                         | CUSIP: 402ESCAS6<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |   1796000 | PA      | $2245.00      | 0.00%             | 2025-05-15      | Fixed         | 6.38%                 | No            |                  3 | On Loan: No      |
| Genesis Energy LP                                | Genesis Energy LP                                               | CUSIP: 37185LAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5665000 | PA      | $5251021.80   | 0.12%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Envision Healthcare Corp.                        | Envision Healthcare Corp., 1st Lien Term Loan                   | CUSIP: 29373UAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4848628 | PA      | $1454588.42   | 0.03%             | 2027-03-31      | Variable      | 7.99%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                       | Occidental Petroleum Corp.                                      | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   6126000 | PA      | $6215408.97   | 0.14%             | 2031-01-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Nabors Industries Ltd.                           | Nabors Industries Ltd.                                          | CUSIP: 629571AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   2730000 | PA      | $2624212.50   | 0.06%             | 2026-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| DCP Midstream Operating LP                       | DCP Midstream Operating LP                                      | CUSIP: 23311RAA4<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |   5546000 | PA      | $5681549.84   | 0.13%             | 2037-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                          | Bath & Body Works, Inc.                                         | CUSIP: 501797AU8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     97000 | PA      | $101703.98    | 0.00%             | 2025-07-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                      | Allied Universal Holdco LLC                                     | CUSIP: 019576AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2183808.00   | 0.05%             | 2027-07-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| BWX Technologies, Inc.                           | BWX Technologies, Inc.                                          | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   6974000 | PA      | $6206860.00   | 0.14%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                   | JELD-WEN, Inc.                                                  | CUSIP: 475795AE0<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |   3605000 | PA      | $3388700.00   | 0.08%             | 2025-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media, Inc.                              | Nexstar Media, Inc.                                             | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |  22674000 | PA      | $21379768.08  | 0.49%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                     | Trivium Packaging Finance BV                                    | CUSIP: 89686QAA4<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |   2503000 | PA      | $2351994.01   | 0.05%             | 2026-08-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                              | Nmg Research Ltd.                                               | CUSIP: 62929P110<br>LEI: N/A                  | N/A              | DO               |  | GB        |    109543 | NS      | $4838514.31   | 0.11%             |  |  |  | No            |                  3 | On Loan: No      |
| PetSmart, Inc.                                   | PetSmart, Inc.                                                  | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13674000 | PA      | $12492976.62  | 0.28%             | 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        |    180290 | NS      | $14619716.10  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain, Inc.                              | Iron Mountain, Inc.                                             | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   3844000 | PA      | $3495675.94   | 0.08%             | 2028-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Catalent Pharma Solutions, Inc.                  | Catalent Pharma Solutions, Inc.                                 | CUSIP: 14879EAH1<br>LEI: 549300HALRZ339MSTH85 | Long             | DBT              | CORP              | US        |   1654000 | PA      | $1352145.00   | 0.03%             | 2029-02-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   5110000 | PA      | $4714639.30   | 0.11%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  30591000 | PA      | $28121082.66  | 0.64%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia Capital SA                        | Telecom Italia Capital SA                                       | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |   2364000 | PA      | $1941435.00   | 0.04%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chesapeake Energy Corp.                          | Chesapeake Energy Corp.                                         | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |  11909000 | PA      | $11804796.25  | 0.27%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                     | Ardagh Packaging Finance plc                                    | CUSIP: 03969AAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11307000 | PA      | $8551484.10   | 0.19%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Serta Simmons Bedding LLC                        | Serta Simmons Bedding LLC, 1st Lien Term Loan                   | CUSIP: 81753HAG6<br>LEI: 549300M4F4V4WFPNI116 | Long             | LON              | CORP              | US        |  12910713 | PA      | $5935958.55   | 0.13%             | 2023-08-10      | Variable      | 10.79%                | No            |                  2 | On Loan: No      |
| Scripps Escrow II, Inc.                          | Scripps Escrow II, Inc.                                         | CUSIP: 81105DAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2892000 | PA      | $2361202.32   | 0.05%             | 2031-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group, Inc.                     | Performance Food Group, Inc.                                    | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   9483000 | PA      | $8427257.61   | 0.19%             | 2029-08-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.               | United Rentals North America, Inc.                              | CUSIP: 911365BL7<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   6185000 | PA      | $5829362.50   | 0.13%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                     | Tallgrass Energy Partners LP                                    | CUSIP: 87470LAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1615000 | PA      | $1535275.53   | 0.03%             | 2027-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                            | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    704000 | PA      | $728288.00    | 0.02%             | 2030-05-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| EQM Midstream Partners LP                        | EQM Midstream Partners LP                                       | CUSIP: 26885BAB6<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |   1555000 | PA      | $1429394.88   | 0.03%             | 2026-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| APi Group DE, Inc.                               | APi Group DE, Inc.                                              | CUSIP: 00185PAA9<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |   3913000 | PA      | $3358323.92   | 0.08%             | 2029-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Kennedy-Wilson, Inc.                             | Kennedy-Wilson, Inc.                                            | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |   1337000 | PA      | $1085309.75   | 0.02%             | 2029-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NCR Corp.                                        | NCR Corp.                                                       | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   3815000 | PA      | $3319050.00   | 0.08%             | 2028-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                          | CUSIP: 88033GDA5<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  17711000 | PA      | $16672958.29  | 0.38%             | 2027-11-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                              | Hilcorp Energy I LP                                             | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2307000 | PA      | $2116672.50   | 0.05%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397B93<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   9525000 | PA      | $7853934.00   | 0.18%             | 2029-02-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Titan Acquisition Ltd.                           | Titan Acquisition Ltd., 1st Lien Term Loan B                    | CUSIP: C8856UAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4004843 | PA      | $3757664.12   | 0.09%             | 2025-03-28      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| EQM Midstream Partners LP                        | EQM Midstream Partners LP                                       | CUSIP: 26885BAF7<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |   1397000 | PA      | $1369060.00   | 0.03%             | 2025-07-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| SPX Flow, Inc.                                   | SPX Flow, Inc., 1st Lien Term Loan B                            | CUSIP: 78470DAT5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5187500 | PA      | $4850312.50   | 0.11%             | 2029-04-05      | Variable      | 8.69%                 | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                              | Post Holdings, Inc.                                             | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |  11992000 | PA      | $11014232.28  | 0.25%             | 2029-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                    | Asbury Automotive Group, Inc.                                   | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   6248000 | PA      | $5451380.00   | 0.12%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp.                                      | Hertz Corp., Escrow                                             | CUSIP: 428ESCAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  22954000 | PA      | $1951090.00   | 0.04%             | 2026-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| EQM Midstream Partners LP                        | EQM Midstream Partners LP                                       | CUSIP: 26885BAL4<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |   6818000 | PA      | $5739665.53   | 0.13%             | 2031-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| IRB Holding Corp.                                | IRB Holding Corp.                                               | CUSIP: 44988MAC9<br>LEI: 549300HVW4WNWYBXN830 | Long             | DBT              | CORP              | US        |   1810000 | PA      | $1814887.00   | 0.04%             | 2025-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                            | Albertsons Cos., Inc.                                           | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11720000 | PA      | $9763023.70   | 0.22%             | 2029-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                       | Allison Transmission, Inc.                                      | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |  14259000 | PA      | $13478188.42  | 0.31%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Metal Packaging Finance USA LLC           | Ardagh Metal Packaging Finance USA LLC                          | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    311000 | PA      | $303601.31    | 0.01%             | 2027-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   7985000 | PA      | $7276890.20   | 0.17%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| U.S. Renal Care, Inc.                            | U.S. Renal Care, Inc., 1st Lien Term Loan B                     | CUSIP: 90290PAN4<br>LEI: 54930058SS5MF69JGN89 | Long             | LON              | CORP              | US        |  13720609 | PA      | $7623582.20   | 0.17%             | 2026-06-26      | Variable      | 9.12%                 | No            |                  2 | On Loan: No      |
| Central Garden & Pet Co.                         | Central Garden & Pet Co.                                        | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |  11446000 | PA      | $9528795.00   | 0.22%             | 2030-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                     | Royal Caribbean Cruises Ltd.                                    | CUSIP: 780153BR2<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   5307000 | PA      | $5433094.32   | 0.12%             | 2029-01-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Hologic, Inc.                                    | Hologic, Inc.                                                   | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |   3527000 | PA      | $3098857.47   | 0.07%             | 2029-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                       | Allison Transmission, Inc.                                      | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    590000 | PA      | $494071.90    | 0.01%             | 2031-01-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| GCI LLC                                          | GCI LLC                                                         | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |  15567000 | PA      | $13336715.91  | 0.30%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                              | Iron Mountain, Inc.                                             | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   6166000 | PA      | $5162175.20   | 0.12%             | 2031-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                            | Albertsons Cos., Inc.                                           | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4025000 | PA      | $3723487.25   | 0.08%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                    | Asbury Automotive Group, Inc.                                   | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   1685000 | PA      | $1440538.14   | 0.03%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.              | American Axle & Manufacturing, Inc.                             | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |  10133000 | PA      | $9525020.00   | 0.22%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Southwestern Energy Co.                          | Southwestern Energy Co.                                         | CUSIP: 845467AP4<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4153733.80   | 0.09%             | 2028-09-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                     | Ardagh Packaging Finance plc                                    | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19088000 | PA      | $14436254.40  | 0.33%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                       | Occidental Petroleum Corp.                                      | CUSIP: 674599EC5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   4664000 | PA      | $4761944.00   | 0.11%             | 2028-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Telford Offshore Ltd.                            | Telford Offshore Ltd.                                           | CUSIP: N/A<br>LEI: 254900ACC7Q7VVZK7Y27       | Long             | DBT              | CORP              | KY        |   9877744 | PA      | $4938.87      | 0.00%             | 2164-12-31      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                   | Rite Aid Corp.                                                  | CUSIP: 767754CL6<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |  15820000 | PA      | $9843045.80   | 0.22%             | 2026-11-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Hughes Satellite Systems Corp.                   | Hughes Satellite Systems Corp.                                  | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    585000 | PA      | $543854.04    | 0.01%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Summit Materials LLC                             | Summit Materials LLC                                            | CUSIP: 86614RAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1558000 | PA      | $1438267.70   | 0.03%             | 2029-01-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Big River Steel LLC                              | Big River Steel LLC                                             | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8645000 | PA      | $8305358.61   | 0.19%             | 2029-01-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                             | CUSIP: 432833AF8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   4845000 | PA      | $4483563.00   | 0.10%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                        | CUSIP: 91911KAN2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |  49837000 | PA      | $42106782.93  | 0.96%             | 2025-11-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Envision Healthcare Corp.                        | Envision Healthcare Corp.                                       | CUSIP: 29373TAA2<br>LEI: 549300OL60X0LPKY8N60 | Long             | DBT              | CORP              | US        |  10925000 | PA      | $3168250.00   | 0.07%             | 2026-10-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Aramark Services, Inc.                           | Aramark Services, Inc.                                          | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |   9268000 | PA      | $8667155.56   | 0.20%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| McGraw-Hill Education, Inc.                      | McGraw-Hill Education, Inc.                                     | CUSIP: 57767XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5110000 | PA      | $4541512.50   | 0.10%             | 2028-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                           | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    695000 | PA      | $639052.50    | 0.01%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                   | DISH DBS Corp.                                                  | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  25130000 | PA      | $21574105.00  | 0.49%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                   | US Foods, Inc.                                                  | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $931220.40    | 0.02%             | 2029-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                        | CUSIP: 071734AL1<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   8085000 | PA      | $3379641.65   | 0.08%             | 2031-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| VICI Properties LP                               | VICI Properties LP                                              | CUSIP: 92564RAJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  25425000 | PA      | $24637258.50  | 0.56%             | 2027-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                              | Buckeye Partners LP                                             | CUSIP: 118230AT8<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    135000 | PA      | $129631.05    | 0.00%             | 2025-03-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Boyne USA, Inc.                                  | Boyne USA, Inc.                                                 | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5692000 | PA      | $5065424.64   | 0.12%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| News Corp.                                       | News Corp.                                                      | CUSIP: 65249BAB5<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2035074.00   | 0.05%             | 2032-02-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                   | Univision Communications, Inc.                                  | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1091474.63   | 0.02%             | 2027-06-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  29909000 | PA      | $25713454.01  | 0.58%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Vista Outdoor, Inc.                              | Vista Outdoor, Inc.                                             | CUSIP: 928377AC4<br>LEI: 549300QI2D33ESTJLN81 | Long             | DBT              | CORP              | US        |  12339000 | PA      | $9377640.00   | 0.21%             | 2029-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The)                                               | CUSIP: 428040DB2<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   7871000 | PA      | $6246268.18   | 0.14%             | 2029-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Parexel International Corp.                      | Parexel International Corp., 1st Lien Term Loan                 | CUSIP: 71911KAC8<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |   9209720 | PA      | $8844830.89   | 0.20%             | 2028-11-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital SA                        | Telecom Italia Capital SA                                       | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |   2580000 | PA      | $1992508.20   | 0.05%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Parent, Inc.             | Frontier Communications Parent, Inc.                            | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    356539 | NS      | $9188010.03   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health, Inc.                       | Elanco Animal Health, Inc.                                      | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |    485000 | PA      | $447912.05    | 0.01%             | 2028-08-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Corp.                            | Gulfport Energy Corp.                                           | CUSIP: 402635601<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EP               | CORP              | US        |       739 | NS      | $4280479.18   | 0.10%             |  |  |  | No            |                  3 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                            | CUSIP: 18453HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17889000 | PA      | $15417618.73  | 0.35%             | 2027-08-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                  | Live Nation Entertainment, Inc.                                 | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |  13913000 | PA      | $13939337.31  | 0.32%             | 2027-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Thyssenkrupp Elevator                            | Thyssenkrupp Elevator, 1st Lien Term Loan B-1                   | CUSIP: D9000BAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   9784588 | PA      | $9368743.23   | 0.21%             | 2027-07-30      | Variable      | 6.87%                 | No            |                  2 | On Loan: No      |
| Dycom Industries, Inc.                           | Dycom Industries, Inc.                                          | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |   6706000 | PA      | $5759381.04   | 0.13%             | 2029-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC             | Prime Security Services Borrower LLC                            | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4794000 | PA      | $4218096.78   | 0.10%             | 2027-08-31      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Encompass Health Corp.                           | Encompass Health Corp.                                          | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |  25848000 | PA      | $23243954.35  | 0.53%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.              | American Axle & Manufacturing, Inc.                             | CUSIP: 02406PAY6<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   2743000 | PA      | $2597943.71   | 0.06%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Iron Mountain, Inc.                              | Iron Mountain, Inc.                                             | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   5465000 | PA      | $4805223.12   | 0.11%             | 2029-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                        | First Student Bidco, Inc., 1st Lien Term Loan C                 | CUSIP: 33718FAF7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    416688 | PA      | $400020.78    | 0.01%             | 2028-07-21      | Variable      | 7.65%                 | No            |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                       | Edgewell Personal Care Co.                                      | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |   3577000 | PA      | $3106732.13   | 0.07%             | 2029-04-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Lithia Motors, Inc.                              | Lithia Motors, Inc.                                             | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   6335000 | PA      | $5315065.00   | 0.12%             | 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        |  12638000 | PA      | $11405668.62  | 0.26%             | 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        |   3855000 | PA      | $3464796.90   | 0.08%             | 2028-07-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Carpenter Technology Corp.                       | Carpenter Technology Corp.                                      | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |   6581000 | PA      | $6209971.38   | 0.14%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Chesapeake Energy Corp.                          | Chesapeake Energy Corp.                                         | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     82366 | NS      | $8524881.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabre GLBL, Inc.                                 | Sabre GLBL, Inc.                                                | CUSIP: 78573NAF9<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   8330000 | PA      | $7934325.00   | 0.18%             | 2025-09-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                      | CUSIP: 053773BE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1501000 | PA      | $1384997.39   | 0.03%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                     | Scotts Miracle-Gro Co. (The)                                    | CUSIP: 810186AX4<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   6036000 | PA      | $4587360.00   | 0.10%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                            | Ahead DB Holdings LLC                                           | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |   5745000 | PA      | $4693779.90   | 0.11%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Dornoch Debt Merger Sub, Inc.                    | Dornoch Debt Merger Sub, Inc.                                   | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9503000 | PA      | $6323931.76   | 0.14%             | 2029-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                         | Wynn Resorts Finance LLC                                        | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9855000 | PA      | $8565058.95   | 0.19%             | 2029-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                           | CUSIP: 85172FAM1<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    533000 | PA      | $517700.24    | 0.01%             | 2025-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ILFC E-Capital Trust II                          | ILFC E-Capital Trust II                                         | CUSIP: 44965UAA2<br>LEI: N/A                  | Long             | SN               | CORP              | US        |  21298000 | PA      | $14535885.00  | 0.33%             | 2065-12-21      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| Tempur Sealy International, Inc.                 | Tempur Sealy International, Inc.                                | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |   5036000 | PA      | $3909497.16   | 0.09%             | 2031-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Mallinckrodt International Finance SA            | Mallinckrodt International Finance SA                           | CUSIP: 561233AK3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   5503000 | PA      | $2820287.50   | 0.06%             | 2029-06-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| DISH Network Corp.                               | DISH Network Corp.                                              | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |  11845000 | PA      | $12174646.35  | 0.28%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                          | Bath & Body Works, Inc.                                         | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   2199000 | PA      | $1930985.88   | 0.04%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                         | Blue Racer Midstream LLC                                        | CUSIP: 095796AH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4070000 | PA      | $4106975.95   | 0.09%             | 2025-12-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Triton Water Holdings, Inc.                      | Triton Water Holdings, Inc.                                     | CUSIP: 89680EAA7<br>LEI: 5493005IYCEL7QJFZZ63 | Long             | DBT              | CORP              | US        |   9903000 | PA      | $7707356.36   | 0.17%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                     | Antero Midstream Partners LP                                    | CUSIP: 03690EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8938000 | PA      | $9118737.89   | 0.21%             | 2026-05-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| MYT Holding Co.                                  | MYT Holding Co.                                                 | CUSIP: 55406N103<br>LEI: 549300853MX08B1AUK51 | Long             | EC               | CORP              | US        |   5623025 | NS      | $1613808.18   | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                 | Goodyear Tire & Rubber Co. (The)                                | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   3201000 | PA      | $2784870.00   | 0.06%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Entegris Escrow Corp.                            | Entegris Escrow Corp.                                           | CUSIP: 29365BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7184000 | PA      | $6502128.48   | 0.15%             | 2029-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CommScope Technologies LLC                       | CommScope Technologies LLC                                      | CUSIP: 20337YAA5<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |   2223000 | PA      | $2083284.45   | 0.05%             | 2025-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                  | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   6020000 | PA      | $5011650.00   | 0.11%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                | CUSIP: 629377CS9<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   3915000 | PA      | $3147248.93   | 0.07%             | 2032-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| NCR Corp.                                        | NCR Corp.                                                       | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   5232000 | PA      | $4500617.41   | 0.10%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CommScope, Inc.                                  | CommScope, Inc.                                                 | CUSIP: 20338QAD5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |  12521000 | PA      | $12113566.66  | 0.28%             | 2026-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Carpenter Technology Corp.                       | Carpenter Technology Corp.                                      | CUSIP: 144285AM5<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |   1513000 | PA      | $1517614.65   | 0.03%             | 2030-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                              | Buckeye Partners LP                                             | CUSIP: 118230AR2<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   2953000 | PA      | $2610584.89   | 0.06%             | 2027-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Stericycle, Inc.                                 | Stericycle, Inc.                                                | CUSIP: 858912AG3<br>LEI: B8PTJH2P0AXSWSMP2136 | Long             | DBT              | CORP              | US        |   5696000 | PA      | $4955520.00   | 0.11%             | 2029-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund       | JPMorgan U.S. Government Money Market Fund, Class Institutional | CUSIP: 4812C2684<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        | 217388864 | NS      | $217388864.47 | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Mortgage LLC                              | Rocket Mortgage LLC                                             | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3734000 | PA      | $3184205.84   | 0.07%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                       | Occidental Petroleum Corp.                                      | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   4507000 | PA      | $4701860.15   | 0.11%             | 2030-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Embarq Corp.                                     | Embarq Corp.                                                    | CUSIP: 29078EAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11178000 | PA      | $4748749.74   | 0.11%             | 2036-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Cinemark USA, Inc.                               | Cinemark USA, Inc.                                              | CUSIP: 172441BC0<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |   4715000 | PA      | $4809417.88   | 0.11%             | 2025-05-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                       | iHeartCommunications, Inc., 1st Lien Term Loan                  | CUSIP: 45174UAF5<br>LEI: 54930076J6KDZL504O62 | Long             | LON              | CORP              | US        |  12330652 | PA      | $11535818.54  | 0.26%             | 2026-05-01      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                  | CUSIP: 143658BG6<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   2418000 | PA      | $2447257.80   | 0.06%             | 2026-02-01      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                | Genesis Energy LP                                               | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2181000 | PA      | $2081546.40   | 0.05%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                  | Live Nation Entertainment, Inc.                                 | CUSIP: 538034AN9<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   8741000 | PA      | $8286400.17   | 0.19%             | 2026-03-15      | 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        |   3675000 | PA      | $3119303.25   | 0.07%             | 2027-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                  | CUSIP: 12543DBC3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   8310000 | PA      | $7669215.90   | 0.17%             | 2026-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| NESCO Holdings II, Inc.                          | NESCO Holdings II, Inc.                                         | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |   2326000 | PA      | $2046205.46   | 0.05%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                | CUSIP: 629377CE0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   6914000 | PA      | $6620155.00   | 0.15%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                           | Encompass Health Corp.                                          | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3328125.00   | 0.08%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LABL, Inc.                                       | LABL, Inc.                                                      | CUSIP: 50168AAA8<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |    557000 | PA      | $512440.00    | 0.01%             | 2027-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                              | Buckeye Partners LP                                             | CUSIP: 118230AU5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   6011000 | PA      | $5334762.50   | 0.12%             | 2028-03-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                            | CUSIP: 18453H106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2311572 | NS      | $2612076.36   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Arches Buyer, Inc.                               | Arches Buyer, Inc.                                              | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |   1874000 | PA      | $1505927.66   | 0.03%             | 2028-12-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Chord Energy Corp.                               | Chord Energy Corp.                                              | CUSIP: 674215AL2<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   7180000 | PA      | $7018450.00   | 0.16%             | 2026-06-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Gulfport Energy Corp.                            | Gulfport Energy Corp.                                           | CUSIP: 402635AR7<br>LEI: 254900DJRGZBUZ3F5038 | Long             | DBT              | CORP              | US        |   9000770 | PA      | $8971697.51   | 0.20%             | 2026-05-17      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| AmeriGas Partners LP                             | AmeriGas Partners LP                                            | CUSIP: 030981AL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2153000 | PA      | $2053962.00   | 0.05%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc.                                        | CUSIP: 156700BC9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |  23618000 | PA      | $20134345.00  | 0.46%             | 2027-02-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                          | Bath & Body Works, Inc.                                         | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   4158000 | PA      | $3892636.44   | 0.09%             | 2030-10-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Yum! Brands, Inc.                                | Yum! Brands, Inc.                                               | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |   6519000 | PA      | $5435216.25   | 0.12%             | 2031-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CD&R Smokey Buyer, Inc.                          | CD&R Smokey Buyer, Inc.                                         | CUSIP: 12510CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11224000 | PA      | $9947270.00   | 0.23%             | 2025-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                  | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |  10317000 | PA      | $7867744.20   | 0.18%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                     | Scotts Miracle-Gro Co. (The)                                    | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   6252000 | PA      | $5111010.00   | 0.12%             | 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        |   1383000 | PA      | $1197522.00   | 0.03%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Entegris Escrow Corp.                            | Entegris Escrow Corp.                                           | CUSIP: 29365BAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4835000 | PA      | $4516127.25   | 0.10%             | 2030-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                         | Spirit AeroSystems, Inc.                                        | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   4099000 | PA      | $4314197.50   | 0.10%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                          | CUSIP: 88033GDL1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   5248000 | PA      | $4553584.64   | 0.10%             | 2029-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                            | Range Resources Corp.                                           | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |   8468000 | PA      | $7599775.96   | 0.17%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                   | US Foods, Inc.                                                  | CUSIP: 90290MAE1<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   3475000 | PA      | $3083749.75   | 0.07%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Holly Energy Partners LP                         | Holly Energy Partners LP                                        | CUSIP: 435765AH5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5425000 | PA      | $4943054.72   | 0.11%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                              | Medline Borrower LP                                             | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |  15221000 | PA      | $13086406.96  | 0.30%             | 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        |  23493000 | PA      | $19071617.40  | 0.43%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Altice France Holding SA                         | Altice France Holding SA                                        | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   9824000 | PA      | $7760960.00   | 0.18%             | 2027-05-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Intelsat SA                                      | Intelsat SA                                                     | CUSIP: N/A<br>LEI: 549300YV2L21F4K80V46       | Long             | EC               | CORP              | LU        |    747725 | NS      | $19066987.50  | 0.43%             |  |  |  | No            |                  3 | On Loan: No      |
| Endo Luxembourg Finance Co. I Sarl               | Endo Luxembourg Finance Co. I Sarl                              | CUSIP: 29280BAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   3055000 | PA      | $2287675.65   | 0.05%             | 2029-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                            | Albertsons Cos., Inc.                                           | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4360000 | PA      | $3890166.40   | 0.09%             | 2030-02-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                 | Bombardier, Inc.                                                | CUSIP: 097751BM2<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1229000 | PA      | $1230843.50   | 0.03%             | 2025-03-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Precision Drilling Corp.                         | Precision Drilling Corp.                                        | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |   1003000 | PA      | $947684.55    | 0.02%             | 2029-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Chord Energy Corp.                               | Chord Energy Corp.                                              | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     67377 | NS      | $10277013.81  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Altice France Holding SA                         | Altice France Holding SA                                        | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |   3390000 | PA      | $2273301.66   | 0.05%             | 2028-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Gray Television, Inc.                            | Gray Television, Inc.                                           | CUSIP: 389375AJ5<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   5845000 | PA      | $5383975.63   | 0.12%             | 2026-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                  | TransDigm, Inc.                                                 | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   9392000 | PA      | $9346354.88   | 0.21%             | 2026-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Gulfport Energy Corp.                            | Gulfport Energy Corp.                                           | CUSIP: 402635AQ9<br>LEI: 254900DJRGZBUZ3F5038 | Long             | DBT              | CORP              | US        |   4317679 | PA      | $4303732.90   | 0.10%             | 2026-05-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Petco Health & Wellness Co., Inc.                | Petco Health & Wellness Co., Inc., Term Loan B                  | CUSIP: 71601HAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  12479950 | PA      | $12079593.20  | 0.27%             | 2028-03-03      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| DISH Network Corp.                               | DISH Network Corp.                                              | CUSIP: 25470MAB5<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |  18645000 | PA      | $12072637.50  | 0.27%             | 2026-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Gartner, Inc.                                    | Gartner, Inc.                                                   | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |   4830000 | PA      | $4230530.35   | 0.10%             | 2029-06-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                        | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   5466000 | PA      | $2283859.93   | 0.05%             | 2029-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Madison IAQ LLC                                  | Madison IAQ LLC, 1st Lien Term Loan                             | CUSIP: 55759VAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7626462 | PA      | $7230877.89   | 0.16%             | 2028-06-21      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                  | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   3592000 | PA      | $1831920.00   | 0.04%             | 2030-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                           | Cleveland-Cliffs, Inc.                                          | CUSIP: 185899AK7<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   8550000 | PA      | $7481250.00   | 0.17%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                | Genesis Energy LP                                               | CUSIP: 37185LAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1488881.91   | 0.03%             | 2027-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Element Solutions, Inc.                          | Element Solutions, Inc.                                         | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |   7018000 | PA      | $5998003.88   | 0.14%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Nestle Skin Health SA                            | Nestle Skin Health SA, Term Loan B                              | CUSIP: L8908YAE8<br>LEI: 254900CHQOBZNYV4DY60 | Long             | LON              | CORP              | LU        |  25648468 | PA      | $24326032.86  | 0.55%             | 2026-10-01      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                            | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1489708 | PA      | $1189092.37   | 0.03%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CommScope Technologies LLC                       | CommScope Technologies LLC                                      | CUSIP: 20338HAB9<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $762820.00    | 0.02%             | 2027-03-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Kinetik Holdings LP                              | Kinetik Holdings LP                                             | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |   2299000 | PA      | $2160393.29   | 0.05%             | 2030-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                  | Citigroup, Inc., Series T                                       | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   9565000 | PA      | $9256050.50   | 0.21%             | 2026-08-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Trinseo Materials Operating SCA                  | Trinseo Materials Operating SCA                                 | CUSIP: 89668QAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   4814000 | PA      | $3062907.50   | 0.07%             | 2029-04-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                      | CUSIP: 053773BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5690000 | PA      | $4998665.00   | 0.11%             | 2028-04-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC             | Prime Security Services Borrower LLC                            | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5698000 | PA      | $5641020.00   | 0.13%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Liberty Interactive LLC                          | Liberty Interactive LLC                                         | CUSIP: 530715AL5<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |   4448000 | PA      | $1490080.00   | 0.03%             | 2030-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.           | Mauser Packaging Solutions Holding Co.                          | CUSIP: 12429TAE4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |  10339000 | PA      | $9434337.50   | 0.21%             | 2025-04-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                      | Acadia Healthcare Co., Inc.                                     | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |  11080000 | PA      | $10417136.01  | 0.24%             | 2028-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                     | Antero Midstream Partners LP                                    | CUSIP: 03690AAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5065000 | PA      | $4836611.00   | 0.11%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                       | Lamb Weston Holdings, Inc.                                      | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |   7875000 | PA      | $6964492.50   | 0.16%             | 2030-01-31      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   4599000 | PA      | $4213833.75   | 0.10%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                             | CUSIP: 432833AH4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   1937000 | PA      | $1898802.36   | 0.04%             | 2028-05-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                 | Altice France SA                                                | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |  11282000 | PA      | $8891457.02   | 0.20%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                    | Novelis Corp.                                                   | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   4382000 | PA      | $3896028.62   | 0.09%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                          | Bath & Body Works, Inc.                                         | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    331000 | PA      | $299555.00    | 0.01%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP                      | Targa Resources Partners LP                                     | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7082000 | PA      | $6450427.24   | 0.15%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Gap, Inc. (The)                                  | Gap, Inc. (The)                                                 | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |   1519000 | PA      | $1146845.00   | 0.03%             | 2031-10-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Jazz Securities DAC                              | Jazz Securities DAC                                             | CUSIP: 47216FAA5<br>LEI: 6354009DV8VV7K6KOO02 | Long             | DBT              | CORP              | IE        |   1781000 | PA      | $1616293.12   | 0.04%             | 2029-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Claire's Stores, Inc.                            | Claire's Stores, Inc.                                           | CUSIP: N/A<br>LEI: 549300N5HNYXI6JY7625       | Long             | EC               | CORP              | US        |     16704 | NS      | $5428800.00   | 0.12%             |  |  |  | No            |                  3 | On Loan: No      |
| UPC Holding BV                                   | UPC Holding BV                                                  | CUSIP: 90320LAG2<br>LEI: 213800G1DU7LKI6ZCD69 | Long             | DBT              | CORP              | NL        |   1890000 | PA      | $1682100.00   | 0.04%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PetSmart, Inc.                                   | PetSmart, Inc.                                                  | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5981000 | PA      | $5532425.00   | 0.13%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.               | Nationstar Mortgage Holdings, Inc.                              | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5902000 | PA      | $4601226.53   | 0.10%             | 2030-12-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                          | GFL Environmental, Inc.                                         | CUSIP: 36168QAP9<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |   3940000 | PA      | $3380914.00   | 0.08%             | 2029-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| WMG Acquisition Corp.                            | WMG Acquisition Corp.                                           | CUSIP: 92933BAT1<br>LEI: 549300NAS11NXI33CP80 | Long             | DBT              | CORP              | US        |   5640000 | PA      | $4864500.00   | 0.11%             | 2029-12-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                            | Range Resources Corp.                                           | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |   8057000 | PA      | $8405626.39   | 0.19%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AHP Health Partners, Inc.                        | AHP Health Partners, Inc.                                       | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |   4800000 | PA      | $3762000.00   | 0.09%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                       | CUSIP: 552953CE9<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   1226000 | PA      | $1197256.31   | 0.03%             | 2025-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Intelsat Jackson Holdings SA                     | Intelsat Jackson Holdings SA                                    | CUSIP: 45824TBC8<br>LEI: 8XJ8KF85PBKK1TLMFN29 | Long             | DBT              | CORP              | LU        |  49314000 | PA      | $45368880.00  | 1.03%             | 2030-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Terex Corp.                                      | Terex Corp.                                                     | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |   7660000 | PA      | $6926095.40   | 0.16%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Synaptics, Inc.                                  | Synaptics, Inc.                                                 | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $2832908.63   | 0.06%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397ZJ5<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   3125000 | PA      | $3006265.31   | 0.07%             | 2025-06-09      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| EnLink Midstream LLC                             | EnLink Midstream LLC                                            | CUSIP: 29336TAD2<br>LEI: 54930000GY1H533OBE23 | Long             | DBT              | CORP              | US        |   2276000 | PA      | $2311551.12   | 0.05%             | 2030-09-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                         | Wynn Resorts Finance LLC                                        | CUSIP: 983133AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2705000 | PA      | $2710734.60   | 0.06%             | 2025-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corp.                            | Bank of America Corp., Series AA                                | CUSIP: 060505EN0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  12177000 | PA      | $11874036.24  | 0.27%             | 2025-03-17      | Variable      | 6.10%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                           | Encompass Health Corp.                                          | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |     40000 | PA      | $34521.00     | 0.00%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Imola Merger Corp.                               | Imola Merger Corp.                                              | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19887000 | PA      | $17749147.50  | 0.40%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| DT Midstream, Inc.                               | DT Midstream, Inc.                                              | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2372000 | PA      | $2046348.12   | 0.05%             | 2031-06-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Global Medical Response, Inc.                    | Global Medical Response, Inc.                                   | CUSIP: 37960BAA3<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |  12075000 | PA      | $9087403.50   | 0.21%             | 2025-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ams-OSRAM AG                                     | ams-OSRAM AG                                                    | CUSIP: 03217CAA4<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |   4910000 | PA      | $4512024.32   | 0.10%             | 2025-07-31      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Mileage Plus Holdings LLC                        | Mileage Plus Holdings LLC                                       | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5688885 | PA      | $5660383.69   | 0.13%             | 2027-06-20      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.             | Owens-Brockway Glass Container, Inc.                            | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   4495000 | PA      | $4324313.61   | 0.10%             | 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        |   4416000 | PA      | $3995199.36   | 0.09%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DexKo Global, Inc.                               | DexKo Global, Inc., 1st Lien Term Loan B                        | CUSIP: 25213YAU9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10014471 | PA      | $9035255.62   | 0.21%             | 2028-10-04      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| Virgin Media Secured Finance plc                 | Virgin Media Secured Finance plc                                | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |  12677000 | PA      | $10586951.38  | 0.24%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Mallinckrodt International Finance SA            | Mallinckrodt International Finance SA                           | CUSIP: 561233AM9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |  16955000 | PA      | $14606562.95  | 0.33%             | 2028-12-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   4695000 | PA      | $4327170.23   | 0.10%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio, Inc.                            | Sirius XM Radio, Inc.                                           | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   6376000 | PA      | $5635236.32   | 0.13%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Coherent Corp.                                   | Coherent Corp.                                                  | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |   7596000 | PA      | $6703470.00   | 0.15%             | 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        |   3782000 | PA      | $3167425.00   | 0.07%             | 2029-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                       | Dana, Inc.                                                      | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |  10210000 | PA      | $9355621.28   | 0.21%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                            | WR Grace Holdings LLC                                           | CUSIP: 92943GAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2283000 | PA      | $1882196.52   | 0.04%             | 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        |   4155000 | PA      | $3760233.45   | 0.09%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PGT Innovations, Inc.                            | PGT Innovations, Inc.                                           | CUSIP: 69336VAB7<br>LEI: 549300LRW9WM59C1S579 | Long             | DBT              | CORP              | US        |   3908000 | PA      | $3291630.24   | 0.07%             | 2029-10-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                       | Builders FirstSource, Inc.                                      | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   5512000 | PA      | $5092357.11   | 0.12%             | 2032-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7715000 | PA      | $6451668.75   | 0.15%             | 2032-02-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                     | Scotts Miracle-Gro Co. (The)                                    | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   5788000 | PA      | $4452599.01   | 0.10%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Vail Resorts, Inc.                               | Vail Resorts, Inc.                                              | CUSIP: 91879QAL3<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |  12128000 | PA      | $12115384.21  | 0.28%             | 2025-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| International Game Technology plc                | International Game Technology plc                               | CUSIP: 460599AC7<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    730000 | PA      | $733754.03    | 0.02%             | 2025-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Vistra Corp.                                     | Vistra Corp.                                                    | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   6765000 | PA      | $6050776.20   | 0.14%             | 2026-12-15      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Uber Technologies, Inc.                          | Uber Technologies, Inc.                                         | CUSIP: 90353TAE0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   5408000 | PA      | $5436121.60   | 0.12%             | 2027-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| DaVita, Inc.                                     | DaVita, Inc.                                                    | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |  18416000 | PA      | $13535760.00  | 0.31%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Yum! Brands, Inc.                                | Yum! Brands, Inc.                                               | CUSIP: 988498AP6<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |   4603000 | PA      | $4073655.00   | 0.09%             | 2032-01-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Exela Intermediate LLC                           | Exela Intermediate LLC, 1st Lien Term Loan B                    | CUSIP: 30162EAD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4911950 | PA      | $3325783.44   | 0.08%             | 2023-07-12      | Variable      | 8.81%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                          | CUSIP: 88033GCY4<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  36201000 | PA      | $34354024.98  | 0.78%             | 2026-01-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Coinbase Global, Inc.                            | Coinbase Global, Inc.                                           | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |   1352000 | PA      | $790216.96    | 0.02%             | 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        |   8000000 | PA      | $7833120.00   | 0.18%             | 2026-01-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                        | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   8054000 | PA      | $3353949.77   | 0.08%             | 2030-01-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FGI Operating Co. LLC                            | FGI Operating Co. LLC, 1st Lien Term Loan                       | CUSIP: 30252KAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3719076 | PA      | $405379.28    | 0.01%             | 2023-05-16      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| New Albertsons LP                                | New Albertsons LP                                               | CUSIP: 013104AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3130000 | PA      | $3156063.92   | 0.07%             | 2029-08-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Performance Food Group, Inc.                     | Performance Food Group, Inc.                                    | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   8368000 | PA      | $8075120.00   | 0.18%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CommScope, Inc.                                  | CommScope, Inc.                                                 | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |  11915000 | PA      | $10227895.58  | 0.23%             | 2027-03-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7625000 | PA      | $5939875.00   | 0.13%             | 2034-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                      | IQVIA, Inc.                                                     | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   4061000 | PA      | $3877886.38   | 0.09%             | 2027-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The)                                               | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   9928000 | PA      | $8612256.65   | 0.20%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                               | Chemours Co. (The)                                              | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   6570000 | PA      | $5288850.00   | 0.12%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Photo Holdings Merger Sub, Inc.                  | Photo Holdings Merger Sub, Inc.                                 | CUSIP: 719245AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15180000 | PA      | $9343214.71   | 0.21%             | 2026-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| TriMas Corp.                                     | TriMas Corp.                                                    | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |   5856000 | PA      | $4992240.00   | 0.11%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                   | Univision Communications, Inc.                                  | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   6223000 | PA      | $6210678.46   | 0.14%             | 2030-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Mattel, Inc.                                     | Mattel, Inc.                                                    | CUSIP: 577081BD3<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4204712.00   | 0.10%             | 2027-12-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Co.                         | Central Garden & Pet Co.                                        | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |    775000 | PA      | $639878.75    | 0.01%             | 2031-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio, Inc.                            | Sirius XM Radio, Inc.                                           | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   1872000 | PA      | $1579631.04   | 0.04%             | 2030-07-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Targa Resources Partners LP                      | Targa Resources Partners LP                                     | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2557521.00   | 0.06%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avient Corp.                                     | Avient Corp.                                                    | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |   1689000 | PA      | $1648970.70   | 0.04%             | 2030-08-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                | CUSIP: 629377CQ3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   2514000 | PA      | $2088767.66   | 0.05%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| CNX Midstream Partners LP                        | CNX Midstream Partners LP                                       | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1540000 | PA      | $1284349.93   | 0.03%             | 2030-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Realogy Group LLC                                | Realogy Group LLC                                               | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9718000 | PA      | $7142730.00   | 0.16%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                              | Baytex Energy Corp.                                             | CUSIP: 07317QAH8<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |   9164000 | PA      | $9447809.08   | 0.21%             | 2027-04-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                 | Bombardier, Inc.                                                | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1676000 | PA      | $1648748.24   | 0.04%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Avantor Funding, Inc.                            | Avantor Funding, Inc.                                           | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   9791000 | PA      | $9007720.00   | 0.20%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| iHeartMedia, Inc.                                | iHeartMedia, Inc., Class A                                      | CUSIP: 45174J509<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    273140 | NS      | $2196045.60   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The), Escrow                                       | CUSIP: 428ESCAB3<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   6563000 | PA      | $196890.00    | 0.00%             | 2024-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Revlon Consumer Products Corp.                   | Revlon Consumer Products Corp., Term Loan B                     | CUSIP: 761520AY1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7785105 | PA      | $2088042.98   | 0.05%             | 2023-09-07      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Marriott Ownership Resorts, Inc.                 | Marriott Ownership Resorts, Inc.                                | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   8221000 | PA      | $6926044.11   | 0.16%             | 2029-06-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NCR Corp.                                        | NCR Corp.                                                       | CUSIP: 62886EAU2<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |  10740000 | PA      | $10444650.00  | 0.24%             | 2027-09-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                       | CUSIP: 552953CD1<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |  13333000 | PA      | $12300453.81  | 0.28%             | 2026-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                               | VICI Properties LP                                              | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16880000 | PA      | $15701450.55  | 0.36%             | 2026-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                              | Station Casinos LLC                                             | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |  15332000 | PA      | $13523282.89  | 0.31%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Syneos Health, Inc.                              | Syneos Health, Inc.                                             | CUSIP: 87166BAA0<br>LEI: 549300F1ZGKDS8P6GU13 | Long             | DBT              | CORP              | US        |   5744000 | PA      | $4541321.28   | 0.10%             | 2029-01-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Nabors Industries, Inc.                          | Nabors Industries, Inc.                                         | CUSIP: 62957HAF2<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   7020000 | PA      | $6739200.00   | 0.15%             | 2025-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Dana, Inc.                                       | Dana, Inc.                                                      | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |   3588000 | PA      | $3300960.00   | 0.07%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                              | NuStar Logistics LP                                             | CUSIP: 67059TAG0<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    897000 | PA      | $872332.50    | 0.02%             | 2025-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                      | Caesars Entertainment, Inc.                                     | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   6583000 | PA      | $6608015.40   | 0.15%             | 2027-07-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                   | Entegris, Inc.                                                  | CUSIP: 29362UAD6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |   3766000 | PA      | $3125780.00   | 0.07%             | 2029-05-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                      | INEOS Quattro Finance 2 plc                                     | CUSIP: 45674GAA2<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |   1500000 | PA      | $1333620.00   | 0.03%             | 2026-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Altice Financing SA                              | Altice Financing SA                                             | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |   6723000 | PA      | $5497800.48   | 0.12%             | 2029-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                  | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   4175000 | PA      | $3483369.50   | 0.08%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                      | Allied Universal Holdco LLC                                     | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4973000 | PA      | $4183536.25   | 0.09%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Goodman Networks, Inc.                           | Goodman Networks, Inc.                                          | CUSIP: 38239H105<br>LEI: 549300UMUT10TOBP5N08 | Long             | EC               | CORP              | US        |    300491 | NS      | $0.30         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Grifols Escrow Issuer SA                         | Grifols Escrow Issuer SA                                        | CUSIP: 39843UAA0<br>LEI: 959800HLB3PGTGSLVV62 | Long             | DBT              | CORP              | ES        |   3155000 | PA      | $2651398.90   | 0.06%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Interface, Inc.                                  | Interface, Inc.                                                 | CUSIP: 458665AS5<br>LEI: 549300VXZWQOIDFPU355 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $5650812.58   | 0.13%             | 2028-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                             | Archrock Partners LP                                            | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3862000 | PA      | $3736485.00   | 0.08%             | 2027-04-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc.                                        | CUSIP: 156700BB1<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |  17275000 | PA      | $14770125.00  | 0.34%             | 2026-12-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Directv Financing LLC                            | Directv Financing LLC                                           | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10274000 | PA      | $9427216.92   | 0.21%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| White Cap Buyer LLC                              | White Cap Buyer LLC                                             | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4530000 | PA      | $3904672.05   | 0.09%             | 2028-10-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                 | Goodyear Tire & Rubber Co. (The)                                | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   1753000 | PA      | $1501724.98   | 0.03%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIWD Holdco II LLC                               | MIWD Holdco II LLC                                              | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5642000 | PA      | $4626440.00   | 0.11%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                              | Windstream Holdings, Inc.                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DO               |  | US        |     13711 | NS      | $191954.00    | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                       | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2733530.14   | 0.06%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                          | American Airlines, Inc.                                         | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13522677 | PA      | $13114538.27  | 0.30%             | 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        |   4338000 | PA      | $4251240.00   | 0.10%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                          | Uber Technologies, Inc.                                         | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   5965000 | PA      | $5192681.63   | 0.12%             | 2029-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Gray Escrow II, Inc.                             | Gray Escrow II, Inc.                                            | CUSIP: 389286AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3882000 | PA      | $2961849.54   | 0.07%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| NMG Holding Co., Inc.                            | NMG Holding Co., Inc.                                           | CUSIP: 62929RAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16865000 | PA      | $16240320.40  | 0.37%             | 2026-04-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                          | GFL Environmental, Inc.                                         | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |   4877000 | PA      | $4184002.69   | 0.09%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Macy's Retail Holdings LLC                       | Macy's Retail Holdings LLC                                      | CUSIP: 55617LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1200325.00   | 0.03%             | 2030-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                              | Post Holdings, Inc.                                             | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   9881000 | PA      | $8669095.35   | 0.20%             | 2030-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                 | Clarivate Science Holdings Corp.                                | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4702000 | PA      | $4026087.50   | 0.09%             | 2029-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Goodman Networks, Inc.                           | Goodman Networks, Inc.                                          | CUSIP: 38239H204<br>LEI: 549300UMUT10TOBP5N08 | Long             | EP               | CORP              | US        |    357514 | NS      | $3575.14      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397YT4<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  12917000 | PA      | $11571048.60  | 0.26%             | 2027-11-02      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                     | Royal Caribbean Cruises Ltd.                                    | CUSIP: 780153BL5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |  10188000 | PA      | $10468170.00  | 0.24%             | 2027-08-15      | Fixed         | 11.62%                | Yes           |                  2 | On Loan: No      |
| Avantor Funding, Inc.                            | Avantor Funding, Inc.                                           | CUSIP: 05352TAB5<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    938000 | PA      | $804335.00    | 0.02%             | 2029-11-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.               | Nationstar Mortgage Holdings, Inc.                              | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4768000 | PA      | $3998333.28   | 0.09%             | 2028-08-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                          | SS&C Technologies, Inc.                                         | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |  13853000 | PA      | $13240234.16  | 0.30%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods LLC                                  | Moran Foods LLC, 1st Lien Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1813747 | PA      | $1457037.39   | 0.03%             | 2038-12-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Bausch Health Americas, Inc.                     | Bausch Health Americas, Inc.                                    | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |   4545000 | PA      | $2182125.22   | 0.05%             | 2027-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| News Corp.                                       | News Corp.                                                      | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |   6356000 | PA      | $5648895.00   | 0.13%             | 2029-05-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Solenis International LP                         | Solenis International LP, 1st Lien Term Loan B                  | CUSIP: 68163YAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2169712 | PA      | $2072075.35   | 0.05%             | 2028-11-09      | Variable      | 7.44%                 | No            |                  2 | On Loan: No      |
| Gannett Holdings LLC                             | Gannett Holdings LLC                                            | CUSIP: 36474GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3128000 | PA      | $2486787.37   | 0.06%             | 2026-11-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Pactiv Evergreen Group Issuer, Inc.              | Pactiv Evergreen Group Issuer, Inc.                             | CUSIP: 76174LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6457000 | PA      | $5674895.88   | 0.13%             | 2027-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                    | SM Energy Co.                                                   | CUSIP: 78454LAW0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   1862000 | PA      | $1820868.42   | 0.04%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397B51<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4176880.50   | 0.09%             | 2028-02-16      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Herc Holdings, Inc.                              | Herc Holdings, Inc.                                             | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   3400000 | PA      | $3213782.00   | 0.07%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Gap, Inc. (The)                                  | Gap, Inc. (The)                                                 | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |   3627000 | PA      | $2786424.62   | 0.06%             | 2029-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                              | Owens & Minor, Inc.                                             | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |  10359000 | PA      | $8500491.81   | 0.19%             | 2029-03-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Par Pharmaceutical, Inc.                         | Par Pharmaceutical, Inc.                                        | CUSIP: 69888XAA7<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |   5402000 | PA      | $4065005.00   | 0.09%             | 2027-04-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                             | CUSIP: 432833AJ0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   1247000 | PA      | $1106600.27   | 0.03%             | 2029-05-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                    | Staples, Inc.                                                   | CUSIP: 855030AN2<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |  24652000 | PA      | $21992912.02  | 0.50%             | 2026-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                    | Six Flags Entertainment Corp.                                   | CUSIP: 83001AAB8<br>LEI: 549300JYTDUAA4JQ3717 | Long             | DBT              | CORP              | US        |   9492000 | PA      | $9226556.22   | 0.21%             | 2024-07-31      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                | Clarios Global LP                                               | CUSIP: 18060TAA3<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |  14316000 | PA      | $14306871.69  | 0.32%             | 2025-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| APi Group DE, Inc.                               | APi Group DE, Inc.                                              | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |   4934000 | PA      | $4100746.08   | 0.09%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                              | Rocket Mortgage LLC                                             | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4696000 | PA      | $3780280.00   | 0.09%             | 2029-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| California Resources Corp.                       | California Resources Corp.                                      | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |   8424000 | PA      | $8192340.00   | 0.19%             | 2026-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| ADT Security Corp. (The)                         | ADT Security Corp. (The)                                        | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |   7049000 | PA      | $6152437.69   | 0.14%             | 2029-08-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| ESC Co.                                          | ESC Co., Escrow                                                 | CUSIP: 458ESCAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8659000 | PA      | $865.90       | 0.00%             | 2025-07-15      | Fixed         | 9.75%                 | No            |                  3 | On Loan: No      |
| Axalta Coating Systems LLC                       | Axalta Coating Systems LLC                                      | CUSIP: 05454NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10023000 | PA      | $9189756.14   | 0.21%             | 2027-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Scripps Escrow, Inc.                             | Scripps Escrow, Inc.                                            | CUSIP: 81104PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1054650.00   | 0.02%             | 2027-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Booz Allen Hamilton, Inc.                        | Booz Allen Hamilton, Inc.                                       | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |   4788000 | PA      | $4315137.12   | 0.10%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.           | Mauser Packaging Solutions Holding Co.                          | CUSIP: 12429TAD6<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   5182000 | PA      | $5111117.49   | 0.12%             | 2024-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                         | Energizer Holdings, Inc.                                        | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |  14251000 | PA      | $12426016.94  | 0.28%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Cabinetworks                                     | Cabinetworks, 1st Lien Term Loan B                              | CUSIP: 00488YAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10683104 | PA      | $7733819.60   | 0.18%             | 2028-05-17      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| ADT Security Corp. (The)                         | ADT Security Corp. (The)                                        | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |  10447000 | PA      | $9038848.87   | 0.21%             | 2032-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Wabash National Corp.                            | Wabash National Corp.                                           | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |   5435000 | PA      | $4595720.56   | 0.10%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Intelsat Jackson Holdings SA                     | Intelsat Jackson Holdings SA                                    | CUSIP: N/A<br>LEI: 8XJ8KF85PBKK1TLMFN29       | Long             |  | CORP              | LU        |     78305 | NS      | $783.05       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   4903000 | PA      | $4147202.55   | 0.09%             | 2030-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                          | RHP Hotel Properties LP                                         | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4888000 | PA      | $4274934.62   | 0.10%             | 2029-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Presidio Holdings, Inc.                          | Presidio Holdings, Inc.                                         | CUSIP: 74101XAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4790000 | PA      | $4470171.70   | 0.10%             | 2027-02-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Spectrum Brands, Inc.                            | Spectrum Brands, Inc.                                           | CUSIP: 84762LAW5<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |  13219000 | PA      | $11320487.22  | 0.26%             | 2030-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CNX Resources Corp.                              | CNX Resources Corp.                                             | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |   2964000 | PA      | $2801661.72   | 0.06%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Conduent Business Services LLC                   | Conduent Business Services LLC                                  | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9830000 | PA      | $8060600.00   | 0.18%             | 2029-11-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                       | CUSIP: 552953CG4<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   1930000 | PA      | $1920794.87   | 0.04%             | 2025-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NMG, Inc.                                        | NMG, Inc.                                                       | CUSIP: 62929P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83132 | NS      | $14755930.00  | 0.34%             |  |  |  | No            |                  3 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                     | Royal Caribbean Cruises Ltd.                                    | CUSIP: 780153BB7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    500000 | PA      | $523750.00    | 0.01%             | 2023-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                      | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6381000 | PA      | $5901844.33   | 0.13%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                        | ATI, Inc.                                                       | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |   7169000 | PA      | $6681723.07   | 0.15%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Gray Television, Inc.                            | Gray Television, Inc.                                           | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   7173000 | PA      | $6591413.16   | 0.15%             | 2027-05-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Pure Fishing, Inc.                               | Pure Fishing, Inc., 1st Lien Term Loan                          | CUSIP: 78471PAB6<br>LEI: 549300U8UI4Y1KEUGM58 | Long             | LON              | CORP              | US        |  19929186 | PA      | $13537696.90  | 0.31%             | 2025-12-22      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                          | RHP Hotel Properties LP                                         | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18271000 | PA      | $16689599.27  | 0.38%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                     | Tallgrass Energy Partners LP                                    | CUSIP: 87470LAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7682000 | PA      | $6846582.50   | 0.16%             | 2031-09-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.              | American Axle & Manufacturing, Inc.                             | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   6773000 | PA      | $6522399.00   | 0.15%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Tempur Sealy International, Inc.                 | Tempur Sealy International, Inc.                                | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |   9812000 | PA      | $8134865.16   | 0.18%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   5193000 | PA      | $4648475.00   | 0.11%             | 2028-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Griffon Corp.                                    | Griffon Corp.                                                   | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |  14430000 | PA      | $13422064.50  | 0.30%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Archrock Partners LP                             | Archrock Partners LP                                            | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3270000 | PA      | $3032925.00   | 0.07%             | 2028-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                | Clarios Global LP                                               | CUSIP: 69867DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     74000 | PA      | $73306.62     | 0.00%             | 2026-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                     | Trivium Packaging Finance BV                                    | CUSIP: 89686QAB2<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |   4012000 | PA      | $3756132.13   | 0.09%             | 2027-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Alcoa Nederland Holding BV                       | Alcoa Nederland Holding BV                                      | CUSIP: 013822AE1<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |   6842000 | PA      | $6558672.78   | 0.15%             | 2027-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                       | iHeartCommunications, Inc.                                      | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |  17091913 | PA      | $15211802.57  | 0.35%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| DT Midstream, Inc.                               | DT Midstream, Inc.                                              | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6001000 | PA      | $5287481.10   | 0.12%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Wesco Aircraft Holdings, Inc.                    | Wesco Aircraft Holdings, Inc.                                   | CUSIP: 97789LAB2<br>LEI: 529900P5VTXZS191P208 | Long             | DBT              | CORP              | US        |  18116000 | PA      | $11503660.00  | 0.26%             | 2026-11-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Antero Resources Corp.                           | Antero Resources Corp.                                          | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |   3522000 | PA      | $3593642.20   | 0.08%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Triton Water Holdings, Inc.                      | Triton Water Holdings, Inc., 1st Lien Term Loan B               | CUSIP: 89678QAB2<br>LEI: 5493005IYCEL7QJFZZ63 | Long             | LON              | CORP              | US        |   7245139 | PA      | $6665528.20   | 0.15%             | 2028-03-31      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| PrimeSource                                      | PrimeSource, 1st Lien Term Loan B                               | CUSIP: 70082HAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   5617081 | PA      | $4865796.75   | 0.11%             | 2027-12-28      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| Endo Dac                                         | Endo Dac                                                        | CUSIP: 29273DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7096000 | PA      | $993440.00    | 0.02%             | 2027-07-31      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| DirectV Financing LLC                            | DirectV Financing LLC, 1st Lien Term Loan                       | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  12658100 | PA      | $12105700.52  | 0.27%             | 2027-08-02      | Variable      | 9.07%                 | No            |                  2 | On Loan: No      |
| Coty, Inc.                                       | Coty, Inc.                                                      | CUSIP: 222070AE4<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |   5209000 | PA      | $4994076.66   | 0.11%             | 2026-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Endo Dac                                         | Endo Dac                                                        | CUSIP: 29273DAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5067000 | PA      | $4010915.49   | 0.09%             | 2024-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Black Knight InfoServ LLC                        | Black Knight InfoServ LLC                                       | CUSIP: 092174AA9<br>LEI: 549300H5PS5C68DAUX66 | Long             | DBT              | CORP              | US        |   6626000 | PA      | $5959225.62   | 0.14%             | 2028-09-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Sprint Capital Corp.                             | Sprint Capital Corp.                                            | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |  34678000 | PA      | $41462750.70  | 0.94%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                             | NOVA Chemicals Corp.                                            | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |   3907000 | PA      | $3257461.25   | 0.07%             | 2029-05-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                        | First Student Bidco, Inc., 1st Lien Term Loan B                 | CUSIP: 33718FAD2<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |   7730479 | PA      | $7254590.80   | 0.16%             | 2028-07-21      | Variable      | 6.64%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                        | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   8865000 | PA      | $5430699.00   | 0.12%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                        | First Student Bidco, Inc., Term Loan B                          | CUSIP: 33718FAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6000312 | PA      | $5760299.22   | 0.13%             | 2028-07-21      | Variable      | 7.65%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc., Series G                              | CUSIP: 156686AM9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |   3893000 | PA      | $3129115.54   | 0.07%             | 2028-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                   | DISH DBS Corp.                                                  | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4162000 | PA      | $3375590.10   | 0.08%             | 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        |  11443000 | PA      | $10298471.14  | 0.23%             | 2028-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Arconic Corp.                                    | Arconic Corp.                                                   | CUSIP: 03966VAB3<br>LEI: 549300B4YFWH3U74B152 | Long             | DBT              | CORP              | US        |   2530000 | PA      | $2491874.01   | 0.06%             | 2025-05-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| EnLink Midstream Partners LP                     | EnLink Midstream Partners LP                                    | CUSIP: 29336UAE7<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |    639000 | PA      | $609701.85    | 0.01%             | 2025-06-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                          | Level 3 Financing, Inc.                                         | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   4291000 | PA      | $3168474.40   | 0.07%             | 2029-01-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11650000 | PA      | $10572025.50  | 0.24%             | 2029-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397XU2<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   9952000 | PA      | $9465645.76   | 0.21%             | 2026-01-08      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                  | Citigroup, Inc., Series P                                       | CUSIP: 172967JM4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   2725000 | PA      | $2540502.08   | 0.06%             | 2025-05-15      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| EQM Midstream Partners LP                        | EQM Midstream Partners LP                                       | CUSIP: 26885BAN0<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |   2783000 | PA      | $2807309.51   | 0.06%             | 2030-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                           | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   2569000 | PA      | $2105658.37   | 0.05%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Corp.                            | Gulfport Energy Corp.                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |        72 | NS      | $417042.63    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| PG&E Corp.                                       | PG&E Corp.                                                      | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |   6570000 | PA      | $6061547.70   | 0.14%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cinemark USA, Inc.                               | Cinemark USA, Inc.                                              | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |   3370000 | PA      | $2691787.50   | 0.06%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| United Airlines, Inc.                            | United Airlines, Inc.                                           | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |   5331000 | PA      | $4963295.34   | 0.11%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| NGL Energy Operating LLC                         | NGL Energy Operating LLC                                        | CUSIP: 62922LAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2821000 | PA      | $2547974.59   | 0.06%             | 2026-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4245000 | PA      | $3576412.50   | 0.08%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp.                                      | Hertz Corp., Escrow                                             | CUSIP: 428ESCAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  20858000 | PA      | $1772930.00   | 0.04%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                         | WESCO Distribution, Inc.                                        | CUSIP: 95081QAN4<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   7280000 | PA      | $7371000.00   | 0.17%             | 2025-06-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397ZW6<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  19438000 | PA      | $18292907.42  | 0.42%             | 2026-08-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Venator Finance SARL                             | Venator Finance SARL                                            | CUSIP: 9226ALAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6750000 | PA      | $4944375.00   | 0.11%             | 2025-07-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                     | Antero Midstream Partners LP                                    | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7589000 | PA      | $7171605.00   | 0.16%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Gray Television, Inc.                            | Gray Television, Inc.                                           | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1176000 | PA      | $870110.64    | 0.02%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Audacy Capital Corp.                             | Audacy Capital Corp.                                            | CUSIP: 29365DAA7<br>LEI: 549300S5JUSXRHNCHD80 | Long             | DBT              | CORP              | US        |   9553000 | PA      | $2433149.10   | 0.06%             | 2027-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                              | Rocket Mortgage LLC                                             | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    660000 | PA      | $485100.00    | 0.01%             | 2033-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SRS Distribution, Inc.                           | SRS Distribution, Inc.                                          | CUSIP: 78471RAC0<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |   3971000 | PA      | $3293620.74   | 0.07%             | 2029-07-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                   | Entegris, Inc.                                                  | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |   7124000 | PA      | $6295410.69   | 0.14%             | 2028-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc.                                        | CUSIP: 156700BD7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |   3185000 | PA      | $2156722.75   | 0.05%             | 2029-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| RP Escrow Issuer LLC                             | RP Escrow Issuer LLC                                            | CUSIP: 74969PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3946000 | PA      | $3304123.91   | 0.08%             | 2025-12-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                 | Cooper-Standard Automotive, Inc.                                | CUSIP: 216762AF1<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |  30427000 | PA      | $12721754.47  | 0.29%             | 2026-11-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| LABL, Inc.                                       | LABL, Inc.                                                      | CUSIP: 50168AAB6<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |  13420000 | PA      | $12816100.00  | 0.29%             | 2026-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Targa Resources Partners LP                      | Targa Resources Partners LP                                     | CUSIP: 87612BBQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1778346.00   | 0.04%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies BV                          | Sensata Technologies BV                                         | CUSIP: 81725WAK9<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |  14859000 | PA      | $12933004.50  | 0.29%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                          | CUSIP: 88033GCX6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |  14685000 | PA      | $14067495.75  | 0.32%             | 2027-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  53374000 | PA      | $50517957.26  | 1.15%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                        | ATI, Inc.                                                       | CUSIP: 01741RAL6<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |   3082000 | PA      | $2627186.21   | 0.06%             | 2029-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                            | WR Grace Holdings LLC                                           | CUSIP: 92943GAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6314000 | PA      | $5657028.30   | 0.13%             | 2027-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Chesapeake Energy Corp.                          | Chesapeake Energy Corp.                                         | CUSIP: 165167DF1<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   3229000 | PA      | $3115796.94   | 0.07%             | 2026-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                               | Chemours Co. (The)                                              | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |  10067000 | PA      | $8841493.76   | 0.20%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                   | DISH DBS Corp.                                                  | CUSIP: 25470XAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  42592000 | PA      | $42267236.00  | 0.96%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                      | Allied Universal Holdco LLC                                     | CUSIP: 019579AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3287000 | PA      | $2787754.01   | 0.06%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Vistra Corp.                                     | Vistra Corp.                                                    | CUSIP: N/A<br>LEI: 549300KP43CPCUJOOG15       | Long             |  | CORP              | US        |   2823534 | NS      | $3600005.85   | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| Superior Plus LP                                 | Superior Plus LP                                                | CUSIP: 86828LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   2992000 | PA      | $2555020.46   | 0.06%             | 2029-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                      | CUSIP: 053773BF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10967000 | PA      | $9655887.58   | 0.22%             | 2029-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                  | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |  11204000 | PA      | $8331126.34   | 0.19%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   7510000 | PA      | $5723535.02   | 0.13%             | 2031-11-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| VICI Properties, Inc.                            | VICI Properties, Inc.                                           | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    392814 | NS      | $13434238.80  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Radio, Inc.                            | Sirius XM Radio, Inc.                                           | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |  11700000 | PA      | $10918908.00  | 0.25%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                         | Comstock Resources, Inc.                                        | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |  12053000 | PA      | $11771562.45  | 0.27%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                        | First Student Bidco, Inc., 1st Lien Term Loan C                 | CUSIP: 33718FAB6<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |   2875096 | PA      | $2698104.87   | 0.06%             | 2028-07-21      | Variable      | 6.64%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                    | Netflix, Inc.                                                   | CUSIP: 64110LAV8<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1416817.55   | 0.03%             | 2030-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Emergent BioSolutions, Inc.                      | Emergent BioSolutions, Inc.                                     | CUSIP: 29089QAC9<br>LEI: 549300YW6TUOX8BE5103 | Long             | DBT              | CORP              | US        |   7800000 | PA      | $3510000.00   | 0.08%             | 2028-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| SRS Distribution, Inc.                           | SRS Distribution, Inc.                                          | CUSIP: 78471RAD8<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |   7925000 | PA      | $6491639.64   | 0.15%             | 2029-12-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AMC Entertainment Holdings, Inc.                 | AMC Entertainment Holdings, Inc.                                | CUSIP: 00165CAP9<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |   5824517 | PA      | $2176680.25   | 0.05%             | 2026-06-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Arches Buyer, Inc.                               | Arches Buyer, Inc.                                              | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |   4638000 | PA      | $3815450.70   | 0.09%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                       | CUSIP: 552953CC3<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   3802000 | PA      | $3802182.50   | 0.09%             | 2023-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.               | Nationstar Mortgage Holdings, Inc.                              | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6875000 | PA      | $5497388.19   | 0.12%             | 2031-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.            | Global Infrastructure Solutions, Inc.                           | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |   4780000 | PA      | $3728703.20   | 0.08%             | 2032-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Coinbase Global, Inc.                            | Coinbase Global, Inc.                                           | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |   1714000 | PA      | $925560.00    | 0.02%             | 2031-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Kaiser Aluminum Corp.                            | Kaiser Aluminum Corp.                                           | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3360000 | PA      | $2837083.20   | 0.06%             | 2031-06-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                   | Univision Communications, Inc.                                  | CUSIP: 914906AV4<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   2153000 | PA      | $1832741.25   | 0.04%             | 2029-05-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Americas, Inc.                     | Bausch Health Americas, Inc.                                    | CUSIP: 91911XAV6<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |  33524000 | PA      | $21738419.56  | 0.49%             | 2026-04-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Intelsat Jackson Holdings SA                     | Intelsat Jackson Holdings SA                                    | CUSIP: N/A<br>LEI: 8XJ8KF85PBKK1TLMFN29       | Long             |  | CORP              | LU        |     78305 | NS      | $783.05       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                            | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8185000 | PA      | $7788191.20   | 0.18%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Telford Offshore Holdings Ltd.                   | Telford Offshore Holdings Ltd.                                  | CUSIP: N/A<br>LEI: 254900MJ1ONJOBEVV564       | Long             | EC               | CORP              | KY        |    367689 | NS      | $0.37         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Altice France SA                                 | Altice France SA, 1st Lien Term Loan B-13                       | CUSIP: F6628DAM6<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |   6977444 | PA      | $6721580.70   | 0.15%             | 2026-08-14      | Variable      | 8.65%                 | No            |                  2 | On Loan: No      |
| Standard Industries, Inc.                        | Standard Industries, Inc.                                       | CUSIP: 853496AH0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   2693000 | PA      | $2064560.44   | 0.05%             | 2031-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                        | Sunoco LP                                                       | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9288000 | PA      | $8058361.68   | 0.18%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                              | Post Holdings, Inc.                                             | CUSIP: 737446AN4<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    545000 | PA      | $519946.35    | 0.01%             | 2028-01-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ESC Co.                                          | ESC Co., Escrow                                                 | CUSIP: 458ESCAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  40649000 | PA      | $4064.90      | 0.00%             | 2024-10-15      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| Crestwood Midstream Partners LP                  | Crestwood Midstream Partners LP                                 | CUSIP: 67421QAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9361000 | PA      | $9431207.50   | 0.21%             | 2029-04-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                    | SM Energy Co.                                                   | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   2970000 | PA      | $2910600.00   | 0.07%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                              | Hilcorp Energy I LP                                             | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2773000 | PA      | $2549859.66   | 0.06%             | 2030-04-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media, Inc.                              | Nexstar Media, Inc.                                             | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |  11866000 | PA      | $10559790.72  | 0.24%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Masonite International Corp.                     | Masonite International Corp.                                    | CUSIP: 575385AD1<br>LEI: 549300H0H07ZFT4JYM32 | Long             | DBT              | CORP              | CA        |   2179000 | PA      | $1974492.13   | 0.04%             | 2028-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   3429000 | PA      | $2670882.39   | 0.06%             | 2028-04-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Videotron Ltd.                                   | Videotron Ltd.                                                  | CUSIP: 92660FAK0<br>LEI: 549300LW4GNJRBECSD81 | Long             | DBT              | CORP              | CA        |  13098000 | PA      | $12521688.00  | 0.28%             | 2027-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                      | Allied Universal Holdco LLC                                     | CUSIP: 019576AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1874000 | PA      | $1780300.00   | 0.04%             | 2026-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Antero Resources Corp.                           | Antero Resources Corp.                                          | CUSIP: 03674XAN6<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |   4943000 | PA      | $5199830.77   | 0.12%             | 2026-07-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Howmet Aerospace, Inc.                           | Howmet Aerospace, Inc.                                          | CUSIP: 022249AU0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |   5937000 | PA      | $6055740.00   | 0.14%             | 2028-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                   | Rite Aid Corp.                                                  | CUSIP: 767754CK8<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |   9639000 | PA      | $7241728.55   | 0.16%             | 2025-07-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                            | CUSIP: 18453HAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8627000 | PA      | $6405547.50   | 0.15%             | 2029-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Glatfelter Corp.                                 | Glatfelter Corp.                                                | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   4045000 | PA      | $2639362.50   | 0.06%             | 2029-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                          | CUSIP: 88033GDP2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   6155000 | PA      | $5832354.90   | 0.13%             | 2030-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Madison IAQ LLC                                  | Madison IAQ LLC                                                 | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |   2946000 | PA      | $2547671.34   | 0.06%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| LABL, Inc.                                       | LABL, Inc., 1st Lien Term Loan B                                | CUSIP: 50168EAN2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   8175364 | PA      | $7752943.23   | 0.18%             | 2028-10-29      | Variable      | 9.07%                 | No            |                  2 | On Loan: No      |
| Claire's Stores, Inc.                            | Claire's Stores, Inc., 1st Lien Term Loan B                     | CUSIP: 17958DAL1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  13105382 | PA      | $11663789.56  | 0.26%             | 2026-12-18      | Variable      | 10.57%                | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                              | NuStar Logistics LP                                             | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   7714000 | PA      | $7253951.62   | 0.16%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Arconic Corp.                                    | Arconic Corp.                                                   | CUSIP: 03966VAA5<br>LEI: 549300B4YFWH3U74B152 | Long             | DBT              | CORP              | US        |  13034000 | PA      | $12238274.30  | 0.28%             | 2028-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| VICI Properties LP                               | VICI Properties LP                                              | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8080000 | PA      | $7288725.60   | 0.17%             | 2027-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| EQM Midstream Partners LP                        | EQM Midstream Partners LP                                       | CUSIP: 26885BAK6<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |   6533000 | PA      | $5741853.70   | 0.13%             | 2029-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                       | iHeartCommunications, Inc.                                      | CUSIP: 45174HBC0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   5070539 | PA      | $4795754.63   | 0.11%             | 2026-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc.                | CUSIP: 024747AF4<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |   4145000 | PA      | $3751266.45   | 0.09%             | 2028-01-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Spectrum Brands, Inc.                            | Spectrum Brands, Inc.                                           | CUSIP: 84762LAV7<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |   4384000 | PA      | $3743453.76   | 0.08%             | 2029-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                       | Garda World Security Corp.                                      | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |   7370000 | PA      | $5969700.00   | 0.14%             | 2029-06-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                    | Staples, Inc.                                                   | CUSIP: 855030AP7<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |  14544000 | PA      | $10633263.84  | 0.24%             | 2027-04-15      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Southwestern Energy Co.                          | Southwestern Energy Co.                                         | CUSIP: 845467AT6<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |    913000 | PA      | $798217.07    | 0.02%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.              | American Axle & Manufacturing, Inc.                             | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |   6255000 | PA      | $5442830.72   | 0.12%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mallinckrodt plc                                 | Mallinckrodt plc                                                | CUSIP: N/A<br>LEI: 549300LMDE3RUP8Z3L60       | Long             | EC               | CORP              | IE        |    193348 | NS      | $2092992.10   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties LP                               | VICI Properties LP                                              | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4491000 | PA      | $4075013.40   | 0.09%             | 2029-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                      | IQVIA, Inc.                                                     | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   5037000 | PA      | $4848112.50   | 0.11%             | 2026-10-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                       | Pike Corp.                                                      | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |   7639000 | PA      | $6824224.26   | 0.15%             | 2028-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| United States Cellular Corp.                     | United States Cellular Corp.                                    | CUSIP: 911684AD0<br>LEI: 549300B164AZXESI6E03 | Long             | DBT              | CORP              | US        |   4343000 | PA      | $3799126.11   | 0.09%             | 2033-12-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                           | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   1377000 | PA      | $1034117.84   | 0.02%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rockcliff Energy II LLC                          | Rockcliff Energy II LLC                                         | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |   2851000 | PA      | $2615792.50   | 0.06%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ACI Worldwide, Inc.                              | ACI Worldwide, Inc.                                             | CUSIP: 004498AB7<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | DBT              | CORP              | US        |   3540000 | PA      | $3380700.00   | 0.08%             | 2026-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Stagwell Global LLC                              | Stagwell Global LLC                                             | CUSIP: 59565JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6861000 | PA      | $5883307.50   | 0.13%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Graham Packaging Co., Inc.                       | Graham Packaging Co., Inc.                                      | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |   3888000 | PA      | $3286979.20   | 0.07%             | 2028-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Dun & Bradstreet Corp. (The)                     | Dun & Bradstreet Corp. (The)                                    | CUSIP: 26483EAL4<br>LEI: RI37BMPWE56BCJ747E14 | Long             | DBT              | CORP              | US        |   2244000 | PA      | $1930625.40   | 0.04%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Summer (BC) Holdco B SARL                        | Summer (BC) Holdco B SARL, 1st Lien Term Loan B                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   2732400 | PA      | $2509545.45   | 0.06%             | 2026-12-04      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                      | Caesars Entertainment, Inc.                                     | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   3810000 | PA      | $3765432.45   | 0.09%             | 2025-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| SRS Distribution, Inc.                           | SRS Distribution, Inc.                                          | CUSIP: 78471RAB2<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |   6079000 | PA      | $5432802.30   | 0.12%             | 2028-07-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Gartner, Inc.                                    | Gartner, Inc.                                                   | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |   1316000 | PA      | $1238908.72   | 0.03%             | 2028-07-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Graham Packaging Co., Inc.                       | Graham Packaging Co., Inc., 1st Lien Term Loan                  | CUSIP: 38469EAD5<br>LEI: 549300YS0ZFT826HIK72 | Long             | LON              | CORP              | US        |  13108469 | PA      | $12797142.90  | 0.29%             | 2027-08-04      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                             | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   1126000 | PA      | $1106295.00   | 0.03%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                       | Builders FirstSource, Inc.                                      | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   7954000 | PA      | $6447992.74   | 0.15%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc.                                        | CUSIP: 550241AA1<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |   6750000 | PA      | $4767187.50   | 0.11%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Sprint LLC                                       | Sprint LLC                                                      | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |  13554000 | PA      | $14255175.53  | 0.32%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                    | Netflix, Inc.                                                   | CUSIP: 64110LAU0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |   4242000 | PA      | $4163561.18   | 0.09%             | 2029-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                   | JELD-WEN, Inc.                                                  | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |  16106000 | PA      | $12616312.98  | 0.29%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| VistaJet Malta Finance plc                       | VistaJet Malta Finance plc                                      | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5702000 | PA      | $4675640.00   | 0.11%             | 2030-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| 180 Medical, Inc.                                | 180 Medical, Inc.                                               | CUSIP: 682357AA6<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |   1918000 | PA      | $1630123.22   | 0.04%             | 2029-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Diamond Sports Group LLC                         | Diamond Sports Group LLC                                        | CUSIP: 25277LAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8271000 | PA      | $1344318.47   | 0.03%             | 2026-08-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Madison IAQ LLC                                  | Madison IAQ LLC                                                 | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |  10936000 | PA      | $8089687.28   | 0.18%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Southwestern Energy Co.                          | Southwestern Energy Co.                                         | CUSIP: 845467AS8<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |   6281000 | PA      | $5905396.20   | 0.13%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Brooks Automation                                | Brooks Automation, 1st Lien Term Loan B                         | CUSIP: 02090CAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3491250 | PA      | $3290503.13   | 0.07%             | 2029-02-01      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| EQM Midstream Partners LP                        | EQM Midstream Partners LP                                       | CUSIP: 26885BAH3<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |   5090000 | PA      | $4937300.00   | 0.11%             | 2027-07-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Radiology Partners, Inc.                         | Radiology Partners, Inc.                                        | CUSIP: 75041VAA2<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |   6010000 | PA      | $3608986.07   | 0.08%             | 2028-02-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                     | Royal Caribbean Cruises Ltd.                                    | CUSIP: 780153AZ5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   6261000 | PA      | $6714922.50   | 0.15%             | 2025-06-01      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                     | Tallgrass Energy Partners LP                                    | CUSIP: 87470LAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13989000 | PA      | $14163862.50  | 0.32%             | 2025-10-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                         | Energizer Holdings, Inc.                                        | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   3445000 | PA      | $3262281.95   | 0.07%             | 2027-12-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| EnLink Midstream Partners LP                     | EnLink Midstream Partners LP, Series C                          | CUSIP: 29336UAH0<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |   7226000 | PA      | $5961450.00   | 0.14%             | 2023-01-12      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CoreCivic, Inc.                                  | CoreCivic, Inc.                                                 | CUSIP: 21871NAB7<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |   9068000 | PA      | $9263402.16   | 0.21%             | 2026-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                     | DaVita, Inc.                                                    | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |  10100000 | PA      | $8175748.00   | 0.19%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| ACCO Brands Corp.                                | ACCO Brands Corp.                                               | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |  12145000 | PA      | $10146054.45  | 0.23%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                            | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1846000 | PA      | $1550879.98   | 0.04%             | 2029-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| EP Energy Corp.                                  | EP Energy Corp.                                                 | CUSIP: 268785201<br>LEI: 549300Z6HPQS1H5IYQ07 | Long             | EC               | CORP              | US        |    295999 | NS      | $2071993.00   | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| Catalent Pharma Solutions, Inc.                  | Catalent Pharma Solutions, Inc.                                 | CUSIP: 14879EAE8<br>LEI: 549300HALRZ339MSTH85 | Long             | DBT              | CORP              | US        |   5474000 | PA      | $5215353.50   | 0.12%             | 2027-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Comstock Resources, Inc.                         | Comstock Resources, Inc.                                        | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   3801000 | PA      | $3502051.35   | 0.08%             | 2030-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                       | Edgewell Personal Care Co.                                      | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |   8640000 | PA      | $8141291.60   | 0.18%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Bway Holding Co.                                 | Bway Holding Co., 1st Lien Term Loan                            | CUSIP: 05604XAP1<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |  16733352 | PA      | $16220977.01  | 0.37%             | 2024-04-03      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| CNX Resources Corp.                              | CNX Resources Corp.                                             | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |   3105000 | PA      | $3106676.70   | 0.07%             | 2031-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CommScope, Inc.                                  | CommScope, Inc.                                                 | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |  13099000 | PA      | $11031453.84  | 0.25%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| EQM Midstream Partners LP                        | EQM Midstream Partners LP                                       | CUSIP: 26885BAM2<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |   3930000 | PA      | $3971697.30   | 0.09%             | 2027-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BWX Technologies, Inc.                           | BWX Technologies, Inc.                                          | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   8074000 | PA      | $7105120.00   | 0.16%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| National CineMedia LLC                           | National CineMedia LLC                                          | CUSIP: 63530QAJ8<br>LEI: 7LJEQIVQVLNGS4X6T547 | Long             | DBT              | CORP              | US        |   6030000 | PA      | $2109193.60   | 0.05%             | 2028-04-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                     | Hess Midstream Operations LP                                    | CUSIP: 428102AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4780000 | PA      | $4698692.20   | 0.11%             | 2026-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| CommScope, Inc.                                  | CommScope, Inc.                                                 | CUSIP: 203372AV9<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |   7779000 | PA      | $6028725.00   | 0.14%             | 2028-07-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly, Inc.                                 | Shutterfly, Inc., 1st Lien Term Loan B                          | CUSIP: 82568QAN4<br>LEI: 549300I1C8WJQ5FZE154 | Long             | LON              | CORP              | US        |   5761800 | PA      | $3518327.94   | 0.08%             | 2026-09-25      | Variable      | 9.07%                 | No            |                  2 | On Loan: No      |
| ATS Corp.                                        | ATS Corp.                                                       | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |   3017000 | PA      | $2586201.79   | 0.06%             | 2028-12-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Transocean Poseidon Ltd.                         | Transocean Poseidon Ltd.                                        | CUSIP: 89383JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  10301375 | PA      | $10018087.19  | 0.23%             | 2027-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                   | DISH DBS Corp.                                                  | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19088000 | PA      | $15988108.80  | 0.36%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC                                   | 1011778 BC ULC                                                  | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |  15856000 | PA      | $13353288.96  | 0.30%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                            | CUSIP: 18453HAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7920000 | PA      | $5900831.88   | 0.13%             | 2028-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                  | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $2930760.00   | 0.07%             | 2031-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Spectrum Brands, Inc.                            | Spectrum Brands, Inc.                                           | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |   1977000 | PA      | $1477807.50   | 0.03%             | 2031-03-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Antero Resources Corp.                           | Antero Resources Corp.                                          | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |   2697000 | PA      | $2526940.67   | 0.06%             | 2030-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Liberty Interactive LLC                          | Liberty Interactive LLC                                         | CUSIP: 530715AG6<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |   2570000 | PA      | $873800.00    | 0.02%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PM General Purchaser LLC                         | PM General Purchaser LLC                                        | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10326000 | PA      | $9058103.09   | 0.21%             | 2028-10-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.               | United Rentals North America, Inc.                              | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   3635000 | PA      | $3486183.10   | 0.08%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Wesco Aircraft Holdings, Inc.                    | Wesco Aircraft Holdings, Inc.                                   | CUSIP: 97789LAA4<br>LEI: 529900P5VTXZS191P208 | Long             | DBT              | CORP              | US        |   4215000 | PA      | $1053750.00   | 0.02%             | 2027-11-15      | Fixed         | 13.12%                | Yes           |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                 | Cooper-Standard Automotive, Inc.                                | CUSIP: 216762AG9<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |  24460000 | PA      | $25588152.19  | 0.58%             | 2024-06-01      | Fixed         | 13.00%                | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                          | GFL Environmental, Inc.                                         | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |   4560000 | PA      | $3993784.80   | 0.09%             | 2029-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Alcoa Nederland Holding BV                       | Alcoa Nederland Holding BV                                      | CUSIP: 013822AC5<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |   4505000 | PA      | $4373314.89   | 0.10%             | 2028-05-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                         | WESCO Distribution, Inc.                                        | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |  10535000 | PA      | $10672481.75  | 0.24%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                        | Vistra Operations Co. LLC                                       | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    449000 | PA      | $401706.27    | 0.01%             | 2029-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                       | Garda World Security Corp.                                      | CUSIP: 36257BAA7<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    605000 | PA      | $559681.82    | 0.01%             | 2027-11-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio, Inc.                            | Sirius XM Radio, Inc.                                           | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |  25670000 | PA      | $23901337.00  | 0.54%             | 2029-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Block, Inc.                                      | Block, Inc.                                                     | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   2282000 | PA      | $1851865.82   | 0.04%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Steel Corp.                        | United States Steel Corp.                                       | CUSIP: 912909AU2<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |   1859000 | PA      | $1813268.60   | 0.04%             | 2029-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                                  | MYT Holding LLC, Series A                                       | CUSIP: 55406N202<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  13477203 | NS      | $17874140.48  | 0.41%             |  |  |  | No            |                  3 | On Loan: No      |
| Cedar Fair LP                                    | Cedar Fair LP                                                   | CUSIP: 150190AF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1055000 | PA      | $1051645.10   | 0.02%             | 2025-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Exela Intermediate LLC                           | Exela Intermediate LLC                                          | CUSIP: 30162RAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3290000 | PA      | $493500.00    | 0.01%             | 2026-07-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                | Clarios Global LP                                               | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7666000 | PA      | $7502000.50   | 0.17%             | 2027-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Coty, Inc.                                       | Coty, Inc.                                                      | CUSIP: 222070AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4025000 | PA      | $3582250.00   | 0.08%             | 2029-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Cheniere Energy, Inc.                            | Cheniere Energy, Inc.                                           | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |   5018000 | PA      | $4631011.84   | 0.11%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                             | NOVA Chemicals Corp.                                            | CUSIP: 66977WAP4<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |   1832000 | PA      | $1724260.08   | 0.04%             | 2025-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                             | NOVA Chemicals Corp.                                            | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |  16291000 | PA      | $14622426.42  | 0.33%             | 2027-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                    | SM Energy Co.                                                   | CUSIP: 78454LAL4<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1211182.44   | 0.03%             | 2025-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                  | Gulfport Energy Operating Corp., Escrow                         | CUSIP: 402ESCAT4<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |   8845000 | PA      | $11056.25     | 0.00%             | 2026-01-15      | Fixed         | 6.38%                 | No            |                  3 | On Loan: No      |
| Novelis Corp.                                    | Novelis Corp.                                                   | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1474000 | PA      | $1208680.00   | 0.03%             | 2031-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                        | CUSIP: 91911KAP7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |  29696000 | PA      | $21381120.00  | 0.49%             | 2025-12-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| New Albertsons LP                                | New Albertsons LP                                               | CUSIP: 01310QDB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1704000 | PA      | $1674180.00   | 0.04%             | 2028-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Hilton Worldwide Finance LLC                     | Hilton Worldwide Finance LLC                                    | CUSIP: 432891AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4672000 | PA      | $4493856.64   | 0.10%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ESC Co.                                          | ESC Co., Escrow                                                 | CUSIP: 458ESCAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  29162000 | PA      | $2916.20      | 0.00%             | 2023-08-01      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| AmeriGas Partners LP                             | AmeriGas Partners LP                                            | CUSIP: 030981AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2897000 | PA      | $2759392.50   | 0.06%             | 2026-08-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                       | Sensata Technologies, Inc.                                      | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |   3762000 | PA      | $3129062.31   | 0.07%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                       | Occidental Petroleum Corp.                                      | CUSIP: 674599EA9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   8988000 | PA      | $10302495.00  | 0.23%             | 2030-07-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Standard Industries, Inc.                        | Standard Industries, Inc.                                       | CUSIP: 853496AD9<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |  17675000 | PA      | $16019117.63  | 0.36%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                         | AthenaHealth Group, Inc.                                        | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   4103000 | PA      | $3072744.91   | 0.07%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   6438000 | PA      | $4384278.00   | 0.10%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods Backstop Equity                      | Moran Foods Backstop Equity                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    615769 | NS      | $1539422.50   | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                           | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   9771000 | PA      | $9466095.95   | 0.21%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Crestwood Midstream Partners LP                  | Crestwood Midstream Partners LP                                 | CUSIP: 226373AP3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9489000 | PA      | $9250598.65   | 0.21%             | 2025-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cedar Fair LP                                    | Cedar Fair LP                                                   | CUSIP: 150190AE6<br>LEI: 549300TUVLNQQ6BVKH61 | Long             | DBT              | CORP              | US        |   4575000 | PA      | $3996615.00   | 0.09%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VZ Secured Financing BV                          | VZ Secured Financing BV                                         | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |   1817000 | PA      | $1503567.50   | 0.03%             | 2032-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ACC Claims Holdings LLC                          | ACC Claims Holdings LLC                                         | CUSIP: 00084K104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7076475 | NS      | $17691.19     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Moran Foods LLC                                  | Moran Foods LLC, 1st Lien Term Loan B                           | CUSIP: 61647DAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  13932507 | PA      | $11192400.79  | 0.25%             | 2024-04-01      | Variable      | 10.67%                | No            |                  3 | On Loan: No      |
| New Albertsons LP                                | New Albertsons LP                                               | CUSIP: 013104AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2278000 | PA      | $2349187.50   | 0.05%             | 2026-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                     | Royal Caribbean Cruises Ltd.                                    | CUSIP: 780153BS0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   5292000 | PA      | $5371909.20   | 0.12%             | 2029-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| VICI Properties LP                               | VICI Properties LP                                              | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6328000 | PA      | $5554263.61   | 0.13%             | 2029-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Envision Healthcare Corp.                        | Envision Healthcare Corp., 1st Lien Term Loan                   | CUSIP: 29373UAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  11872257 | PA      | $2651431.05   | 0.06%             | 2027-03-31      | Variable      | 7.49%                 | No            |                  2 | On Loan: No      |
| Endo Dac                                         | Endo Dac                                                        | CUSIP: 29273DAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4621000 | PA      | $222362.52    | 0.01%             | 2028-06-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods LLC                                  | Moran Foods LLC, Tranche A 2nd Lien Term Loan                   | CUSIP: 61647DAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  11040644 | PA      | $6403573.77   | 0.15%             | 2024-10-01      | Variable      | 14.42%                | No            |                  2 | On Loan: No      |
| Axalta Coating Systems LLC                       | Axalta Coating Systems LLC                                      | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |   6987000 | PA      | $5719173.92   | 0.13%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.               | United Rentals North America, Inc.                              | CUSIP: 911363AM1<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   2868000 | PA      | $2467369.08   | 0.06%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                      | Adient Global Holdings Ltd.                                     | CUSIP: 00687YAA3<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |   8974000 | PA      | $8376421.34   | 0.19%             | 2026-08-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                    | Calpine Corp.                                                   | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   2094000 | PA      | $1807967.77   | 0.04%             | 2029-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397A60<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  10310000 | PA      | $9983294.66   | 0.23%             | 2025-06-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DISH Network Corp.                               | DISH Network Corp.                                              | CUSIP: 25470MAF6<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   7845000 | PA      | $5302435.50   | 0.12%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                  | Gulfport Energy Operating Corp., Escrow                         | CUSIP: 402ESCAQ0<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |  10250000 | PA      | $12812.50     | 0.00%             | 2024-10-15      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| Wesco Aircraft Holdings, Inc.                    | Wesco Aircraft Holdings, Inc.                                   | CUSIP: 97789LAC0<br>LEI: 529900P5VTXZS191P208 | Long             | DBT              | CORP              | US        |   4050000 | PA      | $2004750.00   | 0.05%             | 2024-11-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Trinseo Materials Operating SCA                  | Trinseo Materials Operating SCA                                 | CUSIP: 89668QAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |  15594000 | PA      | $12494692.50  | 0.28%             | 2025-09-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                       | iHeartCommunications, Inc.                                      | CUSIP: 45174HBE6<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   8720000 | PA      | $7765770.40   | 0.18%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                          | Level 3 Financing, Inc.                                         | CUSIP: 527298BN2<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   5809000 | PA      | $4894082.50   | 0.11%             | 2027-09-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                     | Barclays plc                                                    | CUSIP: 06738EBA2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   6252000 | PA      | $6001920.00   | 0.14%             | 2023-09-15      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                              | Medline Borrower LP                                             | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   6749000 | PA      | $5500435.00   | 0.12%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Genesys Telecom Holdings US, Inc.                | Genesys Telecom Holdings US, Inc., 1st Lien Term Loan B         | CUSIP: 39479UAQ6<br>LEI: 549300CVRD4OUCPHWQ42 | Long             | LON              | CORP              | US        |   4714675 | PA      | $4570311.85   | 0.10%             | 2027-12-01      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| Standard Industries, Inc.                        | Standard Industries, Inc.                                       | CUSIP: 853496AC1<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   4875000 | PA      | $4486274.52   | 0.10%             | 2027-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                    | Six Flags Entertainment Corp.                                   | CUSIP: 83001AAC6<br>LEI: 549300JYTDUAA4JQ3717 | Long             | DBT              | CORP              | US        |  10104000 | PA      | $9123305.76   | 0.21%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                        | ATI, Inc.                                                       | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |   2310000 | PA      | $1950836.90   | 0.04%             | 2031-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MasTec, Inc.                                     | MasTec, Inc.                                                    | CUSIP: 576323AP4<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |  13701000 | PA      | $12369828.24  | 0.28%             | 2028-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                          | American Airlines, Inc.                                         | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15140625 | PA      | $14095156.97  | 0.32%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                            | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15000000 | PA      | $13350000.00  | 0.30%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Barclays plc                                     | Barclays plc                                                    | CUSIP: 06738EBG9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   5787000 | PA      | $5569987.50   | 0.13%             | 2024-06-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                            | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1466000 | PA      | $1199598.48   | 0.03%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Sprint LLC                                       | Sprint LLC                                                      | CUSIP: 85207UAJ4<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |   9533000 | PA      | $9874510.19   | 0.22%             | 2025-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Calpine Corp.                                    | Calpine Corp.                                                   | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    730000 | PA      | $631075.29    | 0.01%             | 2031-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                             | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   1126000 | PA      | $1116260.10   | 0.03%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                  | Live Nation Entertainment, Inc.                                 | CUSIP: 538034AK5<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   6720000 | PA      | $6614966.40   | 0.15%             | 2024-11-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CDW LLC                                          | CDW LLC                                                         | CUSIP: 12513GBD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5750000 | PA      | $5194837.50   | 0.12%             | 2028-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Claire's Stores, Inc.                            | Claire's Stores, Inc.                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     12905 | NS      | $29036250.00  | 0.66%             |  |  |  | No            |                  3 | On Loan: No      |
| Altice France SA                                 | Altice France SA                                                | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   4859000 | PA      | $3896626.46   | 0.09%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands, Inc.                            | Prestige Brands, Inc.                                           | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |   3010000 | PA      | $2836925.00   | 0.06%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.            | Global Infrastructure Solutions, Inc.                           | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |   6383000 | PA      | $4946825.00   | 0.11%             | 2029-06-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                          | Level 3 Financing, Inc.                                         | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   8275000 | PA      | $6479236.29   | 0.15%             | 2028-07-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| ON Semiconductor Corp.                           | ON Semiconductor Corp.                                          | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |  14750000 | PA      | $13078677.50  | 0.30%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                    | Organon & Co.                                                   | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6766000 | PA      | $6004216.06   | 0.14%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                        | CUSIP: 071734AM9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |  10285000 | PA      | $4331939.15   | 0.10%             | 2029-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NCR Corp.                                        | NCR Corp.                                                       | CUSIP: 62886EAV0<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |   8610000 | PA      | $8351700.00   | 0.19%             | 2029-09-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| HCA, Inc.                                        | HCA, Inc.                                                       | CUSIP: 404121AH8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |  11206000 | PA      | $11155277.39  | 0.25%             | 2026-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                    | Centene Corp.                                                   | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |  29318000 | PA      | $27260902.53  | 0.62%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Brink's Co. (The)                                | Brink's Co. (The)                                               | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |  16239000 | PA      | $14931513.18  | 0.34%             | 2027-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                 | Goodyear Tire & Rubber Co. (The)                                | CUSIP: 382550BJ9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   5591000 | PA      | $4780305.00   | 0.11%             | 2031-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                       | Occidental Petroleum Corp.                                      | CUSIP: 674599DZ5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   7142000 | PA      | $7784780.00   | 0.18%             | 2027-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Carnival Holdings Bermuda Ltd.                   | Carnival Holdings Bermuda Ltd.                                  | CUSIP: 14366RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3218000 | PA      | $3350581.60   | 0.08%             | 2028-05-01      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                              | Medline Borrower LP, 1st Lien Term Loan B                       | CUSIP: 58503UAC7<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |   4823962 | PA      | $4576058.78   | 0.10%             | 2028-10-23      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397A45<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  13228000 | PA      | $12239736.12  | 0.28%             | 2027-01-09      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| TripAdvisor, Inc.                                | TripAdvisor, Inc.                                               | CUSIP: 896945AA0<br>LEI: 549300XVG45PT5BART17 | Long             | DBT              | CORP              | US        |    775000 | PA      | $765403.07    | 0.02%             | 2025-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                  | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1919000 | PA      | $1362490.00   | 0.03%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                        | CUSIP: 071734AH0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   5505000 | PA      | $2253030.03   | 0.05%             | 2028-01-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                       | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |  12830000 | PA      | $11705707.10  | 0.27%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Summit Midstream Holdings LLC                    | Summit Midstream Holdings LLC                                   | CUSIP: 86614WAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4006000 | PA      | $3844864.66   | 0.09%             | 2026-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                            | Albertsons Cos., Inc.                                           | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470000 | PA      | $449423.40    | 0.01%             | 2028-02-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                     | Hess Midstream Operations LP                                    | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4177000 | PA      | $3571335.00   | 0.08%             | 2030-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                         | Spirit AeroSystems, Inc.                                        | CUSIP: 85205TAL4<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   4371000 | PA      | $4324011.75   | 0.10%             | 2025-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

**Name of Applicant:** JPMorgan Trust II

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer