# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-25-180670
**Filing Date:** 2025-7
**Character Count:** 1641041
**Document Hash:** 0fea0819f80afa103e4f588ddc1ffa5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180670.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180670

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 251154625

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

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

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

## Series and Classes Contracts Data

### JPMorgan Income Fund (Series ID: S000044081)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000136811 | Class A      | JGIAX           |
| C000136812 | Class C      | JGCGX           |
| C000136813 | Class I      | JMSIX           |
| C000136814 | Class R6     | JMSFX           |

## Nport-Ex

**JPMorgan Income Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Mortgage-Backed Securities — 33.4%** | **Mortgage-Backed Securities — 33.4%** | **Mortgage-Backed Securities — 33.4%** |
| &nbsp;&nbsp;&nbsp; FHLMC Gold Pools, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # WN2492, 4.93%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # WN2326, 4.45%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2160 | &nbsp;&nbsp;&nbsp;&nbsp; 2108 |
| &nbsp;&nbsp;&nbsp; FHLMC UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # RJ0003, 6.50%, 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 24036 | &nbsp;&nbsp;&nbsp;&nbsp; 24944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD4320, 6.00%, 11/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 66417 | &nbsp;&nbsp;&nbsp;&nbsp; 67484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD4341, 6.50%, 11/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 16210 | &nbsp;&nbsp;&nbsp;&nbsp; 16796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD5883, 6.50%, 6/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 21008 | &nbsp;&nbsp;&nbsp;&nbsp; 21720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD5979, 6.00%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 39922 | &nbsp;&nbsp;&nbsp;&nbsp; 40490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD6268, 6.50%, 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 18346 | &nbsp;&nbsp;&nbsp;&nbsp; 18985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD6896, 6.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 69045 | &nbsp;&nbsp;&nbsp;&nbsp; 70133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # SD6461, 6.50%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 13664 | &nbsp;&nbsp;&nbsp;&nbsp; 14162 |
| &nbsp;&nbsp;&nbsp; FNMA UMBS, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB7136, 6.50%, 9/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 20876 | &nbsp;&nbsp;&nbsp;&nbsp; 21635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS6942, 6.50%, 12/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 10387 | &nbsp;&nbsp;&nbsp;&nbsp; 10721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB8004, 6.00%, 2/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 12762 | &nbsp;&nbsp;&nbsp;&nbsp; 12983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB8495, 6.00%, 5/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 41142 | &nbsp;&nbsp;&nbsp;&nbsp; 41868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # FS8911, 6.50%, 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 25669 | &nbsp;&nbsp;&nbsp;&nbsp; 26629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CB9153, 6.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 50045 | &nbsp;&nbsp;&nbsp;&nbsp; 50995 |
| &nbsp;&nbsp;&nbsp; FNMA, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS7094, 4.78%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS3390, 1.69%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 11086 | &nbsp;&nbsp;&nbsp;&nbsp; 9478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS3377, 1.72%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2190 | &nbsp;&nbsp;&nbsp;&nbsp; 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BS4294, 1.97%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ1211, 4.99%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 4700 | &nbsp;&nbsp;&nbsp;&nbsp; 4764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BZ3537, 4.97%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 11431 | &nbsp;&nbsp;&nbsp;&nbsp; 11557 |
| &nbsp;&nbsp;&nbsp; GNMA II, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB5978, 6.50%, 4/20/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA9696, 6.50%, 4/20/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BF2605, 5.50%, 5/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # BJ9839, 4.38%, 4/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD9127, 6.50%, 7/20/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8152, 5.00%, 7/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8432, 7.00%, 11/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MA8882, 7.00%, 5/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CW1603, 6.50%, 12/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 989 | &nbsp;&nbsp;&nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA0555, 6.50%, 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2466 | &nbsp;&nbsp;&nbsp;&nbsp; 2541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA1949, 6.50%, 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1664 | &nbsp;&nbsp;&nbsp;&nbsp; 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787307, 6.50%, 3/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4467 | &nbsp;&nbsp;&nbsp;&nbsp; 4603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB1810, 6.50%, 3/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1874 | &nbsp;&nbsp;&nbsp;&nbsp; 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB1811, 6.50%, 3/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 942 | &nbsp;&nbsp;&nbsp;&nbsp; 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB1838, 6.50%, 3/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp;&nbsp; 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB1521, 6.00%, 4/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1012 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB1161, 6.50%, 4/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1364 | &nbsp;&nbsp;&nbsp;&nbsp; 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA0802, 6.50%, 5/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA5191, 6.50%, 5/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp;&nbsp; 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA9805, 6.50%, 5/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB7176, 6.50%, 5/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 603 | &nbsp;&nbsp;&nbsp;&nbsp; 624 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB7182, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 899 | &nbsp;&nbsp;&nbsp;&nbsp; 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB9010, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1417 | &nbsp;&nbsp;&nbsp;&nbsp; 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6423, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2104 | &nbsp;&nbsp;&nbsp;&nbsp; 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6424, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1622 | &nbsp;&nbsp;&nbsp;&nbsp; 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6462, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1616 | &nbsp;&nbsp;&nbsp;&nbsp; 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6464, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 8202 | &nbsp;&nbsp;&nbsp;&nbsp; 8347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC7762, 6.00%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 10182 | &nbsp;&nbsp;&nbsp;&nbsp; 10362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CP4226, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CZ1406, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 | &nbsp;&nbsp;&nbsp;&nbsp; 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA1016, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp; 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB7470, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3251 | &nbsp;&nbsp;&nbsp;&nbsp; 3350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB7473, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3340 | &nbsp;&nbsp;&nbsp;&nbsp; 3446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6270, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1297 | &nbsp;&nbsp;&nbsp;&nbsp; 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE0617, 6.50%, 6/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6552 | &nbsp;&nbsp;&nbsp;&nbsp; 6751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB7520, 6.00%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3040 | &nbsp;&nbsp;&nbsp;&nbsp; 3093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC0348, 6.00%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 24500 | &nbsp;&nbsp;&nbsp;&nbsp; 24931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6650, 6.00%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 9946 | &nbsp;&nbsp;&nbsp;&nbsp; 10121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC8318, 6.00%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC8319, 6.00%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA1123, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1560 | &nbsp;&nbsp;&nbsp;&nbsp; 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB7614, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp;&nbsp; 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DB7642, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1468 | &nbsp;&nbsp;&nbsp;&nbsp; 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC4806, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2835 | &nbsp;&nbsp;&nbsp;&nbsp; 2924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC4815, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1776 | &nbsp;&nbsp;&nbsp;&nbsp; 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC4824, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3359 | &nbsp;&nbsp;&nbsp;&nbsp; 3461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC4836, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1458 | &nbsp;&nbsp;&nbsp;&nbsp; 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC4838, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1720 | &nbsp;&nbsp;&nbsp;&nbsp; 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC7719, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 509 | &nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD0243, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp;&nbsp; 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD0244, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 831 | &nbsp;&nbsp;&nbsp;&nbsp; 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD0258, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD1474, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7307 | &nbsp;&nbsp;&nbsp;&nbsp; 7529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD6149, 6.50%, 7/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE1862, 6.00%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5972 | &nbsp;&nbsp;&nbsp;&nbsp; 6078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787524, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 28953 | &nbsp;&nbsp;&nbsp;&nbsp; 30088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787526, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 36563 | &nbsp;&nbsp;&nbsp;&nbsp; 37734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787527, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 30204 | &nbsp;&nbsp;&nbsp;&nbsp; 31270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787528, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 38333 | &nbsp;&nbsp;&nbsp;&nbsp; 39537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CZ7222, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2969 | &nbsp;&nbsp;&nbsp;&nbsp; 3065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA1146, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DA2943, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2091 | &nbsp;&nbsp;&nbsp;&nbsp; 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC5089, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1638 | &nbsp;&nbsp;&nbsp;&nbsp; 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC6802, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4393 | &nbsp;&nbsp;&nbsp;&nbsp; 4517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DC8297, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD0605, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD1553, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 546 | &nbsp;&nbsp;&nbsp;&nbsp; 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD7840, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3012 | &nbsp;&nbsp;&nbsp;&nbsp; 3107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD8028, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp; 491 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD8029, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD8031, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD8032, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 661 | &nbsp;&nbsp;&nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD8033, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 602 | &nbsp;&nbsp;&nbsp;&nbsp; 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD9128, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 | &nbsp;&nbsp;&nbsp;&nbsp; 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE0930, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp; 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE0931, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 493 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE0933, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE0936, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 866 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE1872, 6.50%, 8/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5436 | &nbsp;&nbsp;&nbsp;&nbsp; 5601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787553, 6.00%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 53782 | &nbsp;&nbsp;&nbsp;&nbsp; 54756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DD9114, 6.00%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1181 | &nbsp;&nbsp;&nbsp;&nbsp; 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE0971, 6.00%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 912 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE4370, 6.00%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3064 | &nbsp;&nbsp;&nbsp;&nbsp; 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE4373, 6.00%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2073 | &nbsp;&nbsp;&nbsp;&nbsp; 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787554, 6.50%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 47418 | &nbsp;&nbsp;&nbsp;&nbsp; 48907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE6368, 6.50%, 9/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 4927 | &nbsp;&nbsp;&nbsp;&nbsp; 5067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787593, 5.50%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 6481 | &nbsp;&nbsp;&nbsp;&nbsp; 6486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787595, 6.00%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 9542 | &nbsp;&nbsp;&nbsp;&nbsp; 9728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787596, 6.00%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 22776 | &nbsp;&nbsp;&nbsp;&nbsp; 23275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF5278, 6.00%, 10/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp; 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG0986, 6.00%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 722 | &nbsp;&nbsp;&nbsp;&nbsp; 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG1019, 6.00%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 | &nbsp;&nbsp;&nbsp;&nbsp; 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG1038, 6.00%, 11/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DE0928, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp;&nbsp; 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF4458, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 753 | &nbsp;&nbsp;&nbsp;&nbsp; 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF4461, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 741 | &nbsp;&nbsp;&nbsp;&nbsp; 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF4477, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2088 | &nbsp;&nbsp;&nbsp;&nbsp; 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DF8291, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 10435 | &nbsp;&nbsp;&nbsp;&nbsp; 10619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG1004, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 903 | &nbsp;&nbsp;&nbsp;&nbsp; 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG1015, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp;&nbsp; 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG1018, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 788 | &nbsp;&nbsp;&nbsp;&nbsp; 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG1027, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2464 | &nbsp;&nbsp;&nbsp;&nbsp; 2509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8794, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1167 | &nbsp;&nbsp;&nbsp;&nbsp; 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8812, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 807 | &nbsp;&nbsp;&nbsp;&nbsp; 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8826, 6.00%, 12/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp;&nbsp; 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8827, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2431 | &nbsp;&nbsp;&nbsp;&nbsp; 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8828, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 658 | &nbsp;&nbsp;&nbsp;&nbsp; 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8829, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 | &nbsp;&nbsp;&nbsp;&nbsp; 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8840, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 767 | &nbsp;&nbsp;&nbsp;&nbsp; 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8841, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2291 | &nbsp;&nbsp;&nbsp;&nbsp; 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8842, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 508 | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8843, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp;&nbsp; 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DG8871, 6.00%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp;&nbsp; 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0149, 6.50%, 1/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 11818 | &nbsp;&nbsp;&nbsp;&nbsp; 12093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0206, 6.00%, 2/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 329509 | &nbsp;&nbsp;&nbsp;&nbsp; 332974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787885, 6.00%, 3/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 88127 | &nbsp;&nbsp;&nbsp;&nbsp; 89679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DH6333, 6.50%, 3/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3281 | &nbsp;&nbsp;&nbsp;&nbsp; 3397 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DH6334, 6.50%, 3/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2869 | &nbsp;&nbsp;&nbsp;&nbsp; 2970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DH6348, 6.50%, 3/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2101 | &nbsp;&nbsp;&nbsp;&nbsp; 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # DH6350, 6.50%, 3/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2388 | &nbsp;&nbsp;&nbsp;&nbsp; 2472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # 787943, 6.50%, 5/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 47003 | &nbsp;&nbsp;&nbsp;&nbsp; 48815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # MB0368, 6.50%, 5/20/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 239797 | &nbsp;&nbsp;&nbsp;&nbsp; 245623 |
| &nbsp;&nbsp;&nbsp; GNMA II, Other  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CX7724, 7.00%, 9/20/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool # CX7728, 7.00%, 10/20/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp; 328 |
| &nbsp;&nbsp;&nbsp; GNMA II, Single Family, 30 Year  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 6/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1312338 | &nbsp;&nbsp;&nbsp;&nbsp; 1302854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 6/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 478300 | &nbsp;&nbsp;&nbsp;&nbsp; 482860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 6/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 280787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 7/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 244390 | &nbsp;&nbsp;&nbsp;&nbsp; 242395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 7/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 473100 | &nbsp;&nbsp;&nbsp;&nbsp; 476908 |
| &nbsp;&nbsp;&nbsp; Nautical Solutions , 9.20%, 8/1/2031 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 22998 | &nbsp;&nbsp;&nbsp;&nbsp; 22998 |
| &nbsp;&nbsp;&nbsp; Oneslt , 8.00%, 12/15/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 10478 | &nbsp;&nbsp;&nbsp;&nbsp; 10478 |
| &nbsp;&nbsp;&nbsp; P4 SFR , 9.25%, 10/11/2026 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 7700 | &nbsp;&nbsp;&nbsp;&nbsp; 7585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities <br>(Cost $4,564,534)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 4567354 |
| **Commercial Mortgage-Backed Securities — 24.0%** | **Commercial Mortgage-Backed Securities — 24.0%** | **Commercial Mortgage-Backed Securities — 24.0%** |
| &nbsp;&nbsp;&nbsp; 20 Times Square Trust Series 2018-20TS, Class F, 3.10%, 5/15/2035 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 480 |
| &nbsp;&nbsp;&nbsp; Acrc 3.75%, 11/15/2026 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25667 | &nbsp;&nbsp;&nbsp;&nbsp; 24640 |
| &nbsp;&nbsp;&nbsp; Areit Frn 9.17%, 10/17/2025 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28623 |
| &nbsp;&nbsp;&nbsp; BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN16, Class D, 3.00%, 2/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8795 | &nbsp;&nbsp;&nbsp;&nbsp; 6903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN16, Class F, 3.68%, 2/15/2052 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN17, Class D, 3.00%, 4/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN17, Class E, 3.00%, 4/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN21, Class E, 2.50%, 10/17/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8600 | &nbsp;&nbsp;&nbsp;&nbsp; 5512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN21, Class F, 2.68%, 10/17/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2841 | &nbsp;&nbsp;&nbsp;&nbsp; 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23, Class XA, IO, 0.68%, 12/15/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 38243 | &nbsp;&nbsp;&nbsp;&nbsp; 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class D, 2.50%, 11/15/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class E, 2.50%, 11/15/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30, Class D, 2.50%, 12/15/2053 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5231 | &nbsp;&nbsp;&nbsp;&nbsp; 3897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30, Class E, 2.50%, 12/15/2053 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4145 | &nbsp;&nbsp;&nbsp;&nbsp; 2870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK9, Class D, 2.80%, 11/15/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2149 | &nbsp;&nbsp;&nbsp;&nbsp; 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK5, Class D, 3.08%, 6/15/2060 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK5, Class C, 4.21%, 6/15/2060 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK6, Class D, 3.10%, 7/15/2060 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3195 | &nbsp;&nbsp;&nbsp;&nbsp; 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN14, Class XB, IO, 0.09%, 9/15/2060 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 132263 | &nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK7, Class D, 2.71%, 9/15/2060 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN14, Class F, 3.94%, 9/15/2060 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN10, Class D, 2.60%, 2/15/2061 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN12, Class D, 3.00%, 5/15/2061 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class D, 3.00%, 8/15/2061 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class C, 4.03%, 8/15/2061 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class E, 3.00%, 11/15/2061 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class E, 3.00%, 5/15/2062 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 1126 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class XA, IO, 0.81%, 9/15/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 48755 | &nbsp;&nbsp;&nbsp;&nbsp; 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class D, 2.50%, 9/15/2062 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6721 | &nbsp;&nbsp;&nbsp;&nbsp; 4146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class E, 2.50%, 9/15/2062 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8600 | &nbsp;&nbsp;&nbsp;&nbsp; 4444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class XA, IO, 0.63%, 11/15/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 98135 | &nbsp;&nbsp;&nbsp;&nbsp; 2493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN22, Class D, 2.50%, 11/15/2062 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp;&nbsp;&nbsp; 3322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class D, 2.50%, 11/15/2062 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7380 | &nbsp;&nbsp;&nbsp;&nbsp; 5748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class E, 2.50%, 1/15/2063 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp;&nbsp;&nbsp; 2913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class D, 2.50%, 3/15/2063 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class E, 2.50%, 3/15/2063 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5520 | &nbsp;&nbsp;&nbsp;&nbsp; 3481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class AS, 2.69%, 3/15/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 7278 | &nbsp;&nbsp;&nbsp;&nbsp; 6358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33, Class D, 2.50%, 5/15/2064 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp;&nbsp; 2667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33, Class E, 2.50%, 5/15/2064 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3850 | &nbsp;&nbsp;&nbsp;&nbsp; 2483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class XB, IO, 0.60%, 6/15/2064 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class E, 2.50%, 6/15/2064 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5300 | &nbsp;&nbsp;&nbsp;&nbsp; 3437 |
| &nbsp;&nbsp;&nbsp; BANK5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5YR1, Class A3, 6.26%, 4/15/2056 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 26446 | &nbsp;&nbsp;&nbsp;&nbsp; 27377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5YR3, Class A2, 6.26%, 9/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 19625 | &nbsp;&nbsp;&nbsp;&nbsp; 20315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5YR4, Class A3, 6.50%, 12/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 6665 | &nbsp;&nbsp;&nbsp;&nbsp; 6994 |
| &nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust Series 2019-C4, Class D, 3.25%, 8/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8451 | &nbsp;&nbsp;&nbsp;&nbsp; 5114 |
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class E, 6.96%, 3/15/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 4742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C1, Class D, 3.54%, 2/15/2050 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class XB, IO, 0.96%, 9/15/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 30040 | &nbsp;&nbsp;&nbsp;&nbsp; 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class XA, IO, 1.35%, 9/15/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 158171 | &nbsp;&nbsp;&nbsp;&nbsp; 9055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C22, Class A5, 6.80%, 11/15/2056 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7100 | &nbsp;&nbsp;&nbsp;&nbsp; 7844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5C23, Class A3, 6.68%, 12/15/2056 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15110 | &nbsp;&nbsp;&nbsp;&nbsp; 15948 |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B1, Class D, 2.75%, 1/15/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B1, Class C, 4.20%, 1/15/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class XA, IO, 0.45%, 2/15/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 33155 | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B8, Class D, 3.00%, 1/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3050 | &nbsp;&nbsp;&nbsp;&nbsp; 2125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9, Class D, 3.00%, 3/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B9, Class F, 3.74%, 3/15/2052 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11, Class D, 3.00%, 5/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class E, 2.50%, 2/15/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp;&nbsp;&nbsp; 4712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class E, 2.00%, 12/17/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V7, Class A3, 6.23%, 5/15/2056 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27131 | &nbsp;&nbsp;&nbsp;&nbsp; 28473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V3, Class A3, 6.36%, 7/15/2056 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V5, Class A3, 5.81%, 1/10/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 4133 | &nbsp;&nbsp;&nbsp;&nbsp; 4268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V9, Class A3, 5.60%, 8/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 15500 | &nbsp;&nbsp;&nbsp;&nbsp; 15930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class E, 2.50%, 12/15/2062 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B15, Class E, 2.75%, 12/15/2072 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9150 | &nbsp;&nbsp;&nbsp;&nbsp; 4834 |
| &nbsp;&nbsp;&nbsp; BHMS Series 2018-ATLS, Class A, 5.88%, 7/15/2035 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27095 | &nbsp;&nbsp;&nbsp;&nbsp; 27097 |
| &nbsp;&nbsp;&nbsp; BMARK Series 2023-V4, Class A3, 6.84%, 11/15/2056 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28900 | &nbsp;&nbsp;&nbsp;&nbsp; 30522 |
| &nbsp;&nbsp;&nbsp; BMD2 Re-REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FRR1, Class 3AB, PO, 5/25/2052 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10499 | &nbsp;&nbsp;&nbsp;&nbsp; 8776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FRR1, Class 4A, PO, 5/25/2052 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FRR1, Class 1A5, 8.64%, 5/25/2052 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp; 522 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; BMO Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C1, Class XA, IO, 0.47%, 2/17/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 78718 | &nbsp;&nbsp;&nbsp;&nbsp; 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C5, Class A5, 5.77%, 6/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 17900 | &nbsp;&nbsp;&nbsp;&nbsp; 18484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5C1, Class A3, 6.53%, 8/15/2056 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 39786 | &nbsp;&nbsp;&nbsp;&nbsp; 41673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5C2, Class A3, 7.05%, 11/15/2056 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27530 | &nbsp;&nbsp;&nbsp;&nbsp; 29384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C7, Class A5, 6.16%, 12/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 10900 | &nbsp;&nbsp;&nbsp;&nbsp; 11571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C3, Class A3, 5.74%, 2/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 18530 | &nbsp;&nbsp;&nbsp;&nbsp; 19072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C4, Class A3, 6.53%, 5/15/2057 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24700 | &nbsp;&nbsp;&nbsp;&nbsp; 26125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C9, Class XA, IO, 0.86%, 7/15/2057 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 80083 | &nbsp;&nbsp;&nbsp;&nbsp; 5202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C9, Class A5, 5.76%, 7/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 10710 | &nbsp;&nbsp;&nbsp;&nbsp; 11093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C6, Class A3, 5.32%, 9/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 10200 | &nbsp;&nbsp;&nbsp;&nbsp; 10368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C10, Class XA, IO, 0.61%, 11/15/2057 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 386690 | &nbsp;&nbsp;&nbsp;&nbsp; 19493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C7, Class XA, IO, 0.93%, 11/15/2057 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 91980 | &nbsp;&nbsp;&nbsp;&nbsp; 3393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C7, Class A3, 5.57%, 11/15/2057 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C7, Class AS, 5.89%, 11/15/2057 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1595 |
| &nbsp;&nbsp;&nbsp; BX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class E, 6.69%, 1/15/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2275 | &nbsp;&nbsp;&nbsp;&nbsp; 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class F, 7.44%, 1/15/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1394 |
| &nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class A, 5.77%, 2/15/2039 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7943 | &nbsp;&nbsp;&nbsp;&nbsp; 7952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class B, 6.02%, 2/15/2039 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3223 | &nbsp;&nbsp;&nbsp;&nbsp; 3227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR2, Class A, 5.82%, 10/15/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3357 | &nbsp;&nbsp;&nbsp;&nbsp; 3360 |
| &nbsp;&nbsp;&nbsp; BX Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BIO3, Class C, 6.96%, 2/10/2042 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15700 | &nbsp;&nbsp;&nbsp;&nbsp; 15732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BIO3, Class D, 6.96%, 2/10/2042 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7900 | &nbsp;&nbsp;&nbsp;&nbsp; 7616 |
| &nbsp;&nbsp;&nbsp; Cantor Commercial Real Estate Lending Series 2019-CF2, Class E, 2.50%, 11/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 1737 |
| &nbsp;&nbsp;&nbsp; Cascade Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FRR1, Class CKW1, 0.00%, 1/29/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 7735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FRR1, Class BK54, 0.00%, 2/28/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FRR1, Class CK54, 0.00%, 2/28/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6700 | &nbsp;&nbsp;&nbsp;&nbsp; 6288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FRR1, Class DKW1, 0.00%, 2/28/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FRR1, Class BK98, 0.00%, 8/29/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6970 | &nbsp;&nbsp;&nbsp;&nbsp; 5217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FRR1, Class AK99, 0.00%, 9/29/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 6235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FRR1, Class BK99, 0.00%, 9/29/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 9960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FRR1, Class BK58, 2.40%, 9/29/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10323 |
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD1, Class C, 3.63%, 8/10/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD3, Class D, 3.25%, 2/10/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD4, Class D, 3.30%, 5/10/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3550 | &nbsp;&nbsp;&nbsp;&nbsp; 2923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD5, Class D, 3.35%, 8/15/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD6, Class C, 4.27%, 11/13/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 914 | &nbsp;&nbsp;&nbsp;&nbsp; 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD7, Class D, 3.09%, 8/15/2051 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1629 | &nbsp;&nbsp;&nbsp;&nbsp; 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD7, Class C, 4.84%, 8/15/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD8, Class XB, IO, 0.70%, 8/15/2057 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 78512 | &nbsp;&nbsp;&nbsp;&nbsp; 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD8, Class E, 3.00%, 8/15/2057 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1910 | &nbsp;&nbsp;&nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp; CFCRE Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C6, Class C, 4.17%, 11/10/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C6, Class D, 4.17%, 11/10/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; CGMS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B1, Class D, 3.00%, 8/15/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4359 | &nbsp;&nbsp;&nbsp;&nbsp; 3615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B1, Class E, 3.30%, 8/15/2050 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 809 | &nbsp;&nbsp;&nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-GC8, Class D, 5.12%, 9/10/2045 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC25, Class D, 3.55%, 10/10/2047 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC29, Class D, 3.11%, 4/10/2048 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8955 | &nbsp;&nbsp;&nbsp;&nbsp; 6280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class D, 3.94%, 6/10/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-P1, Class D, 3.23%, 9/15/2048 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2285 | &nbsp;&nbsp;&nbsp;&nbsp; 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class C, 4.75%, 2/10/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P3, Class B, 4.27%, 4/15/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P4, Class C, 3.94%, 7/10/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3624 | &nbsp;&nbsp;&nbsp;&nbsp; 3321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2, Class D, 3.25%, 8/10/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3, Class D, 3.00%, 11/15/2049 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P6, Class D, 3.25%, 12/10/2049 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C4, Class D, 3.00%, 10/12/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5453 | &nbsp;&nbsp;&nbsp;&nbsp; 4562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class E, 3.00%, 11/10/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9287 | &nbsp;&nbsp;&nbsp;&nbsp; 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class E, 2.60%, 2/15/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 2236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC33, Class D, 3.17%, 9/10/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 5132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC33, Class E, 4.57%, 9/10/2058 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4330 | &nbsp;&nbsp;&nbsp;&nbsp; 2073 |
| &nbsp;&nbsp;&nbsp; COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A1, 5.66%, 12/10/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14250 | &nbsp;&nbsp;&nbsp;&nbsp; 14247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 5.87%, 12/10/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5484 | &nbsp;&nbsp;&nbsp;&nbsp; 5541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class B, 6.51%, 12/10/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5976 | &nbsp;&nbsp;&nbsp;&nbsp; 6027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3, Class B, 4.52%, 5/10/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1651 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR13, Class E, 4.94%, 11/10/2046 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR14, Class C, 3.71%, 2/10/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS2, Class D, 4.75%, 3/10/2047 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1865 | &nbsp;&nbsp;&nbsp;&nbsp; 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC15, Class D, 4.77%, 4/10/2047 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1554 | &nbsp;&nbsp;&nbsp;&nbsp; 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR19, Class E, 4.01%, 8/10/2047 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR19, Class D, 4.51%, 8/10/2047 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 942 | &nbsp;&nbsp;&nbsp;&nbsp; 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS5, Class D, 3.50%, 9/10/2047 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4760 | &nbsp;&nbsp;&nbsp;&nbsp; 3275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC17, Class D, 3.69%, 10/10/2047 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12678 | &nbsp;&nbsp;&nbsp;&nbsp; 12091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20, Class D, 3.22%, 11/10/2047 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp;&nbsp; 2786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR21, Class D, 4.16%, 12/10/2047 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC19, Class D, 2.87%, 2/10/2048 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22, Class D, 3.89%, 3/10/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4174 | &nbsp;&nbsp;&nbsp;&nbsp; 3151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC21, Class E, 3.25%, 7/10/2048 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC21, Class D, 4.31%, 7/10/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 3759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR24, Class D, 3.46%, 8/10/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1458 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR25, Class D, 3.75%, 8/10/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR27, Class D, 3.45%, 10/10/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2072 | &nbsp;&nbsp;&nbsp;&nbsp; 1753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class D, 3.54%, 10/10/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class E, 3.54%, 10/10/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 2852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CR28, Class E, 4.09%, 2/10/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3588 | &nbsp;&nbsp;&nbsp;&nbsp; 2871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2, Class C, 4.68%, 2/10/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR1, Class XB, IO, 0.42%, 10/10/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27554 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR1, Class C, 4.32%, 10/10/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR11, Class D, 4.46%, 8/10/2050 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2694 | &nbsp;&nbsp;&nbsp;&nbsp; 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3, Class D, 2.81%, 5/10/2051 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC44, Class E, 2.50%, 8/15/2057 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8493 | &nbsp;&nbsp;&nbsp;&nbsp; 5463 |
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C4, Class E, 3.57%, 11/15/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3298 | &nbsp;&nbsp;&nbsp;&nbsp; 3105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C5, Class D, 3.62%, 11/15/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class AS, 3.67%, 11/15/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class C, 4.78%, 4/15/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6734 | &nbsp;&nbsp;&nbsp;&nbsp; 6281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class XA, IO, 1.53%, 6/15/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 71476 | &nbsp;&nbsp;&nbsp;&nbsp; 3557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class D, 2.50%, 9/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 2729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class XB, IO, 0.16%, 12/15/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 61932 | &nbsp;&nbsp;&nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class XA, IO, 0.99%, 12/15/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 45364 | &nbsp;&nbsp;&nbsp;&nbsp; 1548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C19, Class D, 2.50%, 3/15/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4450 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C20, Class E, 2.25%, 3/15/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5659 | &nbsp;&nbsp;&nbsp;&nbsp; 3505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C2, Class B, 4.21%, 6/15/2057 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4068 | &nbsp;&nbsp;&nbsp;&nbsp; 3916 |
| &nbsp;&nbsp;&nbsp; CSMC OA LLC Series 2014-USA, Class D, 4.37%, 9/15/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12636 | &nbsp;&nbsp;&nbsp;&nbsp; 9649 |
| &nbsp;&nbsp;&nbsp; DBGS Mortgage Trust Series 2018-C1, Class D, 2.89%, 10/15/2051 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
| &nbsp;&nbsp;&nbsp; DBJPM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3, Class D, 3.48%, 8/10/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2950 | &nbsp;&nbsp;&nbsp;&nbsp; 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3, Class E, 4.23%, 8/10/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C6, Class D, 3.23%, 6/10/2050 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 |
| &nbsp;&nbsp;&nbsp; ELM Trust Series 2024-ELM, Class C10, 6.19%, 6/10/2039 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12915 | &nbsp;&nbsp;&nbsp;&nbsp; 12956 |
| &nbsp;&nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MN7, Class M1, 7.92%, 9/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3591 | &nbsp;&nbsp;&nbsp;&nbsp; 3672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MN7, Class M2, 10.02%, 9/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MN7, Class B1, 13.17%, 9/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 12266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN8, Class M1, 7.17%, 5/25/2044 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4909 | &nbsp;&nbsp;&nbsp;&nbsp; 4960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN8, Class M2, 8.57%, 5/25/2044 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12025 | &nbsp;&nbsp;&nbsp;&nbsp; 12577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN8, Class B1, 11.67%, 5/25/2044 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8300 | &nbsp;&nbsp;&nbsp;&nbsp; 9027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN10, Class M1, 6.37%, 2/25/2045 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11445 | &nbsp;&nbsp;&nbsp;&nbsp; 11330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN10, Class M2, 7.17%, 2/25/2045 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6900 | &nbsp;&nbsp;&nbsp;&nbsp; 6857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN10, Class B1, 9.27%, 2/25/2045 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp; 814 |
| &nbsp;&nbsp;&nbsp; FHLMC Multi-Family ML Certificates Series 2021-ML09, Class XUS, IO, 1.49%, 2/25/2040 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 54963 | &nbsp;&nbsp;&nbsp;&nbsp; 5933 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Class Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RR11, Class BX, IO, 2.44%, 12/27/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15009 | &nbsp;&nbsp;&nbsp;&nbsp; 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 38620 | &nbsp;&nbsp;&nbsp;&nbsp; 2387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RR14, Class X, IO, 2.13%, 3/27/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 31381 | &nbsp;&nbsp;&nbsp;&nbsp; 4305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RR16, Class X, IO, 0.96%, 10/27/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 2641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RR21, Class X, IO, 3.39%, 4/27/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 186283 | &nbsp;&nbsp;&nbsp;&nbsp; 39452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P011, Class X1, IO, 1.76%, 9/25/2045 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9551 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Credit Risk |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN2, Class M2, 7.67%, 7/25/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14070 | &nbsp;&nbsp;&nbsp;&nbsp; 14070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN2, Class B1, 9.82%, 7/25/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN9, Class M1, 6.77%, 10/25/2044 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2097 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN1, Class M1, 6.32%, 1/25/2051 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN1, Class M2, 8.07%, 1/25/2051 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14640 | &nbsp;&nbsp;&nbsp;&nbsp; 14905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN1, Class B1, 12.07%, 1/25/2051 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2287 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN3, Class M2, 8.32%, 11/25/2051 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18800 | &nbsp;&nbsp;&nbsp;&nbsp; 19387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN3, Class B1, 11.17%, 11/25/2051 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MN4, Class M2, 10.82%, 5/25/2052 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2251 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family Structured Pass-Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K053, Class X1, IO, 0.87%, 12/25/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 54156 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KC06, Class X1, IO, 0.88%, 6/25/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 35735 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class X3, IO, 2.16%, 7/25/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 30250 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KC04, Class X1, IO, 1.25%, 12/25/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 42354 | &nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K064, Class X3, IO, 2.14%, 5/25/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18830 | &nbsp;&nbsp;&nbsp;&nbsp; 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KC05, Class X1, IO, 1.20%, 6/25/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 143118 | &nbsp;&nbsp;&nbsp;&nbsp; 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K740, Class X1, IO, 0.73%, 9/25/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 114196 | &nbsp;&nbsp;&nbsp;&nbsp; 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K742, Class X1, IO, 0.77%, 3/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28556 | &nbsp;&nbsp;&nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K742, Class X3, IO, 2.59%, 4/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K743, Class X1, IO, 0.91%, 5/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3933 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K075, Class X3, IO, 2.13%, 5/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5471 | &nbsp;&nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K080, Class X1, IO, 0.12%, 7/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 138211 | &nbsp;&nbsp;&nbsp;&nbsp; 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K084, Class X3, IO, 2.24%, 11/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19450 | &nbsp;&nbsp;&nbsp;&nbsp; 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K091, Class X1, IO, 0.56%, 3/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8885 | &nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K749, Class XAM, IO, 0.22%, 4/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KW09, Class X1, IO, 0.78%, 5/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 140784 | &nbsp;&nbsp;&nbsp;&nbsp; 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K095, Class XAM, IO, 1.24%, 6/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K528, Class X1, IO, 0.82%, 7/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KG02, Class X1, IO, 1.02%, 8/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23810 | &nbsp;&nbsp;&nbsp;&nbsp; 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K100, Class X1, IO, 0.65%, 9/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 229831 | &nbsp;&nbsp;&nbsp;&nbsp; 5483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class X3, IO, 1.89%, 10/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 5886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K090, Class X3, IO, 2.31%, 10/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 147080 | &nbsp;&nbsp;&nbsp;&nbsp; 11771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K104, Class X1, IO, 1.11%, 1/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6680 | &nbsp;&nbsp;&nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K105, Class X1, IO, 1.52%, 1/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 64577 | &nbsp;&nbsp;&nbsp;&nbsp; 3705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K107, Class X1, IO, 1.59%, 1/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 87827 | &nbsp;&nbsp;&nbsp;&nbsp; 5337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K109, Class X1, IO, 1.57%, 4/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 39148 | &nbsp;&nbsp;&nbsp;&nbsp; 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class X1, IO, 1.64%, 4/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 87552 | &nbsp;&nbsp;&nbsp;&nbsp; 5539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K117, Class X1, IO, 1.22%, 8/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 87394 | &nbsp;&nbsp;&nbsp;&nbsp; 4494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K119, Class X1, IO, 0.92%, 9/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 34446 | &nbsp;&nbsp;&nbsp;&nbsp; 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X1, IO, 0.87%, 11/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 36953 | &nbsp;&nbsp;&nbsp;&nbsp; 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K124, Class X1, IO, 0.72%, 12/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 65360 | &nbsp;&nbsp;&nbsp;&nbsp; 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K123, Class X1, IO, 0.77%, 12/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12566 | &nbsp;&nbsp;&nbsp;&nbsp; 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K124, Class XAM, IO, 0.94%, 1/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17689 | &nbsp;&nbsp;&nbsp;&nbsp; 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K128, Class X1, IO, 0.51%, 3/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 95212 | &nbsp;&nbsp;&nbsp;&nbsp; 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K129, Class X3, IO, 3.16%, 5/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 26500 | &nbsp;&nbsp;&nbsp;&nbsp; 4032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K130, Class X1, IO, 1.04%, 6/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 29853 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO, 0.73%, 7/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18878 | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X3, IO, 2.95%, 9/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19369 | &nbsp;&nbsp;&nbsp;&nbsp; 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KG06, Class X1, IO, 0.53%, 10/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 56062 | &nbsp;&nbsp;&nbsp;&nbsp; 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K136, Class X1, IO, 0.39%, 12/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 98969 | &nbsp;&nbsp;&nbsp;&nbsp; 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K140, Class X1, IO, 0.29%, 1/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 170099 | &nbsp;&nbsp;&nbsp;&nbsp; 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-150, Class X1, IO, 0.31%, 9/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24946 | &nbsp;&nbsp;&nbsp;&nbsp; 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-154, Class X1, IO, 0.35%, 1/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10894 | &nbsp;&nbsp;&nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-161, Class X3, IO, 5.48%, 11/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8038 | &nbsp;&nbsp;&nbsp;&nbsp; 2708 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KX04, Class XFX, IO, 1.66%, 1/25/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 69890 | &nbsp;&nbsp;&nbsp;&nbsp; 3149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1514, Class X1, IO, 0.58%, 10/25/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 49045 | &nbsp;&nbsp;&nbsp;&nbsp; 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1512, Class X3, IO, 3.15%, 10/25/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7134 | &nbsp;&nbsp;&nbsp;&nbsp; 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1515, Class X1, IO, 1.51%, 2/25/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19748 | &nbsp;&nbsp;&nbsp;&nbsp; 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q012, Class X, IO, 4.02%, 9/25/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28401 | &nbsp;&nbsp;&nbsp;&nbsp; 4273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1518, Class X1, IO, 0.86%, 10/25/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14598 | &nbsp;&nbsp;&nbsp;&nbsp; 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1521, Class X1, IO, 0.98%, 8/25/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17829 | &nbsp;&nbsp;&nbsp;&nbsp; 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1510, Class X3, IO, 3.40%, 1/25/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1513, Class X3, IO, 2.93%, 12/25/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12475 | &nbsp;&nbsp;&nbsp;&nbsp; 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1515, Class X3, IO, 3.68%, 3/25/2038 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1516, Class X3, IO, 3.46%, 10/25/2038 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1521, Class X3, IO, 3.35%, 9/25/2039 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10834 | &nbsp;&nbsp;&nbsp;&nbsp; 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K067, Class X3, IO, 2.11%, 9/25/2044 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp; 3895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN9, Class M2, 7.57%, 10/25/2044 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7900 | &nbsp;&nbsp;&nbsp;&nbsp; 7959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MN9, Class B1, 10.32%, 10/25/2044 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K070, Class X3, IO, 2.04%, 12/25/2044 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 42245 | &nbsp;&nbsp;&nbsp;&nbsp; 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K724, Class X3, IO, 3.82%, 12/25/2044 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K730, Class X3, IO, 3.83%, 2/25/2045 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4020 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K065, Class X3, IO, 2.19%, 7/25/2045 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class X3, IO, 2.16%, 8/25/2045 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class X3, IO, 2.14%, 12/25/2045 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20640 | &nbsp;&nbsp;&nbsp;&nbsp; 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K087, Class X3, IO, 2.28%, 1/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 87707 | &nbsp;&nbsp;&nbsp;&nbsp; 6177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K089, Class X3, IO, 2.30%, 1/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 132506 | &nbsp;&nbsp;&nbsp;&nbsp; 9900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K091, Class X3, IO, 2.28%, 4/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 81933 | &nbsp;&nbsp;&nbsp;&nbsp; 6618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K078, Class X3, IO, 2.21%, 6/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2680 | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K079, Class X3, IO, 2.26%, 7/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K097, Class X3, IO, 2.02%, 9/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 93876 | &nbsp;&nbsp;&nbsp;&nbsp; 6869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K081, Class X3, IO, 2.23%, 9/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 29425 | &nbsp;&nbsp;&nbsp;&nbsp; 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K082, Class X3, IO, 2.21%, 10/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 3362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K083, Class X3, IO, 2.29%, 11/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K103, Class X3, IO, 1.85%, 12/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 80100 | &nbsp;&nbsp;&nbsp;&nbsp; 5679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K102, Class X3, IO, 1.89%, 12/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 69791 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K104, Class X3, IO, 1.89%, 2/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 45985 | &nbsp;&nbsp;&nbsp;&nbsp; 3490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K088, Class X3, IO, 2.35%, 2/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 94987 | &nbsp;&nbsp;&nbsp;&nbsp; 7185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K735, Class X3, IO, 2.15%, 5/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class X3, IO, 2.21%, 5/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 136527 | &nbsp;&nbsp;&nbsp;&nbsp; 10371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K092, Class X3, IO, 2.25%, 5/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 103000 | &nbsp;&nbsp;&nbsp;&nbsp; 7984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K094, Class X3, IO, 2.12%, 7/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 35331 | &nbsp;&nbsp;&nbsp;&nbsp; 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K095, Class X3, IO, 2.10%, 8/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 91253 | &nbsp;&nbsp;&nbsp;&nbsp; 6919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X3, IO, 2.00%, 9/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 89230 | &nbsp;&nbsp;&nbsp;&nbsp; 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K116, Class X3, IO, 3.02%, 9/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 2936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K099, Class X3, IO, 1.95%, 10/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 49100 | &nbsp;&nbsp;&nbsp;&nbsp; 3456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K098, Class X3, IO, 2.00%, 10/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 145702 | &nbsp;&nbsp;&nbsp;&nbsp; 10505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K740, Class X3, IO, 2.48%, 11/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21423 | &nbsp;&nbsp;&nbsp;&nbsp; 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class X3, IO, 1.78%, 1/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 74853 | &nbsp;&nbsp;&nbsp;&nbsp; 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K106, Class X3, IO, 1.91%, 3/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100622 | &nbsp;&nbsp;&nbsp;&nbsp; 7373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K105, Class X3, IO, 1.92%, 3/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 118746 | &nbsp;&nbsp;&nbsp;&nbsp; 9478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K111, Class X3, IO, 3.18%, 4/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 52234 | &nbsp;&nbsp;&nbsp;&nbsp; 6969 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K108, Class X3, IO, 3.49%, 4/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 63492 | &nbsp;&nbsp;&nbsp;&nbsp; 8678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K738, Class X3, IO, 3.32%, 5/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 71537 | &nbsp;&nbsp;&nbsp;&nbsp; 3951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K109, Class X3, IO, 3.38%, 5/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13770 | &nbsp;&nbsp;&nbsp;&nbsp; 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class X3, IO, 3.37%, 6/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28200 | &nbsp;&nbsp;&nbsp;&nbsp; 3869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K112, Class X3, IO, 3.00%, 7/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 47630 | &nbsp;&nbsp;&nbsp;&nbsp; 6054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K114, Class X3, IO, 2.74%, 8/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10750 | &nbsp;&nbsp;&nbsp;&nbsp; 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K119, Class X3, IO, 2.73%, 9/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K117, Class X3, IO, 2.87%, 10/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 36500 | &nbsp;&nbsp;&nbsp;&nbsp; 4502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K120, Class X3, IO, 2.74%, 11/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 38372 | &nbsp;&nbsp;&nbsp;&nbsp; 4575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X3, IO, 2.77%, 11/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 52192 | &nbsp;&nbsp;&nbsp;&nbsp; 6481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K739, Class X3, IO, 2.80%, 11/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 39675 | &nbsp;&nbsp;&nbsp;&nbsp; 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X3, IO, 2.63%, 1/25/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 36631 | &nbsp;&nbsp;&nbsp;&nbsp; 4242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K126, Class X3, IO, 2.63%, 1/25/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 39727 | &nbsp;&nbsp;&nbsp;&nbsp; 4889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K127, Class X3, IO, 2.65%, 3/25/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8066 | &nbsp;&nbsp;&nbsp;&nbsp; 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K743, Class X3, IO, 2.95%, 6/25/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K147, Class X3, IO, 3.80%, 6/25/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K096, Class X3, IO, 2.04%, 8/25/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 48669 | &nbsp;&nbsp;&nbsp;&nbsp; 3407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K148, Class X3, IO, 4.15%, 8/25/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18414 | &nbsp;&nbsp;&nbsp;&nbsp; 4264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q014, Class X, IO, 2.78%, 10/25/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5188 | &nbsp;&nbsp;&nbsp;&nbsp; 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-152, Class X3, IO, 4.33%, 11/25/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2625 | &nbsp;&nbsp;&nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K759, Class X3, IO, 5.26%, 2/25/2057 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4589 | &nbsp;&nbsp;&nbsp;&nbsp; 1283 |
| &nbsp;&nbsp;&nbsp; FHLMC, Multi-Family, Structured Pass-Through Certificates Series K-153, Class X1, IO, 0.44%, 12/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21991 | &nbsp;&nbsp;&nbsp;&nbsp; 671 |
| &nbsp;&nbsp;&nbsp; FNMA ACES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M12, Class X2, IO, 0.03%, 9/25/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 63848 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M28, Class XAV3, IO, 1.10%, 2/25/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25705 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M8, Class X, IO, 0.09%, 5/25/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 37715 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M10, Class X7, IO, 1.66%, 11/25/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 29527 | &nbsp;&nbsp;&nbsp;&nbsp; 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M26, Class X3, IO, 1.73%, 1/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20600 | &nbsp;&nbsp;&nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M4, Class 1X2, IO, 0.74%, 2/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13190 | &nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M4, Class 1X3, IO, 1.02%, 2/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 72318 | &nbsp;&nbsp;&nbsp;&nbsp; 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M33, Class X, IO, 2.00%, 6/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28507 | &nbsp;&nbsp;&nbsp;&nbsp; 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M30, Class X4, IO, 1.10%, 8/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19893 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M10, Class X6, IO, 1.38%, 8/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17840 | &nbsp;&nbsp;&nbsp;&nbsp; 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M31, Class X, IO, 1.29%, 9/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 29125 | &nbsp;&nbsp;&nbsp;&nbsp; 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M30, Class X1, IO, 0.27%, 11/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 77984 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M10, Class X3, IO, 1.31%, 11/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 45439 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M10, Class X5, IO, 1.42%, 11/25/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 52535 | &nbsp;&nbsp;&nbsp;&nbsp; 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M12, Class X, IO, 0.56%, 6/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 140518 | &nbsp;&nbsp;&nbsp;&nbsp; 1870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M19, Class X2, IO, 0.61%, 9/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 79462 | &nbsp;&nbsp;&nbsp;&nbsp; 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M32, Class X2, IO, 1.12%, 10/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27382 | &nbsp;&nbsp;&nbsp;&nbsp; 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M30, Class X2, IO, 0.03%, 12/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 98309 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M28, Class XA2, IO, 0.22%, 2/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13409 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M3, Class X1, IO, 0.32%, 2/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15791 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M28, Class XA3, IO, 0.61%, 2/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23948 | &nbsp;&nbsp;&nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M6, Class XD, IO, 1.09%, 2/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5630 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M19, Class X1, IO, 0.42%, 5/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 29021 | &nbsp;&nbsp;&nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M7, Class X, IO, 1.03%, 7/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28951 | &nbsp;&nbsp;&nbsp;&nbsp; 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M10, Class X1, IO, 1.77%, 12/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 104737 | &nbsp;&nbsp;&nbsp;&nbsp; 6290 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M16, Class X, IO, 0.66%, 1/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 104304 | &nbsp;&nbsp;&nbsp;&nbsp; 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M22, Class X, IO, 0.86%, 3/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 71059 | &nbsp;&nbsp;&nbsp;&nbsp; 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M39, Class X2, IO, 1.42%, 8/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 36335 | &nbsp;&nbsp;&nbsp;&nbsp; 1846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M2, Class X2, IO, 0.20%, 1/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 65679 | &nbsp;&nbsp;&nbsp;&nbsp; 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M21, Class XA, IO, 1.02%, 3/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 63552 | &nbsp;&nbsp;&nbsp;&nbsp; 3204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M26, Class X1, IO, 0.50%, 4/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20811 | &nbsp;&nbsp;&nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M37, Class X, IO, 0.99%, 4/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 86483 | &nbsp;&nbsp;&nbsp;&nbsp; 3284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M47, Class X1, IO, 0.57%, 10/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 52072 | &nbsp;&nbsp;&nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M31, Class X1, IO, 0.84%, 10/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 90762 | &nbsp;&nbsp;&nbsp;&nbsp; 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M30, Class X5, IO, 0.33%, 5/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 105345 | &nbsp;&nbsp;&nbsp;&nbsp; 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M31, Class X1, IO, 1.03%, 4/25/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 38276 | &nbsp;&nbsp;&nbsp;&nbsp; 2216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M15, Class X, IO, 0.64%, 1/25/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6425 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M6, Class XL, IO, 1.06%, 11/25/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 30675 | &nbsp;&nbsp;&nbsp;&nbsp; 1636 |
| &nbsp;&nbsp;&nbsp; FREMF Series 20K-1517, Class C, PO, 8/25/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 7929 |
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF38, Class B, 6.97%, 9/25/2024 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF41, Class B, 6.97%, 11/25/2024 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF49, Class B, 6.37%, 6/25/2025 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KC02, Class B, 4.18%, 7/25/2025 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2520 | &nbsp;&nbsp;&nbsp;&nbsp; 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KL3W, Class CW, 4.10%, 8/25/2025 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KL1P, Class BP, 3.37%, 10/25/2025 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF53, Class B, 6.52%, 10/25/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp;&nbsp; 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KSL1, Class C, 3.87%, 11/25/2025 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KBX1, Class C, 3.51%, 1/25/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KC03, Class B, 4.33%, 1/25/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF58, Class B, 6.62%, 1/25/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF60, Class B, 6.82%, 2/25/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp;&nbsp; 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KC06, Class B, 3.82%, 9/25/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7609 | &nbsp;&nbsp;&nbsp;&nbsp; 7298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-KF24, Class B, 9.47%, 10/25/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF72, Class B, 6.57%, 11/25/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2706 | &nbsp;&nbsp;&nbsp;&nbsp; 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-KF74, Class B, 6.62%, 1/25/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 742 | &nbsp;&nbsp;&nbsp;&nbsp; 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KL1E, Class BE, 3.91%, 2/25/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9625 | &nbsp;&nbsp;&nbsp;&nbsp; 8884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF33, Class B, 7.02%, 6/25/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3885 | &nbsp;&nbsp;&nbsp;&nbsp; 3710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-KF40, Class B, 7.17%, 11/25/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KHG1, Class C, 3.90%, 12/25/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 24261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KW06, Class C, 0.00%, 6/25/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 9612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KW06, Class X2A, IO, 0.10%, 6/25/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 106753 | &nbsp;&nbsp;&nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KW06, Class X2B, IO, 0.10%, 6/25/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KW06, Class B, 4.28%, 6/25/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6326 | &nbsp;&nbsp;&nbsp;&nbsp; 6030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21K-F116, Class CS, 10.75%, 6/25/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22993 | &nbsp;&nbsp;&nbsp;&nbsp; 22865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF50, Class B, 6.37%, 7/25/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-KHG3, Class BFX, 2.40%, 9/25/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11071 | &nbsp;&nbsp;&nbsp;&nbsp; 9821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KF56, Class B, 6.92%, 11/25/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW08, Class B, 4.24%, 1/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16320 | &nbsp;&nbsp;&nbsp;&nbsp; 15442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF57, Class B, 6.72%, 1/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp;&nbsp; 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KBF3, Class C, 9.22%, 1/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3322 | &nbsp;&nbsp;&nbsp;&nbsp; 3191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KL05, Class BHG, 4.37%, 2/25/2029 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KL05, Class CHG, 4.37%, 2/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8837 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class X2A, IO, 0.10%, 4/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 170608 | &nbsp;&nbsp;&nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KG01, Class B, 4.17%, 4/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF61, Class B, 6.67%, 4/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1817 | &nbsp;&nbsp;&nbsp;&nbsp; 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW09, Class X2A, IO, 0.10%, 5/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 242601 | &nbsp;&nbsp;&nbsp;&nbsp; 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW09, Class B, 4.00%, 5/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15670 | &nbsp;&nbsp;&nbsp;&nbsp; 14424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF63, Class B, 6.82%, 5/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4071 | &nbsp;&nbsp;&nbsp;&nbsp; 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW09, Class C, PO, 6/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 22210 | &nbsp;&nbsp;&nbsp;&nbsp; 15786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW09, Class X2B, IO, 0.10%, 6/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KS11, Class C, 4.82%, 6/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 9666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class X2B, IO, 0.10%, 7/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 37520 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KC05, Class B, 4.17%, 7/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16737 | &nbsp;&nbsp;&nbsp;&nbsp; 14965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF65, Class B, 6.87%, 7/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3777 | &nbsp;&nbsp;&nbsp;&nbsp; 3449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF66, Class B, 6.87%, 7/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF67, Class B, 6.72%, 8/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2361 | &nbsp;&nbsp;&nbsp;&nbsp; 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF67, Class C, 10.47%, 8/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7082 | &nbsp;&nbsp;&nbsp;&nbsp; 6121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF70, Class B, 6.77%, 9/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp;&nbsp; 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KC07, Class C, 3.63%, 10/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9977 | &nbsp;&nbsp;&nbsp;&nbsp; 8149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF71, Class B, 6.77%, 10/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3405 | &nbsp;&nbsp;&nbsp;&nbsp; 3169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KF73, Class B, 6.92%, 11/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5667 | &nbsp;&nbsp;&nbsp;&nbsp; 5218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-KF75, Class B, 6.72%, 12/25/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1855 | &nbsp;&nbsp;&nbsp;&nbsp; 1717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-KF76, Class B, 7.22%, 1/25/2030 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1397 | &nbsp;&nbsp;&nbsp;&nbsp; 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K107, Class D, 3.51%, 2/25/2030 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 15119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-K752, Class D, PO, 8/25/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13100 | &nbsp;&nbsp;&nbsp;&nbsp; 8371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-K752, Class X2B, IO, 0.10%, 8/25/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 44900 | &nbsp;&nbsp;&nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KW07, Class C, PO, 10/25/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12089 | &nbsp;&nbsp;&nbsp;&nbsp; 9017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KW07, Class X2A, IO, 0.10%, 10/25/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 127170 | &nbsp;&nbsp;&nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KW07, Class X2B, IO, 0.10%, 10/25/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 16500 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-KW07, Class B, 4.11%, 10/25/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-KF132, Class CS, 10.75%, 2/25/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 27434 | &nbsp;&nbsp;&nbsp;&nbsp; 25353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW10, Class C, PO, 10/25/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11012 | &nbsp;&nbsp;&nbsp;&nbsp; 7554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW10, Class X2A, IO, 0.10%, 10/25/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 123549 | &nbsp;&nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-KW10, Class X2B, IO, 0.10%, 10/25/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14882 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-KF149, Class CS, 10.50%, 12/25/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8147 | &nbsp;&nbsp;&nbsp;&nbsp; 8314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K158, Class B, 4.27%, 10/25/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 19K-1510, Class X2B, IO, 0.10%, 1/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 81410 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 19K-1511, Class C, PO, 4/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 8411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 19K-1513, Class X2A, IO, 0.10%, 8/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 530384 | &nbsp;&nbsp;&nbsp;&nbsp; 3229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 19K-1514, Class C, 0.00%, 10/25/2034 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K156, Class X2A, IO, 0.10%, 7/25/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 147610 | &nbsp;&nbsp;&nbsp;&nbsp; 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K53, Class B, 4.04%, 3/25/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K75, Class D, PO, 4/25/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 23050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K75, Class X2A, IO, 0.10%, 4/25/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 462552 | &nbsp;&nbsp;&nbsp;&nbsp; 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K75, Class X2B, IO, 0.10%, 4/25/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 114000 | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-K83, Class D, PO, 11/25/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 16800 | &nbsp;&nbsp;&nbsp;&nbsp; 12425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class D, PO, 5/25/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 11558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K105, Class D, PO, 3/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 21011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K105, Class X2A, IO, 0.10%, 3/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 354487 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K105, Class X2B, IO, 0.10%, 3/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K113, Class D, PO, 5/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 26843 | &nbsp;&nbsp;&nbsp;&nbsp; 17213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K115, Class D, PO, 9/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 16920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K115, Class X2A, IO, 0.10%, 9/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 269423 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K115, Class X2B, IO, 0.10%, 9/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 60800 | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K118, Class D, PO, 10/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 22812 | &nbsp;&nbsp;&nbsp;&nbsp; 14840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K118, Class X2A, IO, 0.10%, 10/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 249405 | &nbsp;&nbsp;&nbsp;&nbsp; 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K118, Class X2B, IO, 0.10%, 10/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50947 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K739, Class D, PO, 11/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 10101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K739, Class X2A, IO, 0.10%, 11/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 121313 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K739, Class X2B, IO, 0.10%, 11/25/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-K752, Class X2A, IO, 0.10%, 9/25/2060 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 216840 | &nbsp;&nbsp;&nbsp;&nbsp; 838 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-89, IO, 0.19%, 12/16/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6092 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-88, Class AJ, 2.99%, 3/16/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4903 | &nbsp;&nbsp;&nbsp;&nbsp; 4321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-104, IO, 0.08%, 5/16/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6092 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-127, IO, 0.40%, 7/16/2057 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 423466 | &nbsp;&nbsp;&nbsp;&nbsp; 7576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-108, IO, 0.69%, 8/16/2059 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 216314 | &nbsp;&nbsp;&nbsp;&nbsp; 8144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4, IO, 0.57%, 10/16/2059 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4035 | &nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-67, IO, 0.91%, 2/16/2060 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8067 | &nbsp;&nbsp;&nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-106, IO, 0.65%, 4/16/2060 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6564 | &nbsp;&nbsp;&nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-119, IO, 0.68%, 5/16/2060 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7647 | &nbsp;&nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-9, IO, 0.89%, 8/16/2060 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12153 | &nbsp;&nbsp;&nbsp;&nbsp; 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, IO, 1.11%, 1/16/2061 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6125 | &nbsp;&nbsp;&nbsp;&nbsp; 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-47, IO, 0.99%, 3/16/2061 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17421 | &nbsp;&nbsp;&nbsp;&nbsp; 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-82, Class TA, IF, IO, 3.64%, 4/16/2061 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18342 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-53, Class IA, IO, 0.77%, 6/16/2061 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4387 | &nbsp;&nbsp;&nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-108, IO, 0.97%, 6/16/2061 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 68765 | &nbsp;&nbsp;&nbsp;&nbsp; 4781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-147, IO, 0.99%, 6/16/2061 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 29973 | &nbsp;&nbsp;&nbsp;&nbsp; 2194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-195, IO, 0.60%, 7/16/2061 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 283078 | &nbsp;&nbsp;&nbsp;&nbsp; 11392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-218, IO, 0.96%, 10/16/2061 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15163 | &nbsp;&nbsp;&nbsp;&nbsp; 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-178, Class SA, IF, IO, 3.60%, 10/16/2061 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 76747 | &nbsp;&nbsp;&nbsp;&nbsp; 3788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-28, IO, 0.82%, 11/16/2061 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16981 | &nbsp;&nbsp;&nbsp;&nbsp; 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56, IO, 0.97%, 11/16/2061 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 44464 | &nbsp;&nbsp;&nbsp;&nbsp; 2929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-124, IO, 0.99%, 12/16/2061 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8532 | &nbsp;&nbsp;&nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-38, IO, 0.64%, 1/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 157471 | &nbsp;&nbsp;&nbsp;&nbsp; 6205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-144, IO, 0.79%, 1/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13903 | &nbsp;&nbsp;&nbsp;&nbsp; 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-40, IO, 0.88%, 1/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 39283 | &nbsp;&nbsp;&nbsp;&nbsp; 2335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-143, Class IB, IO, 0.87%, 3/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 46256 | &nbsp;&nbsp;&nbsp;&nbsp; 2925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-94, IO, 0.97%, 3/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17711 | &nbsp;&nbsp;&nbsp;&nbsp; 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-10, IO, 0.58%, 4/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20575 | &nbsp;&nbsp;&nbsp;&nbsp; 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-23, IO, 0.66%, 4/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 63240 | &nbsp;&nbsp;&nbsp;&nbsp; 2945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-70, IO, 0.76%, 4/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 47545 | &nbsp;&nbsp;&nbsp;&nbsp; 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-38, IO, 0.82%, 4/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10228 | &nbsp;&nbsp;&nbsp;&nbsp; 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-54, IO, 0.92%, 4/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 159950 | &nbsp;&nbsp;&nbsp;&nbsp; 10112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class IA, IO, 1.17%, 4/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 38747 | &nbsp;&nbsp;&nbsp;&nbsp; 3077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-120, IO, 0.77%, 5/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8053 | &nbsp;&nbsp;&nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-91, Class IU, IO, 0.96%, 5/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18686 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-72, IO, 1.01%, 5/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 96923 | &nbsp;&nbsp;&nbsp;&nbsp; 6548 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-106, Class IC, IO, 0.84%, 6/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 70173 | &nbsp;&nbsp;&nbsp;&nbsp; 4332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-108, IO, 0.85%, 6/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 32807 | &nbsp;&nbsp;&nbsp;&nbsp; 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-147, IO, 0.91%, 6/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 206573 | &nbsp;&nbsp;&nbsp;&nbsp; 13529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-194, IO, 1.08%, 6/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12600 | &nbsp;&nbsp;&nbsp;&nbsp; 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-169, IO, 0.85%, 7/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 351443 | &nbsp;&nbsp;&nbsp;&nbsp; 22092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-64, IO, 1.20%, 7/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 31473 | &nbsp;&nbsp;&nbsp;&nbsp; 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-161, IO, 1.05%, 8/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 32718 | &nbsp;&nbsp;&nbsp;&nbsp; 2432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-111, IO, 0.87%, 9/15/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16560 | &nbsp;&nbsp;&nbsp;&nbsp; 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-158, IO, 0.78%, 9/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 52827 | &nbsp;&nbsp;&nbsp;&nbsp; 3052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-88, IO, 0.79%, 9/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 91113 | &nbsp;&nbsp;&nbsp;&nbsp; 5573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-114, IO, 0.80%, 9/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 73384 | &nbsp;&nbsp;&nbsp;&nbsp; 4126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, IO, 0.87%, 9/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 74695 | &nbsp;&nbsp;&nbsp;&nbsp; 4766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-192, IO, 0.94%, 9/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 60221 | &nbsp;&nbsp;&nbsp;&nbsp; 4118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-6, IO, 0.70%, 10/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12879 | &nbsp;&nbsp;&nbsp;&nbsp; 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-33, IO, 0.84%, 10/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 117296 | &nbsp;&nbsp;&nbsp;&nbsp; 7508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-71, IO, 0.86%, 10/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 158945 | &nbsp;&nbsp;&nbsp;&nbsp; 10141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-128, IO, 0.92%, 10/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 55809 | &nbsp;&nbsp;&nbsp;&nbsp; 3722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-80, IO, 0.90%, 12/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 62081 | &nbsp;&nbsp;&nbsp;&nbsp; 4279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-150, IO, 0.97%, 12/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 81689 | &nbsp;&nbsp;&nbsp;&nbsp; 5706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-195, Class IX, IO, 1.13%, 12/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8941 | &nbsp;&nbsp;&nbsp;&nbsp; 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11, Class IX, IO, 1.16%, 12/16/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24377 | &nbsp;&nbsp;&nbsp;&nbsp; 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-40, IO, 0.82%, 2/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 47470 | &nbsp;&nbsp;&nbsp;&nbsp; 2918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-120, IO, 0.99%, 2/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 51360 | &nbsp;&nbsp;&nbsp;&nbsp; 3795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-145, IO, 0.73%, 3/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 34171 | &nbsp;&nbsp;&nbsp;&nbsp; 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-101, IO, 0.68%, 4/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 82058 | &nbsp;&nbsp;&nbsp;&nbsp; 4227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-144, IO, 0.82%, 4/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 29488 | &nbsp;&nbsp;&nbsp;&nbsp; 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-106, IO, 0.86%, 4/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 94986 | &nbsp;&nbsp;&nbsp;&nbsp; 6251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-151, IO, 0.91%, 4/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 99349 | &nbsp;&nbsp;&nbsp;&nbsp; 6878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-168, IO, 0.80%, 5/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 75219 | &nbsp;&nbsp;&nbsp;&nbsp; 4635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-126, IO, 0.85%, 5/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14650 | &nbsp;&nbsp;&nbsp;&nbsp; 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-22, IO, 0.97%, 5/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 51774 | &nbsp;&nbsp;&nbsp;&nbsp; 3612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10, IO, 0.99%, 5/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 34844 | &nbsp;&nbsp;&nbsp;&nbsp; 2560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-170, IO, 0.99%, 5/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14240 | &nbsp;&nbsp;&nbsp;&nbsp; 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-32, IO, 0.70%, 6/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 127099 | &nbsp;&nbsp;&nbsp;&nbsp; 6492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-133, IO, 0.88%, 7/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 85818 | &nbsp;&nbsp;&nbsp;&nbsp; 5680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-181, IO, 0.98%, 7/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 135764 | &nbsp;&nbsp;&nbsp;&nbsp; 9429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-61, IO, 1.04%, 8/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40326 | &nbsp;&nbsp;&nbsp;&nbsp; 3013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-195, Class IX, IO, 1.20%, 8/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 51602 | &nbsp;&nbsp;&nbsp;&nbsp; 4635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-15, Class AB, 4.00%, 8/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8628 | &nbsp;&nbsp;&nbsp;&nbsp; 8232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-179, IO, 0.61%, 9/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 366148 | &nbsp;&nbsp;&nbsp;&nbsp; 15664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-164, IO, 0.95%, 10/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40588 | &nbsp;&nbsp;&nbsp;&nbsp; 2818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-112, IO, 0.99%, 10/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16697 | &nbsp;&nbsp;&nbsp;&nbsp; 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-148, IO, 1.07%, 10/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 65071 | &nbsp;&nbsp;&nbsp;&nbsp; 5414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-110, IO, 0.87%, 11/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2749 | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-180, IO, 0.91%, 11/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19083 | &nbsp;&nbsp;&nbsp;&nbsp; 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-150, IO, 1.04%, 11/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 31754 | &nbsp;&nbsp;&nbsp;&nbsp; 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-185, IO, 1.11%, 11/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 37936 | &nbsp;&nbsp;&nbsp;&nbsp; 3172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-167, IO, 0.87%, 12/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 63265 | &nbsp;&nbsp;&nbsp;&nbsp; 4509 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, IO, 0.86%, 3/16/2064 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 364961 | &nbsp;&nbsp;&nbsp;&nbsp; 23466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-224, IO, 0.78%, 4/16/2064 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 79584 | &nbsp;&nbsp;&nbsp;&nbsp; 5100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-149, IO, 0.46%, 6/16/2064 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 48138 | &nbsp;&nbsp;&nbsp;&nbsp; 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-134, IO, 0.51%, 6/16/2064 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28845 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-161, IO, 0.74%, 6/16/2064 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 119271 | &nbsp;&nbsp;&nbsp;&nbsp; 6724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-52, IO, 0.77%, 6/16/2064 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 147003 | &nbsp;&nbsp;&nbsp;&nbsp; 7437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-141, IO, 0.78%, 6/16/2064 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11636 | &nbsp;&nbsp;&nbsp;&nbsp; 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-210, IO, 0.70%, 7/16/2064 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 34045 | &nbsp;&nbsp;&nbsp;&nbsp; 2127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-199, IO, 0.76%, 7/16/2064 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 32037 | &nbsp;&nbsp;&nbsp;&nbsp; 1923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-15, IO, 0.92%, 8/16/2064 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 31572 | &nbsp;&nbsp;&nbsp;&nbsp; 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-147, IO, 0.56%, 9/16/2064 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 130511 | &nbsp;&nbsp;&nbsp;&nbsp; 6147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-28, IO, 0.86%, 2/16/2065 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24663 | &nbsp;&nbsp;&nbsp;&nbsp; 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-166, IO, 0.79%, 4/16/2065 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 79364 | &nbsp;&nbsp;&nbsp;&nbsp; 5109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-21, IO, 0.95%, 4/16/2065 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 326958 | &nbsp;&nbsp;&nbsp;&nbsp; 22806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26, IO, 0.97%, 4/16/2065 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 58627 | &nbsp;&nbsp;&nbsp;&nbsp; 3903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-126, IO, 0.88%, 7/16/2065 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 63008 | &nbsp;&nbsp;&nbsp;&nbsp; 4373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-46, IO, 1.15%, 7/16/2065 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19753 | &nbsp;&nbsp;&nbsp;&nbsp; 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-42, IO, 0.54%, 11/16/2065 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 156958 | &nbsp;&nbsp;&nbsp;&nbsp; 7417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-56, IO, 1.04%, 11/16/2065 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10923 | &nbsp;&nbsp;&nbsp;&nbsp; 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-121, IO, 1.05%, 7/1/2066 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10144 | &nbsp;&nbsp;&nbsp;&nbsp; 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-90, IO, 0.81%, 7/16/2066 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19815 | &nbsp;&nbsp;&nbsp;&nbsp; 1346 |
| &nbsp;&nbsp;&nbsp; GNMA, STRIPS Series 3, Class 23, IO, 1.40%, 9/16/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 30942 | &nbsp;&nbsp;&nbsp;&nbsp; 1787 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC13, Class B, 3.88%, 7/10/2046 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC28, Class D, 4.41%, 2/10/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1136 | &nbsp;&nbsp;&nbsp;&nbsp; 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC32, Class D, 3.35%, 7/10/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 4521 | &nbsp;&nbsp;&nbsp;&nbsp; 4207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS5, Class D, 3.51%, 3/10/2050 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5547 | &nbsp;&nbsp;&nbsp;&nbsp; 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC30, Class D, 3.38%, 5/10/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 2897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC40, Class E, 3.00%, 7/10/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4950 | &nbsp;&nbsp;&nbsp;&nbsp; 3096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class D, 2.80%, 9/10/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11880 | &nbsp;&nbsp;&nbsp;&nbsp; 8345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA1, Class XB, IO, 0.29%, 11/10/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 39035 | &nbsp;&nbsp;&nbsp;&nbsp; 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class XA, IO, 0.61%, 2/13/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 69621 | &nbsp;&nbsp;&nbsp;&nbsp; 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class D, 2.85%, 2/13/2053 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class E, 2.85%, 2/13/2053 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 4833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class XA, IO, 1.12%, 5/12/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 80359 | &nbsp;&nbsp;&nbsp;&nbsp; 3571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GSA2, Class D, 2.25%, 12/12/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 18158 | &nbsp;&nbsp;&nbsp;&nbsp; 12307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GSA2, Class E, 2.25%, 12/12/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 2319 |
| &nbsp;&nbsp;&nbsp; Harvest Commercial Capital Loan Trust Series 2025-1, Class A, 5.97%, 6/25/2057 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19949 | &nbsp;&nbsp;&nbsp;&nbsp; 19901 |
| &nbsp;&nbsp;&nbsp; HCFT (Luxembourg) 7.25%, 6/13/2025 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6902 |
| &nbsp;&nbsp;&nbsp; ILPT Commercial Mortgage Trust Series 2022-LPF2, Class E, 10.27%, 10/15/2039 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8760 | &nbsp;&nbsp;&nbsp;&nbsp; 8677 |
| &nbsp;&nbsp;&nbsp; IRV Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-200P, Class A, 5.29%, 3/14/2047 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 53700 | &nbsp;&nbsp;&nbsp;&nbsp; 53300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-200P, Class B, 5.44%, 3/14/2047 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24650 | &nbsp;&nbsp;&nbsp;&nbsp; 23919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-200P, Class C, 5.73%, 3/14/2047 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17600 | &nbsp;&nbsp;&nbsp;&nbsp; 17024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-200P, Class D, 6.17%, 3/14/2047 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3872 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP3, Class B, 3.40%, 8/15/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1845 |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C15, Class E, 3.50%, 11/15/2045 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 1597 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31, Class C, 4.60%, 8/15/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C28, Class D, 3.74%, 10/15/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C33, Class D2, 4.13%, 12/15/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C33, Class C, 4.63%, 12/15/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp;&nbsp;&nbsp; 3164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class D1, 4.20%, 3/17/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1305 |
| &nbsp;&nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP5, Class XB, IO, 0.41%, 3/15/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 31917 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP5, Class C, 3.74%, 3/15/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP5, Class B, 4.08%, 3/15/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP5, Class D, 4.49%, 3/15/2050 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4669 | &nbsp;&nbsp;&nbsp;&nbsp; 3461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP7, Class D, 4.42%, 9/15/2050 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust Series 2019-COR6, Class D, 2.50%, 11/13/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9875 | &nbsp;&nbsp;&nbsp;&nbsp; 4757 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C16, Class D, 4.88%, 12/15/2046 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1996 | &nbsp;&nbsp;&nbsp;&nbsp; 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1, Class C, 4.72%, 1/15/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4647 | &nbsp;&nbsp;&nbsp;&nbsp; 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class D, 3.42%, 8/15/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8122 | &nbsp;&nbsp;&nbsp;&nbsp; 6596 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C16, Class C, 4.58%, 6/15/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class E, 3.24%, 12/15/2047 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class F, 3.24%, 12/15/2047 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6334 | &nbsp;&nbsp;&nbsp;&nbsp; 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class D, 3.25%, 12/15/2047 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class E, 3.25%, 12/15/2047 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 5290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class C, 4.00%, 12/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 | &nbsp;&nbsp;&nbsp;&nbsp; 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C21, Class XA, IO, 0.18%, 3/15/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C21, Class B, 3.85%, 3/15/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class D, 3.26%, 5/15/2048 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C26, Class D, 3.06%, 10/15/2048 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 3974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class B, 3.88%, 11/15/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class C, 4.25%, 11/15/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C23, Class D, 4.12%, 7/15/2050 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4255 | &nbsp;&nbsp;&nbsp;&nbsp; 4029 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Series 2017-HR2, Class C, 4.32%, 12/15/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1143 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-MP, Class D, 4.28%, 7/11/2040 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L3, Class D, 2.50%, 11/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 3402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4, Class D, 2.50%, 2/15/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7175 | &nbsp;&nbsp;&nbsp;&nbsp; 5150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HR8, Class XA, IO, 1.78%, 7/15/2053 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17303 | &nbsp;&nbsp;&nbsp;&nbsp; 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L5, Class XB, IO, 0.71%, 5/15/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L5, Class E, 2.50%, 5/15/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4234 | &nbsp;&nbsp;&nbsp;&nbsp; 2848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L6, Class D, 2.50%, 6/15/2054 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13685 | &nbsp;&nbsp;&nbsp;&nbsp; 9516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L6, Class E, 2.50%, 6/15/2054 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 3216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L7, Class E, 2.50%, 10/15/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8091 | &nbsp;&nbsp;&nbsp;&nbsp; 4902 |
| &nbsp;&nbsp;&nbsp; MRCD MARK Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PARK, Class G, 2.72%, 12/15/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13337 | &nbsp;&nbsp;&nbsp;&nbsp; 7115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PARK, Class J, 4.25%, 12/15/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 7134 |
| &nbsp;&nbsp;&nbsp; MSWF Commercial Mortgage Trust Series 2023-2, Class A5, 6.01%, 12/15/2056 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 37272 | &nbsp;&nbsp;&nbsp;&nbsp; 39408 |
| &nbsp;&nbsp;&nbsp; Multi-Family Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class M10, 7.69%, 10/25/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 60501 | &nbsp;&nbsp;&nbsp;&nbsp; 60860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class M10, 8.19%, 3/25/2050 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 85284 | &nbsp;&nbsp;&nbsp;&nbsp; 86523 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M7, 8.32%, 11/25/2053 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3462 | &nbsp;&nbsp;&nbsp;&nbsp; 3591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M10, 10.82%, 11/25/2053 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8375 | &nbsp;&nbsp;&nbsp;&nbsp; 9359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class M7, 7.07%, 7/25/2054 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1758 | &nbsp;&nbsp;&nbsp;&nbsp; 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class M10, 8.17%, 7/25/2054 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class M1, 6.71%, 5/25/2055 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17200 | &nbsp;&nbsp;&nbsp;&nbsp; 17200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class M2, 7.41%, 5/25/2055 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12900 | &nbsp;&nbsp;&nbsp;&nbsp; 12900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class B1, 9.51%, 5/25/2055 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 |
| &nbsp;&nbsp;&nbsp; NW Re-REMIC TRUST Series 2021-FRR1, Class BK88, 2.62%, 12/18/2051 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 6687 |
| &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust Series 2021-909, Class E, 3.21%, 4/10/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3410 |
| &nbsp;&nbsp;&nbsp; PRM5 Trust Series 2025-PRM5, Class A, 4.47%, 3/10/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8695 | &nbsp;&nbsp;&nbsp;&nbsp; 8610 |
| &nbsp;&nbsp;&nbsp; ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13539 | &nbsp;&nbsp;&nbsp;&nbsp; 13710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 7.11%, 11/13/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20727 | &nbsp;&nbsp;&nbsp;&nbsp; 21411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 8.82%, 11/13/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 63500 | &nbsp;&nbsp;&nbsp;&nbsp; 66330 |
| &nbsp;&nbsp;&nbsp; SBALR Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RR1, Class XA, IO, 1.22%, 2/13/2053 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 78176 | &nbsp;&nbsp;&nbsp;&nbsp; 3363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RR1, Class B, 3.48%, 2/13/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11440 | &nbsp;&nbsp;&nbsp;&nbsp; 8202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RR1, Class C, 3.98%, 2/13/2053 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RR1, Class D, 4.06%, 2/13/2053 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9750 | &nbsp;&nbsp;&nbsp;&nbsp; 3830 |
| &nbsp;&nbsp;&nbsp; SDR Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class A, 5.72%, 5/15/2039 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15540 | &nbsp;&nbsp;&nbsp;&nbsp; 15428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class B, 6.07%, 5/15/2039 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10267 | &nbsp;&nbsp;&nbsp;&nbsp; 10116 |
| &nbsp;&nbsp;&nbsp; Series RR Trust Series 2015-1, Class B, PO, 4/26/2048 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 894 | &nbsp;&nbsp;&nbsp;&nbsp; 890 |
| &nbsp;&nbsp;&nbsp; SHR Trust Series 2024-LXRY, Class B, 6.78%, 10/15/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2998 |
| &nbsp;&nbsp;&nbsp; SREIT Trust Series 2021-MFP, Class G, 7.42%, 11/15/2038 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10905 | &nbsp;&nbsp;&nbsp;&nbsp; 10862 |
| &nbsp;&nbsp;&nbsp; TPG Trust Series 2024-WLSC, Class A, 6.46%, 11/15/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8600 | &nbsp;&nbsp;&nbsp;&nbsp; 8575 |
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C1, Class C, 4.44%, 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 5330 | &nbsp;&nbsp;&nbsp;&nbsp; 4829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C3, Class AS, 3.74%, 8/15/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C2, Class C, 4.30%, 8/15/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp;&nbsp;&nbsp; 6740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C5, Class AS, 3.78%, 11/15/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8471 | &nbsp;&nbsp;&nbsp;&nbsp; 8102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C11, Class XB, IO, 0.23%, 6/15/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C11, Class AS, 4.49%, 6/15/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8679 | &nbsp;&nbsp;&nbsp;&nbsp; 8386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C11, Class B, 4.71%, 6/15/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2347 |
| &nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class A, 4.05%, 10/26/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 899 | &nbsp;&nbsp;&nbsp;&nbsp; 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class M2, 4.51%, 10/26/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2, Class M3, 4.72%, 10/26/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A, 3.76%, 3/25/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 992 | &nbsp;&nbsp;&nbsp;&nbsp; 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class M1, 3.94%, 3/25/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2140 | &nbsp;&nbsp;&nbsp;&nbsp; 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A, 3.03%, 10/25/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class M1, 1.79%, 5/25/2051 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2568 | &nbsp;&nbsp;&nbsp;&nbsp; 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class M2, 2.26%, 5/25/2051 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1725 | &nbsp;&nbsp;&nbsp;&nbsp; 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A, 4.67%, 4/25/2052 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2513 | &nbsp;&nbsp;&nbsp;&nbsp; 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A, 5.22%, 6/25/2052 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4277 | &nbsp;&nbsp;&nbsp;&nbsp; 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A, 5.63%, 8/25/2052 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4049 | &nbsp;&nbsp;&nbsp;&nbsp; 4028 |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class A, 5.31%, 7/15/2035 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4013 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1CHI, Class B, 5.74%, 7/15/2035 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC18, Class D, 3.96%, 12/15/2047 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4952 | &nbsp;&nbsp;&nbsp;&nbsp; 4507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class C, 3.89%, 2/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 3494 | &nbsp;&nbsp;&nbsp;&nbsp; 3077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS1, Class E, 2.88%, 5/15/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9230 | &nbsp;&nbsp;&nbsp;&nbsp; 8570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C29, Class D, 4.22%, 6/15/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RB1, Class D, 3.40%, 3/15/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class D, 3.00%, 7/15/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 3147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class A5, 3.42%, 9/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class XB, IO, 0.17%, 5/15/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class D, 3.00%, 5/15/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C46, Class D, 3.00%, 8/15/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2890 | &nbsp;&nbsp;&nbsp;&nbsp; 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class XA, IO, 1.56%, 8/15/2052 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14029 | &nbsp;&nbsp;&nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class D, 2.50%, 2/15/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class E, 2.50%, 2/15/2053 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6850 | &nbsp;&nbsp;&nbsp;&nbsp; 3823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class D, 2.50%, 4/15/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C62, Class C, 4.35%, 4/15/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3, 5.93%, 7/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS2, Class D, 4.17%, 7/15/2058 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2226 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC22, Class D, 4.54%, 9/15/2058 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2107 | &nbsp;&nbsp;&nbsp;&nbsp; 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class D, 3.79%, 1/15/2059 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3820 |
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C21, Class D, 3.50%, 8/15/2047 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6152 | &nbsp;&nbsp;&nbsp;&nbsp; 4892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class D, 3.76%, 9/15/2057 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp;&nbsp; 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities <br>(Cost $3,466,543)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 3280950 |
| **Corporate Bonds — 22.9%** | **Corporate Bonds — 22.9%** | **Corporate Bonds — 22.9%** |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| &nbsp;&nbsp;&nbsp; ATI, Inc. 5.88%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3085 | &nbsp;&nbsp;&nbsp;&nbsp; 3085 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. 6.13%, 3/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) | &nbsp;&nbsp;&nbsp; Bombardier, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4595 | &nbsp;&nbsp;&nbsp;&nbsp; 4932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2269 | &nbsp;&nbsp;&nbsp;&nbsp; 2340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2112 | &nbsp;&nbsp;&nbsp;&nbsp; 2160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1520 | &nbsp;&nbsp;&nbsp;&nbsp; 1541 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. 4.13%, 6/30/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4404 | &nbsp;&nbsp;&nbsp;&nbsp; 4286 |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC 6.75%, 2/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2414 | &nbsp;&nbsp;&nbsp;&nbsp; 2405 |
| &nbsp;&nbsp;&nbsp; ICITII 6.00%, 1/31/2033 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1701 | &nbsp;&nbsp;&nbsp;&nbsp; 1361 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3116 | &nbsp;&nbsp;&nbsp;&nbsp; 3318 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 17742 | &nbsp;&nbsp;&nbsp;&nbsp; 18031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6402 | &nbsp;&nbsp;&nbsp;&nbsp; 6540 |
| &nbsp;&nbsp;&nbsp; Triumph Group, Inc. 9.00%, 3/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1449 | &nbsp;&nbsp;&nbsp;&nbsp; 1517 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53157 |
| **Automobile Components — 0.8%** | **Automobile Components — 0.8%** | **Automobile Components — 0.8%** |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  | &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  | &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1740 | &nbsp;&nbsp;&nbsp;&nbsp; 1778 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobile Components — continued** | **Automobile Components — continued** | **Automobile Components — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 4/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3375 | &nbsp;&nbsp;&nbsp;&nbsp; 3445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2810 | &nbsp;&nbsp;&nbsp;&nbsp; 2788 |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc.  | &nbsp;&nbsp;&nbsp; Allison Transmission, Inc.  | &nbsp;&nbsp;&nbsp; Allison Transmission, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3778 | &nbsp;&nbsp;&nbsp;&nbsp; 3715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10071 | &nbsp;&nbsp;&nbsp;&nbsp; 10111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/30/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9852 | &nbsp;&nbsp;&nbsp;&nbsp; 8943 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.  | &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.  | &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp;&nbsp; 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5430 | &nbsp;&nbsp;&nbsp;&nbsp; 5384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9465 | &nbsp;&nbsp;&nbsp;&nbsp; 8604 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4480 | &nbsp;&nbsp;&nbsp;&nbsp; 4481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6810 | &nbsp;&nbsp;&nbsp;&nbsp; 6840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1932 | &nbsp;&nbsp;&nbsp;&nbsp; 1968 |
| &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.50% (Cash), 3/31/2027 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4609 | &nbsp;&nbsp;&nbsp;&nbsp; 4834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% (Cash), 5/15/2027 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 969 | &nbsp;&nbsp;&nbsp;&nbsp; 820 |
| &nbsp;&nbsp;&nbsp; Dana, Inc.  | &nbsp;&nbsp;&nbsp; Dana, Inc.  | &nbsp;&nbsp;&nbsp; Dana, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3145 | &nbsp;&nbsp;&nbsp;&nbsp; 3135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3147 | &nbsp;&nbsp;&nbsp;&nbsp; 3132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1969 | &nbsp;&nbsp;&nbsp;&nbsp; 1867 |
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4565 | &nbsp;&nbsp;&nbsp;&nbsp; 3509 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1252 | &nbsp;&nbsp;&nbsp;&nbsp; 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11541 | &nbsp;&nbsp;&nbsp;&nbsp; 11056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1337 | &nbsp;&nbsp;&nbsp;&nbsp; 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2281 | &nbsp;&nbsp;&nbsp;&nbsp; 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp;&nbsp; 2491 |
| &nbsp;&nbsp;&nbsp; Icahn Enterprises LP 6.25%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2626 | &nbsp;&nbsp;&nbsp;&nbsp; 2601 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) | &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) | &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% (Cash), 11/15/2030 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5218 | &nbsp;&nbsp;&nbsp;&nbsp; 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% (Cash), 11/15/2032 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp; 821 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc. (Germany) 6.75%, 4/23/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4511 | &nbsp;&nbsp;&nbsp;&nbsp; 4284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 109089 |
| **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive plc (United Kingdom) 4.50%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 977 |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), <br> 9.38%, 3/19/2029 (e) (f) (g) (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4345 | &nbsp;&nbsp;&nbsp;&nbsp; 4769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco del Estado de Chile (Chile) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 7.95%, <br> 5/2/2029 (e) (f) (g) (h) (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA (Mexico) (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 5.47%), 7.50%, <br> 6/27/2029 (e) (f) (g) (h) (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9900 | &nbsp;&nbsp;&nbsp;&nbsp; 9801 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | &nbsp;&nbsp;&nbsp; BNP Paribas SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.59%), 5.50%, 5/20/2030 (b) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 5030 | &nbsp;&nbsp;&nbsp;&nbsp; 5125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.54%), 7.38%, 9/10/2034 (b) (e) (f) (g) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3450 | &nbsp;&nbsp;&nbsp;&nbsp; 3473 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  | &nbsp;&nbsp;&nbsp; Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, (3-MONTH CME TERM SOFR + 4.78%), 6.25%, 8/15/2026 (f) (g) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.57%), 6.75%, 2/15/2030 (f) (g) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 7630 | &nbsp;&nbsp;&nbsp;&nbsp; 7548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, <br> 12/17/2030 (e) (f) (g) (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6831 | &nbsp;&nbsp;&nbsp;&nbsp; 6147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (e) (f) <br> (g) (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12226 | &nbsp;&nbsp;&nbsp;&nbsp; 12187 |
| &nbsp;&nbsp;&nbsp; TC Ziraat Bankasi A/S (Turkey) 7.25%, 2/4/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp;&nbsp; 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.08%), 8.13%, <br> 10/31/2082 (e) (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5795 | &nbsp;&nbsp;&nbsp;&nbsp; 6069 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (f) (g) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 11821 | &nbsp;&nbsp;&nbsp;&nbsp; 11639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 6.85%, 9/15/2029 (f) (g) (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2220 | &nbsp;&nbsp;&nbsp;&nbsp; 2282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 71900 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; Central American Bottling Corp. (Guatemala) 5.25%, 4/27/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2727 | &nbsp;&nbsp;&nbsp;&nbsp; 2621 |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. 6.25%, 4/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6100 | &nbsp;&nbsp;&nbsp;&nbsp; 6108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8729 |
| **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Grifols SA (Spain) 4.75%, 10/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6077 | &nbsp;&nbsp;&nbsp;&nbsp; 5781 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Nordstrom, Inc. 4.25%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2665 | &nbsp;&nbsp;&nbsp;&nbsp; 2306 |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC 11.00%, 12/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2656 | &nbsp;&nbsp;&nbsp;&nbsp; 1188 |
| &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  | &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  | &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% (Blend (Cash 4.25% + PIK 4.25%)), 10/1/2027 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 8436 | &nbsp;&nbsp;&nbsp;&nbsp; 7250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 961 | &nbsp;&nbsp;&nbsp;&nbsp; 959 |
| &nbsp;&nbsp;&nbsp; Wayfair LLC  | &nbsp;&nbsp;&nbsp; Wayfair LLC  | &nbsp;&nbsp;&nbsp; Wayfair LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/31/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1474 | &nbsp;&nbsp;&nbsp;&nbsp; 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 9/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3773 | &nbsp;&nbsp;&nbsp;&nbsp; 3697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16836 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.  | &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.  | &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3868 | &nbsp;&nbsp;&nbsp;&nbsp; 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3590 | &nbsp;&nbsp;&nbsp;&nbsp; 3624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2470 | &nbsp;&nbsp;&nbsp;&nbsp; 2461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1572 | &nbsp;&nbsp;&nbsp;&nbsp; 1581 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP 6.63%, 12/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 16576 | &nbsp;&nbsp;&nbsp;&nbsp; 16744 |
| &nbsp;&nbsp;&nbsp; James Hardie International Finance DAC 5.00%, 1/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1958 |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc. 4.88%, 12/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2803 | &nbsp;&nbsp;&nbsp;&nbsp; 2447 |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc. 7.00%, 7/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp;&nbsp; 6563 |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3455 | &nbsp;&nbsp;&nbsp;&nbsp; 3481 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC 5.50%, 2/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1950 | &nbsp;&nbsp;&nbsp;&nbsp; 1798 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. 6.38%, 3/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8730 | &nbsp;&nbsp;&nbsp;&nbsp; 8871 |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC 8.88%, 11/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4630 | &nbsp;&nbsp;&nbsp;&nbsp; 4754 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc.  | &nbsp;&nbsp;&nbsp; Standard Industries, Inc.  | &nbsp;&nbsp;&nbsp; Standard Industries, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15624 | &nbsp;&nbsp;&nbsp;&nbsp; 15342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 7/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7469 | &nbsp;&nbsp;&nbsp;&nbsp; 7010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 80143 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc.  | &nbsp;&nbsp;&nbsp; Coinbase Global, Inc.  | &nbsp;&nbsp;&nbsp; Coinbase Global, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp;&nbsp; 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 982 | &nbsp;&nbsp;&nbsp;&nbsp; 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), <br> 7.50%, 2/10/2029 (f) (g) (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6225 | &nbsp;&nbsp;&nbsp;&nbsp; 6510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8704 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC  | &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC  | &nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12207 | &nbsp;&nbsp;&nbsp;&nbsp; 12080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6690 | &nbsp;&nbsp;&nbsp;&nbsp; 6226 |
| &nbsp;&nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil) 7.25%, 2/13/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1302 | &nbsp;&nbsp;&nbsp;&nbsp; 1133 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The)  | &nbsp;&nbsp;&nbsp; Chemours Co. (The)  | &nbsp;&nbsp;&nbsp; Chemours Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7871 | &nbsp;&nbsp;&nbsp;&nbsp; 7048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4922 | &nbsp;&nbsp;&nbsp;&nbsp; 4026 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. 3.88%, 9/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7541 | &nbsp;&nbsp;&nbsp;&nbsp; 7241 |
| &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) 7.50%, 4/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8220 | &nbsp;&nbsp;&nbsp;&nbsp; 8076 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc (United Kingdom) 9.63%, 3/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp;&nbsp; 1995 |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 16155 | &nbsp;&nbsp;&nbsp;&nbsp; 16130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2835 | &nbsp;&nbsp;&nbsp;&nbsp; 2986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2870 | &nbsp;&nbsp;&nbsp;&nbsp; 2744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2358 | &nbsp;&nbsp;&nbsp;&nbsp; 2539 |
| &nbsp;&nbsp;&nbsp; OCP SA (Morocco) | &nbsp;&nbsp;&nbsp; OCP SA (Morocco) | &nbsp;&nbsp;&nbsp; OCP SA (Morocco) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 3/1/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2130 | &nbsp;&nbsp;&nbsp;&nbsp; 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/23/2051 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/2/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2160 | &nbsp;&nbsp;&nbsp;&nbsp; 2105 |
| &nbsp;&nbsp;&nbsp; Sasol Financing USA LLC 5.50%, 3/18/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1553 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  | &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  | &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3125 | &nbsp;&nbsp;&nbsp;&nbsp; 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12372 | &nbsp;&nbsp;&nbsp;&nbsp; 11763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5510 | &nbsp;&nbsp;&nbsp;&nbsp; 4947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
| &nbsp;&nbsp;&nbsp; Trinseo Luxco Finance SPV Sarl 7.63% (Blend (Cash 5.13% + PIK 2.50%)), 5/3/2029 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9444 | &nbsp;&nbsp;&nbsp;&nbsp; 5502 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11757 | &nbsp;&nbsp;&nbsp;&nbsp; 11592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3371 | &nbsp;&nbsp;&nbsp;&nbsp; 2970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 120902 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. 4.25%, 3/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10192 | &nbsp;&nbsp;&nbsp;&nbsp; 9003 |
| &nbsp;&nbsp;&nbsp; ADT Security Corp. (The)  | &nbsp;&nbsp;&nbsp; ADT Security Corp. (The)  | &nbsp;&nbsp;&nbsp; ADT Security Corp. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3096 | &nbsp;&nbsp;&nbsp;&nbsp; 2953 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5796 | &nbsp;&nbsp;&nbsp;&nbsp; 5501 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC 4.63%, 6/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5439 | &nbsp;&nbsp;&nbsp;&nbsp; 5203 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc. 5.00%, 2/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6786 | &nbsp;&nbsp;&nbsp;&nbsp; 6714 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The) 4.63%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3370 | &nbsp;&nbsp;&nbsp;&nbsp; 3325 |
| &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp.  | &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp.  | &nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 7/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6049 | &nbsp;&nbsp;&nbsp;&nbsp; 5760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6188 | &nbsp;&nbsp;&nbsp;&nbsp; 5723 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. 8.25%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4965 | &nbsp;&nbsp;&nbsp;&nbsp; 5248 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) | &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) | &nbsp;&nbsp;&nbsp; Garda World Security Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1838 | &nbsp;&nbsp;&nbsp;&nbsp; 1844 |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  | &nbsp;&nbsp;&nbsp; GFL Environmental, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5233 | &nbsp;&nbsp;&nbsp;&nbsp; 5031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3780 | &nbsp;&nbsp;&nbsp;&nbsp; 3688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8785 | &nbsp;&nbsp;&nbsp;&nbsp; 9113 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC  | &nbsp;&nbsp;&nbsp; Madison IAQ LLC  | &nbsp;&nbsp;&nbsp; Madison IAQ LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11246 | &nbsp;&nbsp;&nbsp;&nbsp; 10824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/30/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4104 | &nbsp;&nbsp;&nbsp;&nbsp; 3970 |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  | &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  | &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4682 | &nbsp;&nbsp;&nbsp;&nbsp; 4694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/31/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8564 | &nbsp;&nbsp;&nbsp;&nbsp; 8220 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC 6.88%, 11/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2936 | &nbsp;&nbsp;&nbsp;&nbsp; 2923 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc. 6.63%, 4/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp; 892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 101507 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6326 | &nbsp;&nbsp;&nbsp;&nbsp; 6310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5432 | &nbsp;&nbsp;&nbsp;&nbsp; 5201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11511 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp; Aeropuerto Internacional de Tocumen SA (Panama) 5.13%, 8/11/2061 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1530 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp; Bioceanico Sovereign Certificate Ltd. (Paraguay) Zero Coupon, 6/5/2034 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2692 | &nbsp;&nbsp;&nbsp;&nbsp; 2113 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. 4.50%, 4/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3830 | &nbsp;&nbsp;&nbsp;&nbsp; 3685 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 |
| &nbsp;&nbsp;&nbsp; International Airport Finance SA (Ecuador) 12.00%, 3/15/2033 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5345 |
| &nbsp;&nbsp;&nbsp; Mexico City Airport Trust (Mexico) 5.50%, 10/31/2046 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 3610 |
| &nbsp;&nbsp;&nbsp; Pike Corp. 8.63%, 1/31/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1198 | &nbsp;&nbsp;&nbsp;&nbsp; 1290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18198 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Knife River Corp. 7.75%, 5/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5510 | &nbsp;&nbsp;&nbsp;&nbsp; 5466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 6/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6033 | &nbsp;&nbsp;&nbsp;&nbsp; 6102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5460 | &nbsp;&nbsp;&nbsp;&nbsp; 5382 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 1/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 12200 | &nbsp;&nbsp;&nbsp;&nbsp; 11935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 11/7/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 6/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2816 | &nbsp;&nbsp;&nbsp;&nbsp; 2923 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  | &nbsp;&nbsp;&nbsp; OneMain Finance Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6902 | &nbsp;&nbsp;&nbsp;&nbsp; 6995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7185 | &nbsp;&nbsp;&nbsp;&nbsp; 6737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48065 |
| **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  | &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7248 | &nbsp;&nbsp;&nbsp;&nbsp; 7177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11717 | &nbsp;&nbsp;&nbsp;&nbsp; 11706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7534 | &nbsp;&nbsp;&nbsp;&nbsp; 7078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2977 | &nbsp;&nbsp;&nbsp;&nbsp; 2896 |
| &nbsp;&nbsp;&nbsp; New Albertsons LP  | &nbsp;&nbsp;&nbsp; New Albertsons LP  | &nbsp;&nbsp;&nbsp; New Albertsons LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp; 915 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.  | &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.  | &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7047 | &nbsp;&nbsp;&nbsp;&nbsp; 7018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3861 | &nbsp;&nbsp;&nbsp;&nbsp; 3680 |
| &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  | &nbsp;&nbsp;&nbsp; Rite Aid Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/18/2024 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 3301 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/1/2025 ‡ (j) | &nbsp;&nbsp;&nbsp;&nbsp; 7843 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026 ‡ (j) | &nbsp;&nbsp;&nbsp;&nbsp; 3890 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 7.00%), 11.32%, 8/30/2031 ‡ (b) (h) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 15.00%, 8/30/2031 ‡ (j) | &nbsp;&nbsp;&nbsp;&nbsp; 3552 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 15.00%, 8/30/2031 ‡ (j) | &nbsp;&nbsp;&nbsp;&nbsp; 1671 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; US Foods, Inc.  | &nbsp;&nbsp;&nbsp; US Foods, Inc.  | &nbsp;&nbsp;&nbsp; US Foods, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1473 | &nbsp;&nbsp;&nbsp;&nbsp; 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2255 | &nbsp;&nbsp;&nbsp;&nbsp; 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2268 | &nbsp;&nbsp;&nbsp;&nbsp; 2182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 46498 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  | &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  | &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6380 | &nbsp;&nbsp;&nbsp;&nbsp; 5800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14217 | &nbsp;&nbsp;&nbsp;&nbsp; 6469 |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc. 4.88%, 7/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5576 | &nbsp;&nbsp;&nbsp;&nbsp; 5559 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. 6.75%, 4/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7167 | &nbsp;&nbsp;&nbsp;&nbsp; 7243 |
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  | &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  | &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15779 | &nbsp;&nbsp;&nbsp;&nbsp; 15929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6489 | &nbsp;&nbsp;&nbsp;&nbsp; 6392 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4140 | &nbsp;&nbsp;&nbsp;&nbsp; 4142 |
| &nbsp;&nbsp;&nbsp; TriMas Corp. 4.13%, 4/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2612 | &nbsp;&nbsp;&nbsp;&nbsp; 2458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53992 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada) 6.75%, 3/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2502 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Service Corp. International  | &nbsp;&nbsp;&nbsp; Service Corp. International  | &nbsp;&nbsp;&nbsp; Service Corp. International  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10926 | &nbsp;&nbsp;&nbsp;&nbsp; 9910 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc. 7.63%, 1/30/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2983 | &nbsp;&nbsp;&nbsp;&nbsp; 3103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13565 |
| **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** |
| &nbsp;&nbsp;&nbsp; Altice France SA (France) | &nbsp;&nbsp;&nbsp; Altice France SA (France) | &nbsp;&nbsp;&nbsp; Altice France SA (France) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11507 | &nbsp;&nbsp;&nbsp;&nbsp; 10561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7300 | &nbsp;&nbsp;&nbsp;&nbsp; 6202 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  | &nbsp;&nbsp;&nbsp; CCO Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14814 | &nbsp;&nbsp;&nbsp;&nbsp; 14609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12371 | &nbsp;&nbsp;&nbsp;&nbsp; 12539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 54516 | &nbsp;&nbsp;&nbsp;&nbsp; 52040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 39998 | &nbsp;&nbsp;&nbsp;&nbsp; 37504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 24742 | &nbsp;&nbsp;&nbsp;&nbsp; 22661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6225 | &nbsp;&nbsp;&nbsp;&nbsp; 5666 |
| &nbsp;&nbsp;&nbsp; Embarq LLC 8.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1643 | &nbsp;&nbsp;&nbsp;&nbsp; 772 |
| &nbsp;&nbsp;&nbsp; Fibercop SpA (Italy) | &nbsp;&nbsp;&nbsp; Fibercop SpA (Italy) | &nbsp;&nbsp;&nbsp; Fibercop SpA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2033, 6.38%, 11/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3705 | &nbsp;&nbsp;&nbsp;&nbsp; 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 6/4/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2137 | &nbsp;&nbsp;&nbsp;&nbsp; 2129 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  | &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  | &nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9233 | &nbsp;&nbsp;&nbsp;&nbsp; 9257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9797 | &nbsp;&nbsp;&nbsp;&nbsp; 9777 |
| &nbsp;&nbsp;&nbsp; GCI LLC 4.75%, 10/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7571 | &nbsp;&nbsp;&nbsp;&nbsp; 7121 |
| &nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14244 | &nbsp;&nbsp;&nbsp;&nbsp; 14007 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  | &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  | &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6809 | &nbsp;&nbsp;&nbsp;&nbsp; 6184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 11/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3419 | &nbsp;&nbsp;&nbsp;&nbsp; 3878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7012 | &nbsp;&nbsp;&nbsp;&nbsp; 6167 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2014 | &nbsp;&nbsp;&nbsp;&nbsp; 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11132 | &nbsp;&nbsp;&nbsp;&nbsp; 10813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 10/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1064 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 |
| &nbsp;&nbsp;&nbsp; SES GLOBAL Americas Holdings, Inc. (Luxembourg) 5.30%, 3/25/2044 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA (Italy) | &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA (Italy) | &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA (Italy) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 623 | &nbsp;&nbsp;&nbsp;&nbsp; 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 6/4/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1033 | &nbsp;&nbsp;&nbsp;&nbsp; 1078 |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 246332 |
| **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** |
| &nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras SA (Brazil) 6.50%, 1/11/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4730 | &nbsp;&nbsp;&nbsp;&nbsp; 4626 |
| &nbsp;&nbsp;&nbsp; Comision Federal de Electricidad (Mexico) 6.45%, 1/24/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1913 | &nbsp;&nbsp;&nbsp;&nbsp; 1837 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Energuate Trust (Guatemala) 5.88%, 5/3/2027 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 |
| &nbsp;&nbsp;&nbsp; Eskom Holdings SOC Ltd. (South Africa) 8.45%, 8/10/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp;&nbsp; 5579 |
| &nbsp;&nbsp;&nbsp; Instituto Costarricense de Electricidad (Costa Rica) | &nbsp;&nbsp;&nbsp; Instituto Costarricense de Electricidad (Costa Rica) | &nbsp;&nbsp;&nbsp; Instituto Costarricense de Electricidad (Costa Rica) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/7/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8210 | &nbsp;&nbsp;&nbsp;&nbsp; 8331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/2043 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp; 609 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | &nbsp;&nbsp;&nbsp; NRG Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10142 | &nbsp;&nbsp;&nbsp;&nbsp; 10178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1249 | &nbsp;&nbsp;&nbsp;&nbsp; 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7165 | &nbsp;&nbsp;&nbsp;&nbsp; 6497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3993 | &nbsp;&nbsp;&nbsp;&nbsp; 3957 |
| &nbsp;&nbsp;&nbsp; Tierra Mojada Luxembourg II SARL (Mexico) 5.75%, 12/1/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8438 | &nbsp;&nbsp;&nbsp;&nbsp; 7812 |
| &nbsp;&nbsp;&nbsp; Trinidad Generation UnLtd (Trinidad And Tobago) 5.25%, 11/4/2027 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 833 | &nbsp;&nbsp;&nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  | &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 601 | &nbsp;&nbsp;&nbsp;&nbsp; 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4708 | &nbsp;&nbsp;&nbsp;&nbsp; 4705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/31/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13626 | &nbsp;&nbsp;&nbsp;&nbsp; 13586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2426 | &nbsp;&nbsp;&nbsp;&nbsp; 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2255 | &nbsp;&nbsp;&nbsp;&nbsp; 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2721 | &nbsp;&nbsp;&nbsp;&nbsp; 2831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 79311 |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. 6.40%, 4/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2931 | &nbsp;&nbsp;&nbsp;&nbsp; 3033 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies BV 4.00%, 4/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10312 | &nbsp;&nbsp;&nbsp;&nbsp; 9680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12713 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Coherent Corp. 5.00%, 12/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12944 | &nbsp;&nbsp;&nbsp;&nbsp; 12542 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5574 | &nbsp;&nbsp;&nbsp;&nbsp; 5241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1315 | &nbsp;&nbsp;&nbsp;&nbsp; 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5770 | &nbsp;&nbsp;&nbsp;&nbsp; 5821 |
| &nbsp;&nbsp;&nbsp; Xerox Issuer Corp. 13.50%, 4/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1690 | &nbsp;&nbsp;&nbsp;&nbsp; 1688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26460 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP  | &nbsp;&nbsp;&nbsp; Archrock Partners LP  | &nbsp;&nbsp;&nbsp; Archrock Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1791 | &nbsp;&nbsp;&nbsp;&nbsp; 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2492 | &nbsp;&nbsp;&nbsp;&nbsp; 2505 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co. 8.50%, 10/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2304 |
| &nbsp;&nbsp;&nbsp; Guara Norte SARL (Brazil) 5.20%, 6/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4217 | &nbsp;&nbsp;&nbsp;&nbsp; 3933 |
| &nbsp;&nbsp;&nbsp; Precision Drilling Corp. (Canada) | &nbsp;&nbsp;&nbsp; Precision Drilling Corp. (Canada) | &nbsp;&nbsp;&nbsp; Precision Drilling Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 1/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1292 | &nbsp;&nbsp;&nbsp;&nbsp; 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp; 936 |
| &nbsp;&nbsp;&nbsp; Transocean Poseidon Ltd. 6.88%, 2/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp; Transocean, Inc.  | &nbsp;&nbsp;&nbsp; Transocean, Inc.  | &nbsp;&nbsp;&nbsp; Transocean, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2775 | &nbsp;&nbsp;&nbsp;&nbsp; 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 2/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| &nbsp;&nbsp;&nbsp; Vallourec SACA (France) 7.50%, 4/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2087 |
| &nbsp;&nbsp;&nbsp; Yinson Boronia Production BV (Brazil) 8.95%, 7/31/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2237 | &nbsp;&nbsp;&nbsp;&nbsp; 2328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21053 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc. 7.00%, 8/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1277 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3148 | &nbsp;&nbsp;&nbsp;&nbsp; 3152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13141 | &nbsp;&nbsp;&nbsp;&nbsp; 13297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 16737 | &nbsp;&nbsp;&nbsp;&nbsp; 16476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2544 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36783 |
| **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 8260 | &nbsp;&nbsp;&nbsp;&nbsp; 7464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 10952 | &nbsp;&nbsp;&nbsp;&nbsp; 11193 |
| &nbsp;&nbsp;&nbsp; CFIN 2022-RTL1 Issuer LLC  | &nbsp;&nbsp;&nbsp; CFIN 2022-RTL1 Issuer LLC  | &nbsp;&nbsp;&nbsp; CFIN 2022-RTL1 Issuer LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class AShares, 0.00%, 8/17/2027 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 1520 | &nbsp;&nbsp;&nbsp;&nbsp; 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class BShares, 0.00%, 8/17/2027 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 3460 | &nbsp;&nbsp;&nbsp;&nbsp; 3460 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc. 5.50%, 8/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2825 | &nbsp;&nbsp;&nbsp;&nbsp; 2819 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp. 9.50%, 4/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6257 | &nbsp;&nbsp;&nbsp;&nbsp; 6835 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7850 | &nbsp;&nbsp;&nbsp;&nbsp; 7324 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC 6.75%, 8/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7546 | &nbsp;&nbsp;&nbsp;&nbsp; 7699 |
| &nbsp;&nbsp;&nbsp; STReAM 2008 BV (Netherlands) 0.00%, 2/15/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 |
| &nbsp;&nbsp;&nbsp; Street Capital Group, Inc. (Canada) 0.00%, 2/15/2030 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1665 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53373 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Grupo Nutresa SA (Colombia) 9.00%, 5/12/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2727 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2830 | &nbsp;&nbsp;&nbsp;&nbsp; 2669 |
| &nbsp;&nbsp;&nbsp; Minerva Luxembourg SA (Brazil) 8.88%, 9/13/2033 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2900 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Post Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 893 | &nbsp;&nbsp;&nbsp;&nbsp; 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10770 | &nbsp;&nbsp;&nbsp;&nbsp; 10193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 9/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1595 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7739 | &nbsp;&nbsp;&nbsp;&nbsp; 7868 |
| &nbsp;&nbsp;&nbsp; Sigma Holdco BV (Netherlands) 7.88%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29488 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP  | &nbsp;&nbsp;&nbsp; AmeriGas Partners LP  | &nbsp;&nbsp;&nbsp; AmeriGas Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 6/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2398 | &nbsp;&nbsp;&nbsp;&nbsp; 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1885 | &nbsp;&nbsp;&nbsp;&nbsp; 1904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4326 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** | **Ground Transportation — 0.5%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 7/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2856 | &nbsp;&nbsp;&nbsp;&nbsp; 2818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 17550 | &nbsp;&nbsp;&nbsp;&nbsp; 16810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2095 | &nbsp;&nbsp;&nbsp;&nbsp; 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2848 | &nbsp;&nbsp;&nbsp;&nbsp; 2869 |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  | &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  | &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 5/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12295 | &nbsp;&nbsp;&nbsp;&nbsp; 12764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 5/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp;&nbsp;&nbsp; 949 |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc. 4.00%, 7/31/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2655 | &nbsp;&nbsp;&nbsp;&nbsp; 2482 |
| &nbsp;&nbsp;&nbsp; Herc Holdings Escrow, Inc. 7.00%, 6/15/2030 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1903 | &nbsp;&nbsp;&nbsp;&nbsp; 1960 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 7/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8226 | &nbsp;&nbsp;&nbsp;&nbsp; 8376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13191 | &nbsp;&nbsp;&nbsp;&nbsp; 8968 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The), Escrow  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The), Escrow  | &nbsp;&nbsp;&nbsp; Hertz Corp. (The), Escrow  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2022 ‡ (j) | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2024 ‡ (j) | &nbsp;&nbsp;&nbsp;&nbsp; 5875 | &nbsp;&nbsp;&nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 8/1/2026 ‡ (j) | &nbsp;&nbsp;&nbsp;&nbsp; 2755 | &nbsp;&nbsp;&nbsp;&nbsp; 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2028 ‡ (j) | &nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc. 5.50%, 4/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2496 |
| &nbsp;&nbsp;&nbsp; Transnet SOC Ltd. (South Africa) 8.25%, 2/6/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3059 |
| &nbsp;&nbsp;&nbsp; XPO, Inc. 6.25%, 6/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3375 | &nbsp;&nbsp;&nbsp;&nbsp; 3409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 71995 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc. 4.63%, 7/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15284 | &nbsp;&nbsp;&nbsp;&nbsp; 14896 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. 3.25%, 2/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5650 | &nbsp;&nbsp;&nbsp;&nbsp; 5398 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12938 | &nbsp;&nbsp;&nbsp;&nbsp; 12194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4266 | &nbsp;&nbsp;&nbsp;&nbsp; 4341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9602 | &nbsp;&nbsp;&nbsp;&nbsp; 9383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 46212 |
| **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  | &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  | &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4670 | &nbsp;&nbsp;&nbsp;&nbsp; 4602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6716 | &nbsp;&nbsp;&nbsp;&nbsp; 6453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3285 | &nbsp;&nbsp;&nbsp;&nbsp; 2958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4360 | &nbsp;&nbsp;&nbsp;&nbsp; 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 1/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2503 | &nbsp;&nbsp;&nbsp;&nbsp; 2668 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.  | &nbsp;&nbsp;&nbsp; DaVita, Inc.  | &nbsp;&nbsp;&nbsp; DaVita, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10437 | &nbsp;&nbsp;&nbsp;&nbsp; 9244 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp.  | &nbsp;&nbsp;&nbsp; Encompass Health Corp.  | &nbsp;&nbsp;&nbsp; Encompass Health Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp;&nbsp; 558 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5839 | &nbsp;&nbsp;&nbsp;&nbsp; 5751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3939 | &nbsp;&nbsp;&nbsp;&nbsp; 3840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5697 | &nbsp;&nbsp;&nbsp;&nbsp; 5432 |
| &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.  | &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.  | &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/31/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7644 | &nbsp;&nbsp;&nbsp;&nbsp; 6248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 4/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3286 | &nbsp;&nbsp;&nbsp;&nbsp; 3432 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  | &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 14007 | &nbsp;&nbsp;&nbsp;&nbsp; 14017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 27919 | &nbsp;&nbsp;&nbsp;&nbsp; 27745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5660 | &nbsp;&nbsp;&nbsp;&nbsp; 5550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4809 | &nbsp;&nbsp;&nbsp;&nbsp; 4856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5821 | &nbsp;&nbsp;&nbsp;&nbsp; 5996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 117610 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc.  | &nbsp;&nbsp;&nbsp; IQVIA, Inc.  | &nbsp;&nbsp;&nbsp; IQVIA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2203 | &nbsp;&nbsp;&nbsp;&nbsp; 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6927 | &nbsp;&nbsp;&nbsp;&nbsp; 6882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9078 |
| **Hotel & Resort REITs — 0.2%** | **Hotel & Resort REITs — 0.2%** | **Hotel & Resort REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  | &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  | &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16946 | &nbsp;&nbsp;&nbsp;&nbsp; 16745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp;&nbsp;&nbsp; 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3370 | &nbsp;&nbsp;&nbsp;&nbsp; 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/2033 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1012 | &nbsp;&nbsp;&nbsp;&nbsp; 1029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24150 |
| **Hotels, Restaurants & Leisure — 1.2%** | **Hotels, Restaurants & Leisure — 1.2%** | **Hotels, Restaurants & Leisure — 1.2%** |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) | &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) | &nbsp;&nbsp;&nbsp; 1011778 BC ULC (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 1/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp;&nbsp;&nbsp; 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4670 | &nbsp;&nbsp;&nbsp;&nbsp; 4295 |
| &nbsp;&nbsp;&nbsp; Boyne USA, Inc. 4.75%, 5/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4913 | &nbsp;&nbsp;&nbsp;&nbsp; 4721 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  | &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp;&nbsp; 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4768 | &nbsp;&nbsp;&nbsp;&nbsp; 4453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5770 | &nbsp;&nbsp;&nbsp;&nbsp; 5921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6228 | &nbsp;&nbsp;&nbsp;&nbsp; 6278 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  | &nbsp;&nbsp;&nbsp; Carnival Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3391 | &nbsp;&nbsp;&nbsp;&nbsp; 3277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8650 | &nbsp;&nbsp;&nbsp;&nbsp; 8673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9648 | &nbsp;&nbsp;&nbsp;&nbsp; 9672 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  | &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  | &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 5/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6795 | &nbsp;&nbsp;&nbsp;&nbsp; 6803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6329 | &nbsp;&nbsp;&nbsp;&nbsp; 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8062 | &nbsp;&nbsp;&nbsp;&nbsp; 8116 |
| &nbsp;&nbsp;&nbsp; International Game Technology plc 6.25%, 1/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3480 | &nbsp;&nbsp;&nbsp;&nbsp; 3518 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp; MGM Resorts International  | &nbsp;&nbsp;&nbsp; MGM Resorts International  | &nbsp;&nbsp;&nbsp; MGM Resorts International  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4489 | &nbsp;&nbsp;&nbsp;&nbsp; 4470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2685 | &nbsp;&nbsp;&nbsp;&nbsp; 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3369 | &nbsp;&nbsp;&nbsp;&nbsp; 3385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1815 | &nbsp;&nbsp;&nbsp;&nbsp; 1811 |
| &nbsp;&nbsp;&nbsp; Motion Bondco DAC (United Kingdom) 6.63%, 11/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 473 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/30/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5349 | &nbsp;&nbsp;&nbsp;&nbsp; 5287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10377 | &nbsp;&nbsp;&nbsp;&nbsp; 10517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3651 | &nbsp;&nbsp;&nbsp;&nbsp; 3664 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  | &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1042 | &nbsp;&nbsp;&nbsp;&nbsp; 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12577 | &nbsp;&nbsp;&nbsp;&nbsp; 12549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4574 | &nbsp;&nbsp;&nbsp;&nbsp; 4663 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC 4.50%, 2/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5375 | &nbsp;&nbsp;&nbsp;&nbsp; 5213 |
| &nbsp;&nbsp;&nbsp; Studio City Finance Ltd. (Macau) 5.00%, 1/15/2029 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 1950 | &nbsp;&nbsp;&nbsp;&nbsp; 1762 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. 6.50%, 5/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6657 | &nbsp;&nbsp;&nbsp;&nbsp; 6819 |
| &nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC 5.25%, 5/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp; 692 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  | &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  | &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 18760 | &nbsp;&nbsp;&nbsp;&nbsp; 18294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2522 | &nbsp;&nbsp;&nbsp;&nbsp; 2494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 169198 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5232 | &nbsp;&nbsp;&nbsp;&nbsp; 4342 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  | &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  | &nbsp;&nbsp;&nbsp; Newell Brands, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 4/1/2026 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1579 | &nbsp;&nbsp;&nbsp;&nbsp; 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2535 | &nbsp;&nbsp;&nbsp;&nbsp; 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4382 | &nbsp;&nbsp;&nbsp;&nbsp; 4117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3286 | &nbsp;&nbsp;&nbsp;&nbsp; 3032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.87%, 4/1/2036 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3780 | &nbsp;&nbsp;&nbsp;&nbsp; 3474 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. 4.00%, 4/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13065 | &nbsp;&nbsp;&nbsp;&nbsp; 12305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31483 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  | &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  | &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 8885 | &nbsp;&nbsp;&nbsp;&nbsp; 8883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4405 | &nbsp;&nbsp;&nbsp;&nbsp; 4074 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10953 | &nbsp;&nbsp;&nbsp;&nbsp; 10562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/31/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3012 | &nbsp;&nbsp;&nbsp;&nbsp; 2829 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands, Inc. 3.88%, 3/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 783 | &nbsp;&nbsp;&nbsp;&nbsp; 625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26973 |
| **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; Calpine Corp. 4.63%, 2/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp;&nbsp; 1062 |
| &nbsp;&nbsp;&nbsp; FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (Mexico) 7.25%, 1/31/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2533 | &nbsp;&nbsp;&nbsp;&nbsp; 2492 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Independent Power and Renewable Electricity Producers — continued** | **Independent Power and Renewable Electricity Producers — continued** | **Independent Power and Renewable Electricity Producers — continued** |
| &nbsp;&nbsp;&nbsp; Saavi Energia Sarl (Mexico) 8.88%, 2/10/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4754 | &nbsp;&nbsp;&nbsp;&nbsp; 4840 |
| &nbsp;&nbsp;&nbsp; Termocandelaria Power SA (Colombia) 7.75%, 9/17/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3440 | &nbsp;&nbsp;&nbsp;&nbsp; 3423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11817 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Snap, Inc. 6.88%, 3/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2224 | &nbsp;&nbsp;&nbsp;&nbsp; 2253 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc. 9.25%, 6/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3848 | &nbsp;&nbsp;&nbsp;&nbsp; 3844 |
| &nbsp;&nbsp;&nbsp; Identity Digital Ltd. (Ireland) 6.79%, 3/20/2065 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16844 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Amer Sports Co. (Finland) 6.75%, 2/16/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3975 | &nbsp;&nbsp;&nbsp;&nbsp; 4104 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc. 7.50%, 1/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8982 | &nbsp;&nbsp;&nbsp;&nbsp; 9376 |
| &nbsp;&nbsp;&nbsp; Enpro, Inc. 6.13%, 6/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1206 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 |
| &nbsp;&nbsp;&nbsp; Esab Corp. 6.25%, 4/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2590 | &nbsp;&nbsp;&nbsp;&nbsp; 2634 |
| &nbsp;&nbsp;&nbsp; Terex Corp.  | &nbsp;&nbsp;&nbsp; Terex Corp.  | &nbsp;&nbsp;&nbsp; Terex Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4140 | &nbsp;&nbsp;&nbsp;&nbsp; 3989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2456 | &nbsp;&nbsp;&nbsp;&nbsp; 2415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19629 |
| **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; MV24 Capital BV (Brazil) | &nbsp;&nbsp;&nbsp; MV24 Capital BV (Brazil) | &nbsp;&nbsp;&nbsp; MV24 Capital BV (Brazil) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3317 | &nbsp;&nbsp;&nbsp;&nbsp; 3175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/1/2034 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2256 | &nbsp;&nbsp;&nbsp;&nbsp; 2160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5335 |
| **Media — 2.1%** | **Media — 2.1%** | **Media — 2.1%** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 8/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 17467 | &nbsp;&nbsp;&nbsp;&nbsp; 17087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8129 | &nbsp;&nbsp;&nbsp;&nbsp; 7428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2567 | &nbsp;&nbsp;&nbsp;&nbsp; 2688 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  | &nbsp;&nbsp;&nbsp; CSC Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 2/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14326 | &nbsp;&nbsp;&nbsp;&nbsp; 11430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4770 | &nbsp;&nbsp;&nbsp;&nbsp; 2408 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC 5.88%, 8/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8227 | &nbsp;&nbsp;&nbsp;&nbsp; 8098 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  | &nbsp;&nbsp;&nbsp; DISH DBS Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 19231 | &nbsp;&nbsp;&nbsp;&nbsp; 16534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12175 | &nbsp;&nbsp;&nbsp;&nbsp; 11239 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp. 11.75%, 11/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 17497 | &nbsp;&nbsp;&nbsp;&nbsp; 18052 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp.  | &nbsp;&nbsp;&nbsp; EchoStar Corp.  | &nbsp;&nbsp;&nbsp; EchoStar Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9760 | &nbsp;&nbsp;&nbsp;&nbsp; 9808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% (PIK), 11/30/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4807 | &nbsp;&nbsp;&nbsp;&nbsp; 4132 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  | &nbsp;&nbsp;&nbsp; Gray Media, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4469 | &nbsp;&nbsp;&nbsp;&nbsp; 4438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13176 | &nbsp;&nbsp;&nbsp;&nbsp; 14013 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6940 | &nbsp;&nbsp;&nbsp;&nbsp; 5023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6308 | &nbsp;&nbsp;&nbsp;&nbsp; 4504 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8680 | &nbsp;&nbsp;&nbsp;&nbsp; 7182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3283 | &nbsp;&nbsp;&nbsp;&nbsp; 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12798 | &nbsp;&nbsp;&nbsp;&nbsp; 9856 |
| &nbsp;&nbsp;&nbsp; Lamar Media Corp. 4.88%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2406 | &nbsp;&nbsp;&nbsp;&nbsp; 2363 |
| &nbsp;&nbsp;&nbsp; Midcontinent Communications 8.00%, 8/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2745 | &nbsp;&nbsp;&nbsp;&nbsp; 2839 |
| &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  | &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  | &nbsp;&nbsp;&nbsp; Nexstar Media, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 7/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14898 | &nbsp;&nbsp;&nbsp;&nbsp; 14838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9786 | &nbsp;&nbsp;&nbsp;&nbsp; 9415 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC  | &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC  | &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4833 | &nbsp;&nbsp;&nbsp;&nbsp; 4771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 1/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3055 | &nbsp;&nbsp;&nbsp;&nbsp; 2889 |
| &nbsp;&nbsp;&nbsp; Paramount Global (3-MONTH SOFR + 3.90%), 6.25%, 2/28/2057 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow II, Inc. 3.88%, 1/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3265 | &nbsp;&nbsp;&nbsp;&nbsp; 2792 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. 8.13%, 2/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6662 | &nbsp;&nbsp;&nbsp;&nbsp; 6665 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  | &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  | &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7805 | &nbsp;&nbsp;&nbsp;&nbsp; 7724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14710 | &nbsp;&nbsp;&nbsp;&nbsp; 13959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 18429 | &nbsp;&nbsp;&nbsp;&nbsp; 18128 |
| &nbsp;&nbsp;&nbsp; Stagwell Global LLC 5.63%, 8/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6910 | &nbsp;&nbsp;&nbsp;&nbsp; 6497 |
| &nbsp;&nbsp;&nbsp; Sunrise FinCo. I BV (Netherlands) 4.88%, 7/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3485 | &nbsp;&nbsp;&nbsp;&nbsp; 3236 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc. 5.00%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8952 | &nbsp;&nbsp;&nbsp;&nbsp; 8527 |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes SARL (Belgium) 5.50%, 3/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2364 |
| &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  | &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  | &nbsp;&nbsp;&nbsp; Univision Communications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 8/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12339 | &nbsp;&nbsp;&nbsp;&nbsp; 12347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1540 | &nbsp;&nbsp;&nbsp;&nbsp; 1440 |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1738 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
| &nbsp;&nbsp;&nbsp; Ziggo BV (Netherlands) 4.88%, 1/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 283653 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV 7.13%, 3/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5709 | &nbsp;&nbsp;&nbsp;&nbsp; 5927 |
| &nbsp;&nbsp;&nbsp; Alumina Pty. Ltd.  | &nbsp;&nbsp;&nbsp; Alumina Pty. Ltd.  | &nbsp;&nbsp;&nbsp; Alumina Pty. Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1526 | &nbsp;&nbsp;&nbsp;&nbsp; 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1966 | &nbsp;&nbsp;&nbsp;&nbsp; 1944 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC 6.63%, 1/31/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2951 | &nbsp;&nbsp;&nbsp;&nbsp; 2973 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  | &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  | &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2535 | &nbsp;&nbsp;&nbsp;&nbsp; 2497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 3/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3725 | &nbsp;&nbsp;&nbsp;&nbsp; 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1832 | &nbsp;&nbsp;&nbsp;&nbsp; 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp;&nbsp; 1291 |
| &nbsp;&nbsp;&nbsp; Constellium SE 6.38%, 8/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1494 |
| &nbsp;&nbsp;&nbsp; CSN Inova Ventures (Brazil) 6.75%, 1/28/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp;&nbsp; 4066 |
| &nbsp;&nbsp;&nbsp; Novelis Corp.  | &nbsp;&nbsp;&nbsp; Novelis Corp.  | &nbsp;&nbsp;&nbsp; Novelis Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/30/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7130 | &nbsp;&nbsp;&nbsp;&nbsp; 6778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/30/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 866 | &nbsp;&nbsp;&nbsp;&nbsp; 893 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2745 | &nbsp;&nbsp;&nbsp;&nbsp; 2440 |
| &nbsp;&nbsp;&nbsp; WE Soda Investments Holding plc (Turkey) 9.50%, 10/6/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38995 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** |
| &nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc.  | &nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc.  | &nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QIB, 4.50%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14500 | &nbsp;&nbsp;&nbsp;&nbsp; 13785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QIB, 4.50%, 3/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18510 |
| &nbsp;&nbsp;&nbsp; Great Ajax Operating Partnership LP Series QIB, 9.88%, 9/1/2027 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10762 |
| &nbsp;&nbsp;&nbsp; ReadyCap Holdings LLC  | &nbsp;&nbsp;&nbsp; ReadyCap Holdings LLC  | &nbsp;&nbsp;&nbsp; ReadyCap Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QIB, 4.50%, 10/20/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QIB, 9.38%, 3/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 93515 |
| **Multi-Utilities — 0.0% ^** | **Multi-Utilities — 0.0% ^** | **Multi-Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Empresas Publicas de Medellin ESP (Colombia) 4.25%, 7/18/2029 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2544 |
| **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** |
| &nbsp;&nbsp;&nbsp; AI Candelaria - spain- SA (Colombia) | &nbsp;&nbsp;&nbsp; AI Candelaria - spain- SA (Colombia) | &nbsp;&nbsp;&nbsp; AI Candelaria - spain- SA (Colombia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/15/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 1632 | &nbsp;&nbsp;&nbsp;&nbsp; 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3974 | &nbsp;&nbsp;&nbsp;&nbsp; 3320 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 3/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7214 | &nbsp;&nbsp;&nbsp;&nbsp; 7208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4604 | &nbsp;&nbsp;&nbsp;&nbsp; 4586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8884 | &nbsp;&nbsp;&nbsp;&nbsp; 8794 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. 7.63%, 2/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4344 | &nbsp;&nbsp;&nbsp;&nbsp; 4447 |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC  | &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC  | &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/31/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4845 | &nbsp;&nbsp;&nbsp;&nbsp; 4918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3505 | &nbsp;&nbsp;&nbsp;&nbsp; 3525 |
| &nbsp;&nbsp;&nbsp; Azule Energy Finance plc (Angola) 8.13%, 1/23/2030 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2239 |
| &nbsp;&nbsp;&nbsp; Bapco Energies BSC Closed (Bahrain) 7.50%, 10/25/2027 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2244 |
| &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) | &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) | &nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 4/30/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7755 | &nbsp;&nbsp;&nbsp;&nbsp; 7514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2260 | &nbsp;&nbsp;&nbsp;&nbsp; 2052 |
| &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC  | &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC  | &nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 7/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1935 | &nbsp;&nbsp;&nbsp;&nbsp; 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp;&nbsp; 1623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, <br> 6/22/2025 (f) (g) (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2626 | &nbsp;&nbsp;&nbsp;&nbsp; 2616 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP  | &nbsp;&nbsp;&nbsp; Buckeye Partners LP  | &nbsp;&nbsp;&nbsp; Buckeye Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3120 | &nbsp;&nbsp;&nbsp;&nbsp; 3059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7392 | &nbsp;&nbsp;&nbsp;&nbsp; 7221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4148 | &nbsp;&nbsp;&nbsp;&nbsp; 4282 |
| &nbsp;&nbsp;&nbsp; California Resources Corp. 7.13%, 2/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1424 | &nbsp;&nbsp;&nbsp;&nbsp; 1423 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. 6.75%, 3/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3081 | &nbsp;&nbsp;&nbsp;&nbsp; 3060 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 7/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4960 | &nbsp;&nbsp;&nbsp;&nbsp; 4997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7158 | &nbsp;&nbsp;&nbsp;&nbsp; 7059 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5077 | &nbsp;&nbsp;&nbsp;&nbsp; 4964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1452 |
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC 6.04%, 8/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5590 | &nbsp;&nbsp;&nbsp;&nbsp; 5761 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.  | &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.  | &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12256 | &nbsp;&nbsp;&nbsp;&nbsp; 12080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5300 | &nbsp;&nbsp;&nbsp;&nbsp; 5012 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  | &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  | &nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 2/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12557 | &nbsp;&nbsp;&nbsp;&nbsp; 12965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2295 | &nbsp;&nbsp;&nbsp;&nbsp; 2130 |
| &nbsp;&nbsp;&nbsp; Diversified Gas & Oil Corp. 9.75%, 4/9/2029 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 26938 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc.  | &nbsp;&nbsp;&nbsp; DT Midstream, Inc.  | &nbsp;&nbsp;&nbsp; DT Midstream, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6149 | &nbsp;&nbsp;&nbsp;&nbsp; 5857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5485 | &nbsp;&nbsp;&nbsp;&nbsp; 5122 |
| &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) | &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) | &nbsp;&nbsp;&nbsp; Ecopetrol SA (Colombia) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 1/19/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2480 | &nbsp;&nbsp;&nbsp;&nbsp; 2602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 1/13/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2525 | &nbsp;&nbsp;&nbsp;&nbsp; 2570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 1/19/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 974 | &nbsp;&nbsp;&nbsp;&nbsp; 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 5/28/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3645 | &nbsp;&nbsp;&nbsp;&nbsp; 2453 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC  | &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC  | &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9801 | &nbsp;&nbsp;&nbsp;&nbsp; 10053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 546 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP  | &nbsp;&nbsp;&nbsp; Energy Transfer LP  | &nbsp;&nbsp;&nbsp; Energy Transfer LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 5/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 4/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp; EQT Corp.  | &nbsp;&nbsp;&nbsp; EQT Corp.  | &nbsp;&nbsp;&nbsp; EQT Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp; 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7648 | &nbsp;&nbsp;&nbsp;&nbsp; 7399 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp.  | &nbsp;&nbsp;&nbsp; Expand Energy Corp.  | &nbsp;&nbsp;&nbsp; Expand Energy Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 17892 | &nbsp;&nbsp;&nbsp;&nbsp; 18102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5996 | &nbsp;&nbsp;&nbsp;&nbsp; 5963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 |
| &nbsp;&nbsp;&nbsp; FS Luxembourg Sarl (Brazil) 8.88%, 2/12/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2753 | &nbsp;&nbsp;&nbsp;&nbsp; 2781 |
| &nbsp;&nbsp;&nbsp; Genesis Energy LP  | &nbsp;&nbsp;&nbsp; Genesis Energy LP  | &nbsp;&nbsp;&nbsp; Genesis Energy LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2975 | &nbsp;&nbsp;&nbsp;&nbsp; 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1127 | &nbsp;&nbsp;&nbsp;&nbsp; 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1622 | &nbsp;&nbsp;&nbsp;&nbsp; 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp; Greenko Wind Projects Mauritius Ltd. (India) 7.25%, 9/27/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3459 | &nbsp;&nbsp;&nbsp;&nbsp; 3509 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP  | &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP  | &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1091 | &nbsp;&nbsp;&nbsp;&nbsp; 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 6/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4010 | &nbsp;&nbsp;&nbsp;&nbsp; 3957 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP 6.25%, 4/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2760 | &nbsp;&nbsp;&nbsp;&nbsp; 2515 |
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC 8.88%, 7/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1780 | &nbsp;&nbsp;&nbsp;&nbsp; 1861 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP 5.88%, 6/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8229 | &nbsp;&nbsp;&nbsp;&nbsp; 8180 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. 6.25%, 4/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7038 | &nbsp;&nbsp;&nbsp;&nbsp; 6779 |
| &nbsp;&nbsp;&nbsp; Medco Bell Pte. Ltd. (Indonesia) 6.38%, 1/30/2027 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 3086 | &nbsp;&nbsp;&nbsp;&nbsp; 3080 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  | &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  | &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2368 | &nbsp;&nbsp;&nbsp;&nbsp; 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3016 | &nbsp;&nbsp;&nbsp;&nbsp; 2852 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  | &nbsp;&nbsp;&nbsp; NuStar Logistics LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6397 | &nbsp;&nbsp;&nbsp;&nbsp; 6413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2304 | &nbsp;&nbsp;&nbsp;&nbsp; 2347 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 7/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2265 | &nbsp;&nbsp;&nbsp;&nbsp; 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 7/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9292 | &nbsp;&nbsp;&nbsp;&nbsp; 10148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2738 | &nbsp;&nbsp;&nbsp;&nbsp; 2701 |
| &nbsp;&nbsp;&nbsp; Peru LNG Srl (Peru) 5.38%, 3/22/2030 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 12501 | &nbsp;&nbsp;&nbsp;&nbsp; 11532 |
| &nbsp;&nbsp;&nbsp; Petroleos del Peru SA (Peru) 5.63%, 6/19/2047 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3110 | &nbsp;&nbsp;&nbsp;&nbsp; 1882 |
| &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) | &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) | &nbsp;&nbsp;&nbsp; Petroleos Mexicanos (Mexico) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 8/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 3270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 2/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 10300 | &nbsp;&nbsp;&nbsp;&nbsp; 9723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 1/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 14950 | &nbsp;&nbsp;&nbsp;&nbsp; 12923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 2/16/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 2/7/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6205 | &nbsp;&nbsp;&nbsp;&nbsp; 6397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 1/23/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 5548 | &nbsp;&nbsp;&nbsp;&nbsp; 3706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 1/23/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 9300 | &nbsp;&nbsp;&nbsp;&nbsp; 6848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 1/28/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 10150 | &nbsp;&nbsp;&nbsp;&nbsp; 6858 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp.  | &nbsp;&nbsp;&nbsp; Range Resources Corp.  | &nbsp;&nbsp;&nbsp; Range Resources Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 9100 | &nbsp;&nbsp;&nbsp;&nbsp; 9348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC 6.75%, 3/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2243 | &nbsp;&nbsp;&nbsp;&nbsp; 2310 |
| &nbsp;&nbsp;&nbsp; SM Energy Co.  | &nbsp;&nbsp;&nbsp; SM Energy Co.  | &nbsp;&nbsp;&nbsp; SM Energy Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2864 | &nbsp;&nbsp;&nbsp;&nbsp; 2859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8450 | &nbsp;&nbsp;&nbsp;&nbsp; 8459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2786 | &nbsp;&nbsp;&nbsp;&nbsp; 2730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2385 | &nbsp;&nbsp;&nbsp;&nbsp; 2290 |
| &nbsp;&nbsp;&nbsp; Sunoco LP  | &nbsp;&nbsp;&nbsp; Sunoco LP  | &nbsp;&nbsp;&nbsp; Sunoco LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp;&nbsp; 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1615 | &nbsp;&nbsp;&nbsp;&nbsp; 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3979 | &nbsp;&nbsp;&nbsp;&nbsp; 3812 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  | &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 3/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3040 | &nbsp;&nbsp;&nbsp;&nbsp; 3036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2519 | &nbsp;&nbsp;&nbsp;&nbsp; 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4775 | &nbsp;&nbsp;&nbsp;&nbsp; 4575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp;&nbsp;&nbsp; 2430 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP 6.50%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4573 | &nbsp;&nbsp;&nbsp;&nbsp; 4582 |
| &nbsp;&nbsp;&nbsp; Uzbekneftegaz JSC (Uzbekistan) 4.75%, 11/16/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2259 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC  | &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC  | &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2465 | &nbsp;&nbsp;&nbsp;&nbsp; 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2495 | &nbsp;&nbsp;&nbsp;&nbsp; 2131 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 6/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7668 | &nbsp;&nbsp;&nbsp;&nbsp; 7847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2459 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4020 | &nbsp;&nbsp;&nbsp;&nbsp; 4002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 2/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11510 | &nbsp;&nbsp;&nbsp;&nbsp; 12245 |
| &nbsp;&nbsp;&nbsp; Vital Energy, Inc.  | &nbsp;&nbsp;&nbsp; Vital Energy, Inc.  | &nbsp;&nbsp;&nbsp; Vital Energy, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 4/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 452382 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9427 | &nbsp;&nbsp;&nbsp;&nbsp; 9411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9666 | &nbsp;&nbsp;&nbsp;&nbsp; 9491 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. 9.88%, 9/20/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7178 | &nbsp;&nbsp;&nbsp;&nbsp; 7100 |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc. 4.38%, 4/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8142 | &nbsp;&nbsp;&nbsp;&nbsp; 8046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34048 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.  | &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.  | &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 6/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3313 | &nbsp;&nbsp;&nbsp;&nbsp; 3099 |
| &nbsp;&nbsp;&nbsp; Prestige Brands, Inc.  | &nbsp;&nbsp;&nbsp; Prestige Brands, Inc.  | &nbsp;&nbsp;&nbsp; Prestige Brands, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4673 | &nbsp;&nbsp;&nbsp;&nbsp; 4650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 4/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3315 | &nbsp;&nbsp;&nbsp;&nbsp; 3009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25505 |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd. 10.00%, 4/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8633 | &nbsp;&nbsp;&nbsp;&nbsp; 8547 |
| &nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc. 9.25%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20927 | &nbsp;&nbsp;&nbsp;&nbsp; 20617 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 19402 | &nbsp;&nbsp;&nbsp;&nbsp; 12320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/30/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2020 | &nbsp;&nbsp;&nbsp;&nbsp; 1147 |
| &nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH (Germany) 5.50%, 1/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2191 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. 6.65%, 8/28/2028 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 6862 | &nbsp;&nbsp;&nbsp;&nbsp; 7051 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc. 8.50%, 4/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1321 | &nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| &nbsp;&nbsp;&nbsp; EndoDesign (Ireland) 0.00%, 10/15/2024 ‡ (j) | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; GCB144A Endo (Luxembourg) 0.00%, 4/1/2029 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 1520 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Mallinckrodt International Finance SA 14.75%, 11/14/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3072 | &nbsp;&nbsp;&nbsp;&nbsp; 3199 |
| &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11522 | &nbsp;&nbsp;&nbsp;&nbsp; 10823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/30/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11100 | &nbsp;&nbsp;&nbsp;&nbsp; 9327 |
| &nbsp;&nbsp;&nbsp; Par Pharmaceutical, Inc. 0.00%, 4/1/2027 ‡ (j) | &nbsp;&nbsp;&nbsp;&nbsp; 7330 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 76589 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Triad Resources LLC 10.50%, 4/1/2052 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2452 | &nbsp;&nbsp;&nbsp;&nbsp; 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2620 |
| **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. 6.63%, 9/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6220 | &nbsp;&nbsp;&nbsp;&nbsp; 6240 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc.  | &nbsp;&nbsp;&nbsp; Entegris, Inc.  | &nbsp;&nbsp;&nbsp; Entegris, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3513 | &nbsp;&nbsp;&nbsp;&nbsp; 3392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9695 | &nbsp;&nbsp;&nbsp;&nbsp; 9413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 881 | &nbsp;&nbsp;&nbsp;&nbsp; 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5620 | &nbsp;&nbsp;&nbsp;&nbsp; 5623 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. 3.88%, 9/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10381 | &nbsp;&nbsp;&nbsp;&nbsp; 9915 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35405 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc. 6.50%, 2/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4805 | &nbsp;&nbsp;&nbsp;&nbsp; 4630 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. 6.00%, 5/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1989 | &nbsp;&nbsp;&nbsp;&nbsp; 1985 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp.  | &nbsp;&nbsp;&nbsp; NCR Voyix Corp.  | &nbsp;&nbsp;&nbsp; NCR Voyix Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8369 | &nbsp;&nbsp;&nbsp;&nbsp; 8254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1776 | &nbsp;&nbsp;&nbsp;&nbsp; 1731 |
| &nbsp;&nbsp;&nbsp; RingCentral, Inc. 8.50%, 8/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3625 | &nbsp;&nbsp;&nbsp;&nbsp; 3829 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  | &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  | &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/30/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 18840 | &nbsp;&nbsp;&nbsp;&nbsp; 18819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40680 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  | &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 3/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3027 | &nbsp;&nbsp;&nbsp;&nbsp; 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4037 | &nbsp;&nbsp;&nbsp;&nbsp; 3976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2955 | &nbsp;&nbsp;&nbsp;&nbsp; 2883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10347 |
| **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.  | &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.  | &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5040 | &nbsp;&nbsp;&nbsp;&nbsp; 4910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1438 | &nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3556 | &nbsp;&nbsp;&nbsp;&nbsp; 3377 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  | &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  | &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3724 | &nbsp;&nbsp;&nbsp;&nbsp; 3817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4560 | &nbsp;&nbsp;&nbsp;&nbsp; 4516 |
| &nbsp;&nbsp;&nbsp; Escrow Rite Aid 0.00%, 12/31/2049 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 1155 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The) 3.63%, 10/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2395 | &nbsp;&nbsp;&nbsp;&nbsp; 2187 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. 3.88%, 6/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9962 | &nbsp;&nbsp;&nbsp;&nbsp; 9382 |
| &nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. 3.75%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6411 | &nbsp;&nbsp;&nbsp;&nbsp; 6010 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc.  | &nbsp;&nbsp;&nbsp; PetSmart, Inc.  | &nbsp;&nbsp;&nbsp; PetSmart, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11820 | &nbsp;&nbsp;&nbsp;&nbsp; 11407 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11927 | &nbsp;&nbsp;&nbsp;&nbsp; 11611 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. 4.63%, 11/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11072 | &nbsp;&nbsp;&nbsp;&nbsp; 10577 |
| &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 9/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11030 | &nbsp;&nbsp;&nbsp;&nbsp; 9985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 1/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2850 | &nbsp;&nbsp;&nbsp;&nbsp; 1835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 80981 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2569 | &nbsp;&nbsp;&nbsp;&nbsp; 2700 |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  | &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  | &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4315 | &nbsp;&nbsp;&nbsp;&nbsp; 4127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5160 | &nbsp;&nbsp;&nbsp;&nbsp; 4644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3490 | &nbsp;&nbsp;&nbsp;&nbsp; 3720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 757 | &nbsp;&nbsp;&nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp; Xerox Corp. 10.25%, 10/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1799 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp.  | &nbsp;&nbsp;&nbsp; Xerox Holdings Corp.  | &nbsp;&nbsp;&nbsp; Xerox Holdings Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4240 | &nbsp;&nbsp;&nbsp;&nbsp; 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/30/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3105 | &nbsp;&nbsp;&nbsp;&nbsp; 2092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22858 |
| **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1360 | &nbsp;&nbsp;&nbsp;&nbsp; 1282 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. 5.50%, 7/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9948 | &nbsp;&nbsp;&nbsp;&nbsp; 9876 |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp. 4.75%, 5/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20263 | &nbsp;&nbsp;&nbsp;&nbsp; 19416 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc. 6.75%, 4/30/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4870 |
| &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  | &nbsp;&nbsp;&nbsp; United Rentals North America, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 9900 | &nbsp;&nbsp;&nbsp;&nbsp; 9795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3110 | &nbsp;&nbsp;&nbsp;&nbsp; 3152 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  | &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  | &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 6/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6396 | &nbsp;&nbsp;&nbsp;&nbsp; 6472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5249 | &nbsp;&nbsp;&nbsp;&nbsp; 5358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3090 | &nbsp;&nbsp;&nbsp;&nbsp; 3163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1631 | &nbsp;&nbsp;&nbsp;&nbsp; 1661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63763 |
| **Transportation Infrastructure — 0.0% ^** | **Transportation Infrastructure — 0.0% ^** | **Transportation Infrastructure — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Prumo Participacoes e Investimentos S/A (Brazil) 7.50%, 12/31/2031 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 3958 | &nbsp;&nbsp;&nbsp;&nbsp; 4004 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Altice France Holding SA (Luxembourg) | &nbsp;&nbsp;&nbsp; Altice France Holding SA (Luxembourg) | &nbsp;&nbsp;&nbsp; Altice France Holding SA (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 5/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9038 | &nbsp;&nbsp;&nbsp;&nbsp; 3231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2265 | &nbsp;&nbsp;&nbsp;&nbsp; 825 |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6777 | &nbsp;&nbsp;&nbsp;&nbsp; 4750 |
| &nbsp;&nbsp;&nbsp; Millicom International Cellular SA (Guatemala) | &nbsp;&nbsp;&nbsp; Millicom International Cellular SA (Guatemala) | &nbsp;&nbsp;&nbsp; Millicom International Cellular SA (Guatemala) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 1/15/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 3240 | &nbsp;&nbsp;&nbsp;&nbsp; 3171 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Wireless Telecommunication Services — continued** | **Wireless Telecommunication Services — continued** | **Wireless Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 893 |
| &nbsp;&nbsp;&nbsp; Vodafone Group plc (United Kingdom) (USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 3394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $3,175,894)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 3127231 |
| **Asset-Backed Securities — 17.4%** | **Asset-Backed Securities — 17.4%** | **Asset-Backed Securities — 17.4%** |
| &nbsp;&nbsp;&nbsp; ABFC Trust Series 2002-OPT1, Class M1, 5.53%, 5/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; ACC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class D, 5.25%, 3/22/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5761 | &nbsp;&nbsp;&nbsp;&nbsp; 2468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class D, 6.65%, 10/20/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9131 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Accelerated Assets LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class B, 4.51%, 12/2/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class C, 6.65%, 12/2/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp; Accelerated LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1H, Class A, 1.35%, 10/20/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 996 | &nbsp;&nbsp;&nbsp;&nbsp; 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1H, Class B, 1.90%, 10/20/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1H, Class D, 3.58%, 10/20/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1685 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
| &nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 6.16%, 2/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 4.62%, 9/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp;&nbsp; 9582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class D, 5.50%, 9/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5300 | &nbsp;&nbsp;&nbsp;&nbsp; 5263 |
| &nbsp;&nbsp;&nbsp; AGL CLO Ltd. (Cayman Islands) Series 2020-9A, Class BR, 6.27%, 4/20/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8029 |
| &nbsp;&nbsp;&nbsp; Aimco CLO Ltd. (Cayman Islands) Series 2021-14A, Class B, 5.88%, 4/20/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3505 |
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust (Canada) Series 2020-2, Class B, 9.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust Series 2021-1, Class B, 3.95%, 7/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3723 | &nbsp;&nbsp;&nbsp;&nbsp; 3486 |
| &nbsp;&nbsp;&nbsp; American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class E, 6.57%, 6/13/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12853 | &nbsp;&nbsp;&nbsp;&nbsp; 12857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class E, 8.08%, 10/13/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class D, 6.35%, 4/12/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5575 | &nbsp;&nbsp;&nbsp;&nbsp; 5630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.53%, 4/12/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9856 | &nbsp;&nbsp;&nbsp;&nbsp; 10071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 5.86%, 5/13/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4810 | &nbsp;&nbsp;&nbsp;&nbsp; 4844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class D, 6.04%, 7/12/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6350 | &nbsp;&nbsp;&nbsp;&nbsp; 6469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class D, 7.65%, 9/12/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6700 | &nbsp;&nbsp;&nbsp;&nbsp; 6951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class C, 5.11%, 3/12/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5585 | &nbsp;&nbsp;&nbsp;&nbsp; 5595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 5.50%, 7/14/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7800 | &nbsp;&nbsp;&nbsp;&nbsp; 7821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class D, 5.34%, 8/12/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11581 | &nbsp;&nbsp;&nbsp;&nbsp; 11562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class E, 9.79%, 8/12/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3156 |
| &nbsp;&nbsp;&nbsp; AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class E2, 4.28%, 7/17/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10005 | &nbsp;&nbsp;&nbsp;&nbsp; 9971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class H, 5.25%, 7/17/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR5, Class F, 2.69%, 11/17/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 18177 | &nbsp;&nbsp;&nbsp;&nbsp; 17895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR5, Class G, 4.11%, 11/17/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7300 | &nbsp;&nbsp;&nbsp;&nbsp; 7224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SFR1, Class F, 3.87%, 1/19/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5310 | &nbsp;&nbsp;&nbsp;&nbsp; 5108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SFR1, Class G, 4.86%, 1/19/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SFR1, Class H, 6.04%, 1/19/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2125 | &nbsp;&nbsp;&nbsp;&nbsp; 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class E2, 4.64%, 3/17/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9913 | &nbsp;&nbsp;&nbsp;&nbsp; 9709 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F, 6.02%, 3/17/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9913 | &nbsp;&nbsp;&nbsp;&nbsp; 9778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class F, 4.00%, 10/17/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10332 |
| &nbsp;&nbsp;&nbsp; Apidos CLO (Cayman Islands) Series 2016-25A, Class BR3, 5.87%, 1/20/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5100 | &nbsp;&nbsp;&nbsp;&nbsp; 5110 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class C, 4.01%, 7/16/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3670 | &nbsp;&nbsp;&nbsp;&nbsp; 3571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-AA, Class C, 3.97%, 7/17/2046 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3467 | &nbsp;&nbsp;&nbsp;&nbsp; 3357 |
| &nbsp;&nbsp;&nbsp; Ares CLO Ltd. (Cayman Islands) Series 2015-4A, Class BRR, 6.01%, 10/15/2030 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6233 | &nbsp;&nbsp;&nbsp;&nbsp; 6232 |
| &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class D, 3.34%, 8/20/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class C, 7.24%, 6/20/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3530 | &nbsp;&nbsp;&nbsp;&nbsp; 3669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.48%, 6/20/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, 5.58%, 12/20/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2625 | &nbsp;&nbsp;&nbsp;&nbsp; 2660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 6.11%, 12/20/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2459 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO (Cayman Islands) Series 2019-1A, Class BR2, 5.87%, 4/19/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5003 |
| &nbsp;&nbsp;&nbsp; Bain Capital Credit CLO Ltd. Series 2022-3A, Class B, 6.28%, 7/17/2035 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6505 | &nbsp;&nbsp;&nbsp;&nbsp; 6524 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A2R, 6.08%, 10/20/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4420 | &nbsp;&nbsp;&nbsp;&nbsp; 4429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class DR, 10.68%, 10/20/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A2, 6.13%, 10/20/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27A, Class A2, 5.88%, 10/25/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3775 | &nbsp;&nbsp;&nbsp;&nbsp; 3778 |
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class B, 6.22%, 4/15/2035 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A2R, 5.86%, 10/20/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5255 |
| &nbsp;&nbsp;&nbsp; Bastion Funding I LLC Series 2023-1A, Class C, 11.74%, 4/25/2038 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3905 | &nbsp;&nbsp;&nbsp;&nbsp; 3901 |
| &nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1, Class C, 5.82%, 12/26/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1123 | &nbsp;&nbsp;&nbsp;&nbsp; 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1, Class D, 6.37%, 12/26/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1, Class E, 7.92%, 12/26/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 853 | &nbsp;&nbsp;&nbsp;&nbsp; 858 |
| &nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd. (Cayman Islands) Series 2019-26A, Class CR, 6.73%, 10/20/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6022 |
| &nbsp;&nbsp;&nbsp; Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class D, 6.03%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class D, 5.83%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8430 | &nbsp;&nbsp;&nbsp;&nbsp; 8564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class D, 5.23%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class D, 5.64%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 10237 | &nbsp;&nbsp;&nbsp;&nbsp; 10342 |
| &nbsp;&nbsp;&nbsp; British Airways Pass-Through Trust (United Kingdom) Series 2020-1, Class B, 8.38%, 11/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp; BSPRT Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7, Class D, 7.19%, 12/15/2038 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp;&nbsp; 8544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL7, Class E, 7.84%, 12/15/2038 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; Buckhorn Park CLO Ltd. (Cayman Islands) Series 2019-1A, Class ARR, 5.34%, 7/18/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17200 | &nbsp;&nbsp;&nbsp;&nbsp; 17187 |
| &nbsp;&nbsp;&nbsp; Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 6.20%, 5/15/2039 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12918 | &nbsp;&nbsp;&nbsp;&nbsp; 13124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 9.13%, 5/15/2039 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1958 | &nbsp;&nbsp;&nbsp;&nbsp; 1997 |
| &nbsp;&nbsp;&nbsp; Buttermilk Park CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class B1R, 5.86%, 10/15/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2007 | &nbsp;&nbsp;&nbsp;&nbsp; 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class CR, 6.21%, 10/15/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11688 | &nbsp;&nbsp;&nbsp;&nbsp; 11723 |
| &nbsp;&nbsp;&nbsp; BXG Receivables Note Trust Series 2018-A, Class C, 4.44%, 2/2/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp;&nbsp; 356 |
| &nbsp;&nbsp;&nbsp; Camden, 8.50%, 9/15/2031 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 18284 | &nbsp;&nbsp;&nbsp;&nbsp; 17873 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-3A, Class BR2, 6.70%, 1/14/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-4A, Class A2RR, 6.12%, 7/20/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-4A, Class BRR, 6.72%, 7/20/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class CR3, 7.47%, 4/20/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12378 | &nbsp;&nbsp;&nbsp;&nbsp; 12417 |
| &nbsp;&nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4A, Class D2R, 8.98%, 10/17/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7A, Class CR, 6.26%, 4/15/2040 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7524 |
| &nbsp;&nbsp;&nbsp; CarNow Auto Receivables Trust Series 2022-1A, Class E, 8.29%, 8/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5770 | &nbsp;&nbsp;&nbsp;&nbsp; 1898 |
| &nbsp;&nbsp;&nbsp; Cars Net Lease Mortgage Notes Series 2020-1A, Class A3, 3.10%, 12/15/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2738 | &nbsp;&nbsp;&nbsp;&nbsp; 2564 |
| &nbsp;&nbsp;&nbsp; CARS-DB4 LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class B2, 4.52%, 2/15/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4290 | &nbsp;&nbsp;&nbsp;&nbsp; 4127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class B3, 4.95%, 2/15/2050 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4510 | &nbsp;&nbsp;&nbsp;&nbsp; 4038 |
| &nbsp;&nbsp;&nbsp; Cascade MH Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MH1, Class A, 4.00%, 11/25/2044 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4587 | &nbsp;&nbsp;&nbsp;&nbsp; 4351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MH1, Class A, 4.25%, 8/25/2054 ‡ (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 8397 | &nbsp;&nbsp;&nbsp;&nbsp; 8111 |
| &nbsp;&nbsp;&nbsp; Centex Home Equity Loan Trust Series 2004-A, Class AF4, 5.01%, 8/25/2032 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; CFIN Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RTL1, Class AA, 4.75%, 2/16/2026 ‡ (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2260 | &nbsp;&nbsp;&nbsp;&nbsp; 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RTL1, Class AB, 6.50%, 2/16/2026 ‡ (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2260 | &nbsp;&nbsp;&nbsp;&nbsp; 2233 |
| &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands) Series 2022-2A, Class BR, 5.67%, 4/19/2035 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14750 | &nbsp;&nbsp;&nbsp;&nbsp; 14655 |
| &nbsp;&nbsp;&nbsp; CITI Asset Receivables Trust I, 0.00%, 3/15/2031 ‡ (c) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 133664 | &nbsp;&nbsp;&nbsp;&nbsp; 137780 |
| &nbsp;&nbsp;&nbsp; CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class E, 5.54%, 3/15/2052 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1493 | &nbsp;&nbsp;&nbsp;&nbsp; 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class E, 5.14%, 6/15/2052 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5576 | &nbsp;&nbsp;&nbsp;&nbsp; 5228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class XB, IO, 1.36%, 10/15/2052 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 53875 | &nbsp;&nbsp;&nbsp;&nbsp; 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class XA, IO, 2.00%, 10/15/2052 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4622 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class D, 3.76%, 10/15/2052 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8689 | &nbsp;&nbsp;&nbsp;&nbsp; 8047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class E, 4.71%, 10/15/2052 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5810 | &nbsp;&nbsp;&nbsp;&nbsp; 5295 |
| &nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class C, 5.70%, 10/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 808 | &nbsp;&nbsp;&nbsp;&nbsp; 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 9.00%, 4/18/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class A, 5.92%, 5/16/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class B, 7.09%, 10/17/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2295 | &nbsp;&nbsp;&nbsp;&nbsp; 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A, Class A, 6.13%, 12/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7750 | &nbsp;&nbsp;&nbsp;&nbsp; 7849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A, Class B, 6.71%, 2/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3866 | &nbsp;&nbsp;&nbsp;&nbsp; 3966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.68%, 3/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6805 | &nbsp;&nbsp;&nbsp;&nbsp; 6883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 6.03%, 5/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5988 | &nbsp;&nbsp;&nbsp;&nbsp; 6097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 5.95%, 6/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9942 | &nbsp;&nbsp;&nbsp;&nbsp; 10088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 6.71%, 7/17/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7860 | &nbsp;&nbsp;&nbsp;&nbsp; 8092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A, 4.68%, 9/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10398 | &nbsp;&nbsp;&nbsp;&nbsp; 10409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, 4.85%, 11/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8645 | &nbsp;&nbsp;&nbsp;&nbsp; 8633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 5.39%, 1/16/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5320 | &nbsp;&nbsp;&nbsp;&nbsp; 5356 |
| &nbsp;&nbsp;&nbsp; CWABS, Inc. Asset-Backed Certificates Trust Series 2004-4, Class M1, 5.16%, 7/25/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp; DataBank Issuer Series 2021-1A, Class C, 4.43%, 2/27/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp;&nbsp; 3662 |
| &nbsp;&nbsp;&nbsp; Diversified ABS Phase LLC Series 2024-1A, Class A2, 7.67%, 5/30/2044 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14269 | &nbsp;&nbsp;&nbsp;&nbsp; 14341 |
| &nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust Series 2025-1, Class D, 5.41%, 9/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7900 | &nbsp;&nbsp;&nbsp;&nbsp; 7904 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-53A, Class C, 6.22%, 1/15/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-80A, Class BR, 6.03%, 1/17/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2540 | &nbsp;&nbsp;&nbsp;&nbsp; 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-109A, Class BR, 5.83%, 4/15/2038 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3998 |
| &nbsp;&nbsp;&nbsp; DT Auto Owner Trust Series 2022-3A, Class E, 10.99%, 7/16/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 8977 |
| &nbsp;&nbsp;&nbsp; Elara HGV Timeshare Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class C, 3.45%, 1/25/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 3.32%, 8/27/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1216 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class BR, 6.02%, 4/20/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8847 | &nbsp;&nbsp;&nbsp;&nbsp; 8860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class CR, 6.47%, 4/20/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5420 | &nbsp;&nbsp;&nbsp;&nbsp; 5418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A, 5.79%, 4/18/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18700 | &nbsp;&nbsp;&nbsp;&nbsp; 18756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class BR, 6.27%, 4/20/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class BRR, 5.97%, 7/18/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8200 | &nbsp;&nbsp;&nbsp;&nbsp; 8221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class CR, 6.27%, 10/20/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11080 | &nbsp;&nbsp;&nbsp;&nbsp; 11102 |
| &nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class E, 3.04%, 12/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2845 | &nbsp;&nbsp;&nbsp;&nbsp; 2778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 6.32%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.02%, 10/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1330 | &nbsp;&nbsp;&nbsp;&nbsp; 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class E, 6.34%, 10/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class D, 6.95%, 12/17/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class E, 8.23%, 3/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1138 | &nbsp;&nbsp;&nbsp;&nbsp; 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class E, 12.07%, 9/16/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4350 | &nbsp;&nbsp;&nbsp;&nbsp; 4855 |
| &nbsp;&nbsp;&nbsp; FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1, Class F1, 3.64%, 8/17/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1902 | &nbsp;&nbsp;&nbsp;&nbsp; 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR1, Class F2, 4.28%, 8/17/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class F1, 3.02%, 10/19/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2, Class F2, 3.12%, 10/19/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class F1, PO, 7/17/2038 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9500 | &nbsp;&nbsp;&nbsp;&nbsp; 8761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class F2, PO, 7/17/2038 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class F1, 3.24%, 8/17/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7333 | &nbsp;&nbsp;&nbsp;&nbsp; 7079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F1, PO, 5/19/2039 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12700 | &nbsp;&nbsp;&nbsp;&nbsp; 10990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F2, PO, 5/19/2039 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5559 | &nbsp;&nbsp;&nbsp;&nbsp; 4757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class F1, 4.50%, 7/17/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class F2, 4.50%, 7/17/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6941 | &nbsp;&nbsp;&nbsp;&nbsp; 6610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class G, 4.50%, 7/17/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp;&nbsp; 10697 |
| &nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust Series 2022-3, Class E, 7.95%, 10/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 2697 |
| &nbsp;&nbsp;&nbsp; Flatiron CLO Ltd. (Cayman Islands) Series 2024-1A, Class A1, 5.58%, 7/15/2036 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5007 |
| &nbsp;&nbsp;&nbsp; FMC GMSR Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GT1, Class A, 4.45%, 1/25/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GT1, Class A, 3.62%, 7/25/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GT2, Class B, 4.44%, 10/25/2026 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19140 | &nbsp;&nbsp;&nbsp;&nbsp; 17979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SAT1, Class A, 6.50%, 3/26/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-GT1, Class B, 7.17%, 4/25/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10096 |
| &nbsp;&nbsp;&nbsp; Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class B, 4.22%, 11/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class C, 5.66%, 11/15/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3055 | &nbsp;&nbsp;&nbsp;&nbsp; 3048 |
| &nbsp;&nbsp;&nbsp; FTF Funding II LLC, 8.00%, 8/15/2025 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 2434 | &nbsp;&nbsp;&nbsp;&nbsp; 1874 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Galaxy CLO Ltd. (Cayman Islands) Series 2018-25A, Class CR, 6.68%, 4/25/2036 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4540 | &nbsp;&nbsp;&nbsp;&nbsp; 4541 |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class E, 5.50%, 6/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10680 | &nbsp;&nbsp;&nbsp;&nbsp; 10587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class E, 11.42%, 3/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class D, 5.65%, 7/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12035 | &nbsp;&nbsp;&nbsp;&nbsp; 12120 |
| &nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO Ltd. (Cayman Islands) Series 2020-8A, Class DRR, 7.17%, 10/20/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5100 | &nbsp;&nbsp;&nbsp;&nbsp; 5112 |
| &nbsp;&nbsp;&nbsp; Grene 2023-Senior Series 2023-Senior, 5.50%, 1/17/2061 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 3026 | &nbsp;&nbsp;&nbsp;&nbsp; 2844 |
| &nbsp;&nbsp;&nbsp; Grene Energy Senio, 11.00%, 1/17/2061 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class D, 6.56%, 9/25/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp;&nbsp; 3796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 6.91%, 6/25/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3990 | &nbsp;&nbsp;&nbsp;&nbsp; 4013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 9.13%, 6/25/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 5.16%, 6/26/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5A, Class D, 6.78%, 9/25/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A, Class D, 9.40%, 9/25/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4A, Class D, 9.44%, 3/25/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3251 |
| &nbsp;&nbsp;&nbsp; Hertz Vehicle Financing LP Series 2021-2A, Class D, 4.34%, 12/27/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6643 |
| &nbsp;&nbsp;&nbsp; HIN Timeshare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class B, 2.23%, 10/9/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class D, 5.50%, 10/9/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp; HINNT LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class D, 6.50%, 5/15/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3179 | &nbsp;&nbsp;&nbsp;&nbsp; 3084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class E, 8.00%, 5/15/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust Series 2021-3, Class F, 4.24%, 1/17/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14153 | &nbsp;&nbsp;&nbsp;&nbsp; 12690 |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes Series 2024-2, Class B1, 5.44%, 10/20/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 12210 | &nbsp;&nbsp;&nbsp;&nbsp; 12279 |
| &nbsp;&nbsp;&nbsp; Jonah Energy ABS II LLC Series 2025-1A, Class B, 11.25%, 12/10/2040 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 24667 | &nbsp;&nbsp;&nbsp;&nbsp; 24667 |
| &nbsp;&nbsp;&nbsp; Jonah Energy ABS LLC Series 2022-1, Class C, 12.66%, 8/10/2039 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp;&nbsp; 17589 |
| &nbsp;&nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands) Series 40A, Class BR, 5.97%, 10/20/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5300 | &nbsp;&nbsp;&nbsp;&nbsp; 5301 |
| &nbsp;&nbsp;&nbsp; KKR Financial CLO Ltd. (Cayman Islands) Series 2013-1A, Class A2R2, 5.71%, 4/15/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4933 | &nbsp;&nbsp;&nbsp;&nbsp; 4933 |
| &nbsp;&nbsp;&nbsp; LendingClub Loan Certificate Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NP1, Class CERT, 0.00%, 12/15/2036 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NP1, Class CERT, 0.00%, 3/16/2037 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp;&nbsp; 3494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-P1, Class CERT, 0.00%, 3/16/2037 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp; 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NP2, Class CERT, 0.00%, 4/15/2037 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 3555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-P2, Class CERT, 0.00%, 4/15/2037 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 2405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NP3, Class CERT, 0.00%, 5/15/2037 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 3376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-P3, Class CERT, 0.00%, 5/15/2037 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NP5, Class CERT, 0.00%, 6/15/2037 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 3397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-P4, Class CERT, 0.00%, 6/15/2037 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NP6, Class CERT, 0.00%, 7/15/2037 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 5934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-P5, Class CERT, 0.00%, 7/15/2037 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 6462 |
| &nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 5.73%, 12/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3765 | &nbsp;&nbsp;&nbsp;&nbsp; 2886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 3.21%, 2/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5428 | &nbsp;&nbsp;&nbsp;&nbsp; 5307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class D, 6.12%, 2/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class D, 4.54%, 6/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 21217 | &nbsp;&nbsp;&nbsp;&nbsp; 13006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class C, 8.68%, 2/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1277 | &nbsp;&nbsp;&nbsp;&nbsp; 1204 |
| &nbsp;&nbsp;&nbsp; LendingPoint Asset Securitization Trust Series 2020-REV1, Class D, 10.00%, 10/15/2028 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 1414 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, 5.05%, 11/20/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class B, 2.37%, 4/20/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 3.09%, 4/20/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A, 5.53%, 6/21/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3050 | &nbsp;&nbsp;&nbsp;&nbsp; 3088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 4.47%, 2/21/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4646 | &nbsp;&nbsp;&nbsp;&nbsp; 4603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 5.69%, 2/21/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 8.47%, 2/21/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp;&nbsp; 3700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.94%, 9/20/2034 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7615 | &nbsp;&nbsp;&nbsp;&nbsp; 7668 |
| &nbsp;&nbsp;&nbsp; LFT CRE Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1, Class D, 6.89%, 6/15/2039 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 22600 | &nbsp;&nbsp;&nbsp;&nbsp; 22288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1, Class E, 7.39%, 6/15/2039 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9790 |
| &nbsp;&nbsp;&nbsp; LL ABS Trust Series 2021-1A, Class C, 3.54%, 5/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1946 | &nbsp;&nbsp;&nbsp;&nbsp; 1935 |
| &nbsp;&nbsp;&nbsp; LP LMS Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 10/15/2028 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 2236 | &nbsp;&nbsp;&nbsp;&nbsp; 2213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 3.85%, 1/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4702 | &nbsp;&nbsp;&nbsp;&nbsp; 4636 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-45A, Class BRR, 5.91%, 7/15/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16950 | &nbsp;&nbsp;&nbsp;&nbsp; 16962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-45A, Class CRR, 6.16%, 7/15/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5100 | &nbsp;&nbsp;&nbsp;&nbsp; 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-49A, Class B1R, 5.72%, 10/19/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17650 | &nbsp;&nbsp;&nbsp;&nbsp; 17603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-39A, Class CR, 6.32%, 10/22/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-52A, Class B, 6.13%, 1/22/2035 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11660 | &nbsp;&nbsp;&nbsp;&nbsp; 11703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class D1A, 8.01%, 4/15/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2004 |
| &nbsp;&nbsp;&nbsp; Magnetite Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-27A, Class ER, 10.53%, 10/20/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-22A, Class BRR, 5.86%, 7/15/2036 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8820 | &nbsp;&nbsp;&nbsp;&nbsp; 8828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-22A, Class CRR, 6.11%, 7/15/2036 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5369 | &nbsp;&nbsp;&nbsp;&nbsp; 5371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-39A, Class BR, 5.83%, 1/25/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5950 | &nbsp;&nbsp;&nbsp;&nbsp; 5941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38A, Class B, 6.26%, 4/15/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14750 | &nbsp;&nbsp;&nbsp;&nbsp; 14771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 5.77%, 4/20/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class BR2, 6.22%, 4/20/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6164 | &nbsp;&nbsp;&nbsp;&nbsp; 6197 |
| &nbsp;&nbsp;&nbsp; Mariner Finance issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA, Class A, 4.91%, 11/20/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BA, Class C, 5.73%, 11/20/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3246 | &nbsp;&nbsp;&nbsp;&nbsp; 3266 |
| &nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-AA, Class E, 11.12%, 10/22/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp;&nbsp; 8693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class E, 4.68%, 11/20/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5030 | &nbsp;&nbsp;&nbsp;&nbsp; 4554 |
| &nbsp;&nbsp;&nbsp; Marlette Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 7.50%, 8/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3823 | &nbsp;&nbsp;&nbsp;&nbsp; 3846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class C, 6.89%, 11/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1054 | &nbsp;&nbsp;&nbsp;&nbsp; 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 7.80%, 11/15/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp;&nbsp;&nbsp; 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class B, 6.50%, 4/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp;&nbsp; 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class C, 7.20%, 4/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 8.04%, 9/15/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3590 | &nbsp;&nbsp;&nbsp;&nbsp; 3652 |
| &nbsp;&nbsp;&nbsp; MNR ABS Issuer I LLC, 12.44%, 12/15/2038 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 7026 | &nbsp;&nbsp;&nbsp;&nbsp; 7202 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO Ltd. (Cayman Islands) Series 2016-22A, Class BR2, 6.28%, 4/15/2038 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4505 | &nbsp;&nbsp;&nbsp;&nbsp; 4512 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class BR, 6.02%, 1/20/2035 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11435 | &nbsp;&nbsp;&nbsp;&nbsp; 11458 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class BR, 5.66%, 7/16/2036 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class CR, 6.11%, 7/16/2036 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19900 | &nbsp;&nbsp;&nbsp;&nbsp; 19855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-50A, Class BR, 5.93%, 7/23/2036 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9200 | &nbsp;&nbsp;&nbsp;&nbsp; 9199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-50A, Class CR, 6.18%, 7/23/2036 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5972 | &nbsp;&nbsp;&nbsp;&nbsp; 5970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-38A, Class BR2, 5.67%, 10/20/2036 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21300 | &nbsp;&nbsp;&nbsp;&nbsp; 21243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-38A, Class CR2, 6.15%, 10/20/2036 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11300 | &nbsp;&nbsp;&nbsp;&nbsp; 11274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-55A, Class B, 6.27%, 4/22/2038 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5258 |
| &nbsp;&nbsp;&nbsp; New Economy Assets-Phase 1 Sponsor LLC Series 2021-1, Class B1, 2.41%, 10/20/2061 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp;&nbsp;&nbsp; 2321 |
| &nbsp;&nbsp;&nbsp; NRM FNT1 Excess LLC Series 2024-FNT1, Class A, 7.40%, 11/25/2031 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 48023 | &nbsp;&nbsp;&nbsp;&nbsp; 48542 |
| &nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2925 | &nbsp;&nbsp;&nbsp;&nbsp; 2888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FHT1, Class A, 3.10%, 7/25/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11507 | &nbsp;&nbsp;&nbsp;&nbsp; 11159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4894 | &nbsp;&nbsp;&nbsp;&nbsp; 4710 |
| &nbsp;&nbsp;&nbsp; NRZ FHT Excess LLC Series 2020-FHT1, Class A, 4.21%, 11/25/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1956 | &nbsp;&nbsp;&nbsp;&nbsp; 1937 |
| &nbsp;&nbsp;&nbsp; OCP Aegis CLO Ltd. (Cayman Islands) Series 2025-41A, Class B1, 6.03%, 4/21/2037 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18200 | &nbsp;&nbsp;&nbsp;&nbsp; 18257 |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class BR, 6.13%, 10/25/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9332 | &nbsp;&nbsp;&nbsp;&nbsp; 9357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class CR, 6.73%, 10/25/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11200 | &nbsp;&nbsp;&nbsp;&nbsp; 11229 |
| &nbsp;&nbsp;&nbsp; Octagon Ltd. (Cayman Islands) Series 2022-1A, Class DR, 7.92%, 7/21/2037 ‡ (a) (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14900 | &nbsp;&nbsp;&nbsp;&nbsp; 14900 |
| &nbsp;&nbsp;&nbsp; OnDeck Asset Securitization Trust LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 7.00%, 8/19/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4680 | &nbsp;&nbsp;&nbsp;&nbsp; 4720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A, 4.98%, 10/17/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class B, 5.42%, 10/17/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1882 |
| &nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust Series 2025-1A, Class D, 6.10%, 7/14/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7104 | &nbsp;&nbsp;&nbsp;&nbsp; 7146 |
| &nbsp;&nbsp;&nbsp; Oportun Funding Trust Series 2024-3, Class B, 5.48%, 8/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3167 | &nbsp;&nbsp;&nbsp;&nbsp; 3165 |
| &nbsp;&nbsp;&nbsp; Oportun Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class D, 11.34%, 10/9/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 3.65%, 5/8/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp;&nbsp; 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class D, 5.41%, 5/8/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp;&nbsp; 694 |
| &nbsp;&nbsp;&nbsp; P2 Series 2021 A1, 3.00%, 12/20/2031 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24932 |
| &nbsp;&nbsp;&nbsp; Pagaya AI Debt Selection Trust Series 2021-3, Class C, 3.27%, 5/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9112 | &nbsp;&nbsp;&nbsp;&nbsp; 8860 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd. (Cayman Islands) Series 2021-2A, Class BR, 5.96%, 2/15/2038 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18200 | &nbsp;&nbsp;&nbsp;&nbsp; 18257 |
| &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class C, 7.12%, 10/15/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8877 | &nbsp;&nbsp;&nbsp;&nbsp; 8875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class D, 9.52%, 10/15/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class BR, 6.26%, 4/15/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8462 | &nbsp;&nbsp;&nbsp;&nbsp; 8493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class BR, 5.93%, 7/24/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, 5.96%, 8/8/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13862 | &nbsp;&nbsp;&nbsp;&nbsp; 13877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class B, 6.21%, 8/8/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14500 | &nbsp;&nbsp;&nbsp;&nbsp; 14509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.71%, 10/15/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11127 | &nbsp;&nbsp;&nbsp;&nbsp; 11144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 6.06%, 10/15/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7014 |
| &nbsp;&nbsp;&nbsp; PNMAC GMSR ISSUER TRUST Series 2022-GT1, Class A, 8.57%, 5/25/2027 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2006 |
| &nbsp;&nbsp;&nbsp; Popular ABS Mortgage Pass-Through Trust Series 2005-3, Class M1, 3.44%, 7/25/2035 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Pret LLC Series 2025-NPL2, Class A1, 5.84%, 3/25/2055 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 26461 | &nbsp;&nbsp;&nbsp;&nbsp; 26296 |
| &nbsp;&nbsp;&nbsp; PRET LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL5, Class A1, 5.96%, 9/25/2054 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3380 | &nbsp;&nbsp;&nbsp;&nbsp; 3376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL7, Class A1, 5.93%, 10/25/2054 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 10953 | &nbsp;&nbsp;&nbsp;&nbsp; 10899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL9, Class A1, 5.85%, 12/25/2054 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 10144 | &nbsp;&nbsp;&nbsp;&nbsp; 10134 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL4, Class A1, 6.37%, 4/25/2055 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 23300 | &nbsp;&nbsp;&nbsp;&nbsp; 23344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL3, Class A1, 6.71%, 4/25/2055 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 13852 | &nbsp;&nbsp;&nbsp;&nbsp; 13807 |
| &nbsp;&nbsp;&nbsp; PRET Trust Series 2025-NPL1, Class A1, 6.06%, 2/25/2055 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 33354 | &nbsp;&nbsp;&nbsp;&nbsp; 33332 |
| &nbsp;&nbsp;&nbsp; Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class F, 4.42%, 1/17/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F, 4.88%, 2/17/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10211 | &nbsp;&nbsp;&nbsp;&nbsp; 9446 |
| &nbsp;&nbsp;&nbsp; Purewest ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2, 6.53%, 4/5/2040 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5992 | &nbsp;&nbsp;&nbsp;&nbsp; 5992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 10.28%, 4/5/2040 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 16909 | &nbsp;&nbsp;&nbsp;&nbsp; 16909 |
| &nbsp;&nbsp;&nbsp; RAMP Trust Series 2002-RS2, Class AI5, 4.62%, 3/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; ReadyCap Lending Small Business Loan Trust Series 2019-2, Class A, 7.00%, 12/27/2044 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp;&nbsp; 1564 |
| &nbsp;&nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands) Series 2022-2A, Class BR, 5.97%, 7/20/2035 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp;&nbsp; 7221 |
| &nbsp;&nbsp;&nbsp; Regional Management Issuance Trust Series 2021-1, Class D, 5.07%, 3/17/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2560 |
| &nbsp;&nbsp;&nbsp; Renaissance Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-4, Class M2F, 6.24%, 3/25/2034 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2, Class M1, 5.55%, 8/25/2035 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; 351 |
| &nbsp;&nbsp;&nbsp; Renew (Cayman Islands) Series 2017-1A, Class B, 5.75%, 9/20/2052 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Repo Buyer RRI Trust, 3.06%, 4/14/2055 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 4372 | &nbsp;&nbsp;&nbsp;&nbsp; 3815 |
| &nbsp;&nbsp;&nbsp; Republic Finance Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 5.23%, 12/22/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 5.91%, 8/20/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9326 | &nbsp;&nbsp;&nbsp;&nbsp; 9430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 5.42%, 11/20/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 17753 | &nbsp;&nbsp;&nbsp;&nbsp; 17916 |
| &nbsp;&nbsp;&nbsp; RFT TRUST |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 7.11%, 9/27/2028 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4902 | &nbsp;&nbsp;&nbsp;&nbsp; 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A2, 8.81%, 9/27/2028 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 11870 | &nbsp;&nbsp;&nbsp;&nbsp; 11790 |
| &nbsp;&nbsp;&nbsp; RR Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class A2, 6.12%, 10/15/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AAR3, 5.51%, 1/15/2036 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4570 | &nbsp;&nbsp;&nbsp;&nbsp; 4576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class A2R3, 5.86%, 1/15/2036 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7469 | &nbsp;&nbsp;&nbsp;&nbsp; 7478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-35A, Class A2, 6.00%, 1/15/2040 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4021 |
| &nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class C, 6.69%, 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 493 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 5.47%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class D, 5.97%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 12824 | &nbsp;&nbsp;&nbsp;&nbsp; 13062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class D, 5.32%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5298 | &nbsp;&nbsp;&nbsp;&nbsp; 5323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class D, 5.14%, 2/17/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2984 | &nbsp;&nbsp;&nbsp;&nbsp; 2982 |
| &nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class E, 5.26%, 7/20/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2354 | &nbsp;&nbsp;&nbsp;&nbsp; 2313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class F, 6.00%, 7/20/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5360 | &nbsp;&nbsp;&nbsp;&nbsp; 5241 |
| &nbsp;&nbsp;&nbsp; Shackleton CLO Ltd. (Cayman Islands) Series 2019-15A, Class BR, 6.07%, 1/15/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3651 | &nbsp;&nbsp;&nbsp;&nbsp; 3655 |
| &nbsp;&nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class D, 6.59%, 7/20/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1266 | &nbsp;&nbsp;&nbsp;&nbsp; 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, 3.23%, 9/20/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class D, 10.52%, 7/20/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2569 | &nbsp;&nbsp;&nbsp;&nbsp; 2678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 9.22%, 6/20/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1467 | &nbsp;&nbsp;&nbsp;&nbsp; 1504 |
| &nbsp;&nbsp;&nbsp; Stanwich Mortgage Loan Co. LLC Series 2021-NPB1, Class A2, 4.38%, 10/16/2026 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7398 |
| &nbsp;&nbsp;&nbsp; Stifel SBA Trust Series 2025-2A, Class A1, 2.54%, 8/25/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 151798 | &nbsp;&nbsp;&nbsp;&nbsp; 9418 |
| &nbsp;&nbsp;&nbsp; Subway Funding LLC Series 2024-1A, Class A23, 6.51%, 7/30/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2565 | &nbsp;&nbsp;&nbsp;&nbsp; 2608 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Symphony CLO Ltd. (Cayman Islands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class C, 6.27%, 4/16/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class B1RR, 5.96%, 10/15/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8224 | &nbsp;&nbsp;&nbsp;&nbsp; 8231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-21A, Class CR2, 6.01%, 7/15/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 13500 | &nbsp;&nbsp;&nbsp;&nbsp; 13362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-23A, Class CR2, 6.01%, 1/15/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7964 |
| &nbsp;&nbsp;&nbsp; Theorem Funding Trust Series 2022-3A, Class A, 7.60%, 4/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp; TRTX Issuer Ltd. (Cayman Islands) Series 2025-FL6, Class A, 5.86%, 9/18/2042 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12950 | &nbsp;&nbsp;&nbsp;&nbsp; 12928 |
| &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class B, 3.65%, 10/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2657 | &nbsp;&nbsp;&nbsp;&nbsp; 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class B, 3.65%, 1/7/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2291 | &nbsp;&nbsp;&nbsp;&nbsp; 2260 |
| &nbsp;&nbsp;&nbsp; Upstart Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ST4, Class CERT, 0.00%, 7/20/2027 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ST6, Class CERT, 0.00%, 8/20/2027 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PT1, Class A, HB, 25.05%, 9/20/2027 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ST7, Class CERT, 0.00%, 9/20/2029 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ST8, Class CERT, 0.00%, 10/20/2029 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp;&nbsp; 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ST9, Class CERT, 0.00%, 11/20/2029 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2830 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PT2, Class A, HB, 22.57%, 11/20/2029 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1058 | &nbsp;&nbsp;&nbsp;&nbsp; 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PT3, Class A, HB, 21.56%, 12/20/2029 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1176 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PT4, Class A, HB, 20.47%, 1/20/2030 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PT2, Class A, HB, 20.19%, 2/20/2030 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1321 | &nbsp;&nbsp;&nbsp;&nbsp; 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PT1, Class A, HB, 23.49%, 2/20/2030 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1384 | &nbsp;&nbsp;&nbsp;&nbsp; 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PT3, Class A, HB, 20.38%, 4/20/2030 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1148 | &nbsp;&nbsp;&nbsp;&nbsp; 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PT4, Class A, 18.99%, 5/20/2030 ‡ (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1131 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| &nbsp;&nbsp;&nbsp; Upstart Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class C, 3.19%, 9/20/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4169 | &nbsp;&nbsp;&nbsp;&nbsp; 4101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class C, 4.15%, 11/20/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8815 | &nbsp;&nbsp;&nbsp;&nbsp; 8661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class C, 5.71%, 3/20/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6474 | &nbsp;&nbsp;&nbsp;&nbsp; 3667 |
| &nbsp;&nbsp;&nbsp; US Auto Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, 2.20%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2758 | &nbsp;&nbsp;&nbsp;&nbsp; 2574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, 4.36%, 3/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10392 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp; US Auto Funding Trust Series 2022-1A, Class A, 3.98%, 4/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp; VistaJet Pass Through Trust Series 2021-1C, 9.50%, 8/15/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 21133 | &nbsp;&nbsp;&nbsp;&nbsp; 20795 |
| &nbsp;&nbsp;&nbsp; vMobo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.46%, 7/18/2027 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 9996 | &nbsp;&nbsp;&nbsp;&nbsp; 9506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.46%, 7/18/2027 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19080 |
| &nbsp;&nbsp;&nbsp; VOLT XCIV LLC Series 2021-NPL3, Class A1, 6.24%, 2/27/2051 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1346 | &nbsp;&nbsp;&nbsp;&nbsp; 1345 |
| &nbsp;&nbsp;&nbsp; VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, 3/27/2051 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 941 | &nbsp;&nbsp;&nbsp;&nbsp; 940 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd. (Cayman Islands) Series 2019-4A, Class BR, 6.27%, 1/15/2035 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8026 |
| &nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 6.79%, 11/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class D, 6.47%, 3/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3795 | &nbsp;&nbsp;&nbsp;&nbsp; 3883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 6.02%, 10/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2304 | &nbsp;&nbsp;&nbsp;&nbsp; 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 5.21%, 4/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 19900 | &nbsp;&nbsp;&nbsp;&nbsp; 19917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities <br>(Cost $2,427,630)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 2374400 |
| **Collateralized Mortgage Obligations — 11.3%** | **Collateralized Mortgage Obligations — 11.3%** | **Collateralized Mortgage Obligations — 11.3%** |
| &nbsp;&nbsp;&nbsp; Adjustable Rate Mortgage Trust Series 2006-2, Class 1A4, 4.75%, 5/25/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 767 | &nbsp;&nbsp;&nbsp;&nbsp; 665 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp; Alternative Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18CB, Class 5A1, 6.25%, 9/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-24CB, Class 1A1, 6.00%, 11/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-23CB, Class A7, 5.25%, 7/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-23CB, Class A16, 5.50%, 7/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-J14, Class A3, 5.50%, 12/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp; Anchor Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.23%, 3/25/2031 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.14%, 3/25/2031 ‡ (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7735 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5, Class M1, 3.30%, 10/25/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-5, Class B1, 3.96%, 10/25/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2470 | &nbsp;&nbsp;&nbsp;&nbsp; 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6, Class B3, 5.98%, 11/25/2059 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class B1, 3.76%, 12/25/2059 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1386 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3, Class B1, 5.04%, 9/25/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class B2, 5.66%, 7/26/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4700 | &nbsp;&nbsp;&nbsp;&nbsp; 4441 |
| &nbsp;&nbsp;&nbsp; Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class M1, 4.20%, 10/25/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class A3, 3.80%, 4/25/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp; Banc of America Funding Trust Series 2007-5, Class 4A1, 4.81%, 7/25/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 588 | &nbsp;&nbsp;&nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp; Bear Stearns ALT-A Trust Series 2004-7, Class 2A1, 6.09%, 8/25/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset-Backed Securities Trust Series 2003-AC4, Class M1, 5.66%, 9/25/2033 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust Series 2006-OA5, Class 2A1, 4.84%, 4/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp;&nbsp; 592 |
| &nbsp;&nbsp;&nbsp; Citi Asset Receivables Trust I Series 2025-3, Class CERT, HB, 25.33%, 6/20/2031 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 71731 | &nbsp;&nbsp;&nbsp;&nbsp; 74163 |
| &nbsp;&nbsp;&nbsp; CITI Asset Receivables Trust I Series 2025-2, Class CERT, HB, 24.76%, 5/20/2031 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 64591 | &nbsp;&nbsp;&nbsp;&nbsp; 66847 |
| &nbsp;&nbsp;&nbsp; Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-8, Class 1A5, 5.50%, 11/25/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-NCM2, Class 3CB2, 6.50%, 8/25/2019 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-1, Class 3A5, 5.25%, 9/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust Series 2023-2, Class A1, 6.60%, 7/25/2068 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1793 | &nbsp;&nbsp;&nbsp;&nbsp; 1805 |
| &nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-R07, Class 1B1, 8.79%, 4/25/2031 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6745 | &nbsp;&nbsp;&nbsp;&nbsp; 7208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R04, Class 2B1, 9.69%, 6/25/2039 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9265 | &nbsp;&nbsp;&nbsp;&nbsp; 9612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R05, Class 1B1, 8.54%, 7/25/2039 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6929 | &nbsp;&nbsp;&nbsp;&nbsp; 7124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R06, Class 2B1, 8.19%, 9/25/2039 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24447 | &nbsp;&nbsp;&nbsp;&nbsp; 25066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R07, Class 1B1, 7.84%, 10/25/2039 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28598 | &nbsp;&nbsp;&nbsp;&nbsp; 29320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HRP1, Class B1, 13.69%, 11/25/2039 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17955 | &nbsp;&nbsp;&nbsp;&nbsp; 19465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R02, Class 2B1, 7.44%, 1/25/2040 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2834 | &nbsp;&nbsp;&nbsp;&nbsp; 2897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R01, Class 1B1, 7.69%, 1/25/2040 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10860 | &nbsp;&nbsp;&nbsp;&nbsp; 11149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 7.42%, 10/25/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1B1, 7.07%, 12/25/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M2, 7.67%, 1/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11850 | &nbsp;&nbsp;&nbsp;&nbsp; 12368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1B1, 9.87%, 1/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7600 | &nbsp;&nbsp;&nbsp;&nbsp; 8279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1M2, 7.87%, 5/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R04, Class 1B1, 9.67%, 5/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4360 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, 7.02%, 7/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2960 | &nbsp;&nbsp;&nbsp;&nbsp; 3062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R07, Class 2M2, 7.57%, 9/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1682 | &nbsp;&nbsp;&nbsp;&nbsp; 1753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M2, 6.82%, 10/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4495 | &nbsp;&nbsp;&nbsp;&nbsp; 4628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1, 5.42%, 2/25/2044 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2561 | &nbsp;&nbsp;&nbsp;&nbsp; 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M2, 6.12%, 2/25/2044 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3160 | &nbsp;&nbsp;&nbsp;&nbsp; 3189 |
| &nbsp;&nbsp;&nbsp; CSFB Mortgage-Backed Pass-Through Certificates Series 2005-4, Class 2A5, 4.99%, 6/25/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Deutsche Mortgage Securities, Inc. Mortgage Loan Trust Series 2004-1, Class 3A5, 6.16%, 12/25/2033 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; FARM Mortgage Trust Series 2021-1, Class B, 3.23%, 7/25/2051 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp; FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3, Class A, IO, 0.00%, 7/25/2056 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17184 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class BXS, 15.44%, 11/25/2060 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4913 | &nbsp;&nbsp;&nbsp;&nbsp; 3330 |
| &nbsp;&nbsp;&nbsp; FHLMC STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA1, Class B1, 7.32%, 8/25/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp;&nbsp; 7146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA2, Class B1, 7.72%, 8/25/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18555 | &nbsp;&nbsp;&nbsp;&nbsp; 20595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA1, Class B2, 9.32%, 8/25/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20700 | &nbsp;&nbsp;&nbsp;&nbsp; 23636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA2, Class B2, 10.32%, 8/25/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19500 | &nbsp;&nbsp;&nbsp;&nbsp; 23655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA3, Class B2, 10.57%, 10/25/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24618 | &nbsp;&nbsp;&nbsp;&nbsp; 30054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA2, Class B2, 9.77%, 12/25/2033 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24250 | &nbsp;&nbsp;&nbsp;&nbsp; 28307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class B2, 9.82%, 1/25/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17900 | &nbsp;&nbsp;&nbsp;&nbsp; 20394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3, Class B2, 10.57%, 9/25/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3125 | &nbsp;&nbsp;&nbsp;&nbsp; 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class B2, 11.82%, 10/25/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7450 | &nbsp;&nbsp;&nbsp;&nbsp; 7936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class B2, 12.12%, 11/25/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5050 | &nbsp;&nbsp;&nbsp;&nbsp; 5411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class B2, 12.82%, 2/25/2042 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B, 7.22%, 4/25/2042 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class B1, 9.97%, 4/25/2042 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6250 | &nbsp;&nbsp;&nbsp;&nbsp; 6691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B, 7.67%, 5/25/2042 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M2, 9.57%, 5/25/2042 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 3324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M2, 11.07%, 6/25/2042 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 13251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1B, 7.87%, 8/25/2042 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA1, Class M1A, 6.42%, 3/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1243 | &nbsp;&nbsp;&nbsp;&nbsp; 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1A, 6.42%, 4/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4899 | &nbsp;&nbsp;&nbsp;&nbsp; 4988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class B1, 11.92%, 4/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp;&nbsp;&nbsp; 3790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA2, Class M1B, 7.67%, 6/25/2043 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8800 | &nbsp;&nbsp;&nbsp;&nbsp; 9182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M2, 6.27%, 2/25/2044 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 8617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA6, Class B2, 9.97%, 12/25/2050 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA1, Class B2, 9.07%, 1/25/2051 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9910 |
| &nbsp;&nbsp;&nbsp; FHLMC STACR Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-DNA2, Class B1, 8.14%, 12/25/2030 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-DNA3, Class B1, 8.34%, 9/25/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7685 | &nbsp;&nbsp;&nbsp;&nbsp; 8296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-HQA2, Class B1, 8.69%, 10/25/2048 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3935 | &nbsp;&nbsp;&nbsp;&nbsp; 4185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-DNA1, Class B2, 15.19%, 1/25/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8135 | &nbsp;&nbsp;&nbsp;&nbsp; 10007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HQA2, Class B2, 15.69%, 4/25/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 4280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-DNA4, Class B2, 10.69%, 10/25/2049 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5570 |
| &nbsp;&nbsp;&nbsp; FHLMC STACR, Whole Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DNA2, Class B1, 9.59%, 10/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DNA3, Class B1, 8.89%, 3/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15800 | &nbsp;&nbsp;&nbsp;&nbsp; 16929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-HQA1, Class B1, 8.79%, 9/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 34415 | &nbsp;&nbsp;&nbsp;&nbsp; 37265 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp; FHLMC, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4102, Class BI, IO, 3.50%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4149, IO, 3.00%, 1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4160, IO, 3.00%, 1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4212, Class MI, IO, 3.00%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 781 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3145, Class GI, IF, IO, 2.15%, 4/15/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1101 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4495, Class PI, IO, 4.00%, 9/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4321, Class PI, IO, 4.50%, 1/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4670, Class TI, IO, 4.50%, 1/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4550, Class DI, IO, 4.00%, 3/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4612, Class QI, IO, 3.50%, 5/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4612, Class PI, IO, 3.50%, 6/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4657, Class QI, IO, 4.00%, 9/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4585, Class JI, IO, 4.00%, 5/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4628, Class PI, IO, 4.00%, 7/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4681, Class SD, IF, IO, 1.70%, 5/15/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4694, Class SA, IF, IO, 1.65%, 6/15/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4689, Class SD, IF, IO, 1.70%, 6/15/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4746, Class SC, IF, IO, 1.70%, 1/15/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5824 | &nbsp;&nbsp;&nbsp;&nbsp; 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5164, Class J, 2.50%, 5/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 9306 | &nbsp;&nbsp;&nbsp;&nbsp; 8165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class PI, IO, 5.00%, 7/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1567 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4919, Class SH, IF, IO, 1.56%, 9/25/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8551 | &nbsp;&nbsp;&nbsp;&nbsp; 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5011, Class MI, IO, 3.00%, 9/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 29776 | &nbsp;&nbsp;&nbsp;&nbsp; 4844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5052, Class EI, IO, 3.00%, 12/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 24857 | &nbsp;&nbsp;&nbsp;&nbsp; 4192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5072, Class BI, IO, 3.00%, 2/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 31342 | &nbsp;&nbsp;&nbsp;&nbsp; 5300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5143, Class PI, IO, 2.50%, 5/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2601 | &nbsp;&nbsp;&nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5143, Class Z, 2.50%, 5/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1599 | &nbsp;&nbsp;&nbsp;&nbsp; 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5148, Class PI, IO, 2.50%, 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 7432 | &nbsp;&nbsp;&nbsp;&nbsp; 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5148, Class PZ, 2.50%, 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 6456 | &nbsp;&nbsp;&nbsp;&nbsp; 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5151, Class KZ, 2.50%, 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4527 | &nbsp;&nbsp;&nbsp;&nbsp; 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5154, Class QI, IO, 2.50%, 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 10190 | &nbsp;&nbsp;&nbsp;&nbsp; 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5154, Class ZQ, 2.50%, 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 10818 | &nbsp;&nbsp;&nbsp;&nbsp; 6786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5149, Class ZB, 3.00%, 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1178 | &nbsp;&nbsp;&nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5387, Class KB, 6.00%, 3/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 9907 | &nbsp;&nbsp;&nbsp;&nbsp; 10305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5413, Class KS, IF, IO, 1.53%, 5/25/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17630 | &nbsp;&nbsp;&nbsp;&nbsp; 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5520, Class SD, IF, IO, 1.56%, 3/25/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 76761 | &nbsp;&nbsp;&nbsp;&nbsp; 5418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5520, Class SE, IF, IO, 1.56%, 3/25/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 38941 | &nbsp;&nbsp;&nbsp;&nbsp; 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5528, Class SA, IF, IO, 1.66%, 4/25/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 89243 | &nbsp;&nbsp;&nbsp;&nbsp; 6070 |
| &nbsp;&nbsp;&nbsp; FHLMC, STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 304, Class C32, IO, 3.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 342, Class S7, IF, IO, 1.66%, 2/15/2045 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5863 | &nbsp;&nbsp;&nbsp;&nbsp; 615 |
| &nbsp;&nbsp;&nbsp; FNMA, Connecticut Avenue Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class 2B1, 9.94%, 9/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 28544 | &nbsp;&nbsp;&nbsp;&nbsp; 30905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C03, Class 1B1, 9.29%, 10/25/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7377 | &nbsp;&nbsp;&nbsp;&nbsp; 7913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class 1B1, 8.04%, 1/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11760 | &nbsp;&nbsp;&nbsp;&nbsp; 12434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class 1B1, 8.59%, 2/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7255 | &nbsp;&nbsp;&nbsp;&nbsp; 7776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class 2B1, 8.89%, 2/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8015 | &nbsp;&nbsp;&nbsp;&nbsp; 8575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class 1B1, 8.44%, 5/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5700 | &nbsp;&nbsp;&nbsp;&nbsp; 6056 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C03, Class 1B1, 8.19%, 10/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16054 | &nbsp;&nbsp;&nbsp;&nbsp; 17338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C04, Class 2B1, 8.94%, 12/25/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C05, Class 1B1, 8.69%, 1/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class 1B1, 8.19%, 3/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 16560 | &nbsp;&nbsp;&nbsp;&nbsp; 18102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class 2B1, 8.54%, 3/25/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2860 | &nbsp;&nbsp;&nbsp;&nbsp; 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 6.32%, 11/25/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 14400 | &nbsp;&nbsp;&nbsp;&nbsp; 14481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 7.62%, 11/25/2041 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4983 | &nbsp;&nbsp;&nbsp;&nbsp; 5104 |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-68, Class BI, IO, 3.00%, 10/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-93, Class FS, IF, IO, 1.71%, 9/25/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1360 | &nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-55, Class AI, IO, 3.00%, 6/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1168 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-76, Class SB, IF, IO, 2.61%, 8/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1059 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-13, Class DI, IO, 3.50%, 1/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 4869 | &nbsp;&nbsp;&nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-42, Class LI, IF, IO, 2.12%, 6/25/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 893 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-79, Class SD, IF, IO, 1.46%, 8/25/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2634 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-78, Class JS, IF, IO, 1.56%, 8/25/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1319 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-133, Class HS, IF, IO, 1.71%, 12/25/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-148, Class US, IF, 0.11%, 1/25/2043 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1016 | &nbsp;&nbsp;&nbsp;&nbsp; 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-6, Class KI, IO, 4.00%, 2/25/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-43, Class MI, IO, 4.00%, 10/25/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-56, Class ST, IF, IO, 1.56%, 8/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4061 | &nbsp;&nbsp;&nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-95, Class ES, IF, IO, 1.56%, 12/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1287 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-90, Class IN, IO, 3.50%, 12/25/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6, Class SB, IF, IO, 1.61%, 2/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-39, Class ST, IF, IO, 1.66%, 5/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1038 | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-90, Class SP, IF, IO, 1.71%, 11/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1984 | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-112, Class SC, IF, IO, 1.71%, 1/25/2048 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2605 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-86, Class T, 2.50%, 9/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 15381 | &nbsp;&nbsp;&nbsp;&nbsp; 13526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-32, Class PI, IO, 5.00%, 10/25/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 716 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-47, Class QI, IO, 4.50%, 6/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1259 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37, Class CS, IF, IO, 1.61%, 7/25/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2797 | &nbsp;&nbsp;&nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class GI, IO, 3.00%, 12/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 45761 | &nbsp;&nbsp;&nbsp;&nbsp; 7742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-100, Class IA, IO, 3.00%, 1/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 77565 | &nbsp;&nbsp;&nbsp;&nbsp; 13161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25, Class ZA, 6.00%, 9/25/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 13871 | &nbsp;&nbsp;&nbsp;&nbsp; 13953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-25, Class ZB, 5.50%, 3/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 10294 | &nbsp;&nbsp;&nbsp;&nbsp; 10166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-20, Class MS, IF, IO, 1.63%, 5/25/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 25537 | &nbsp;&nbsp;&nbsp;&nbsp; 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-58, Class BS, IF, IO, 1.53%, 8/25/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 24388 | &nbsp;&nbsp;&nbsp;&nbsp; 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-92, Class SH, IF, IO, 1.63%, 12/25/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19564 | &nbsp;&nbsp;&nbsp;&nbsp; 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class SE, IF, IO, 1.53%, 2/25/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 32127 | &nbsp;&nbsp;&nbsp;&nbsp; 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class SB, IF, IO, 1.58%, 3/25/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 32438 | &nbsp;&nbsp;&nbsp;&nbsp; 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-24, Class SC, IF, IO, 1.61%, 4/25/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 46206 | &nbsp;&nbsp;&nbsp;&nbsp; 3346 |
| &nbsp;&nbsp;&nbsp; FNMA, STRIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 421, Class 7, IO, 3.50%, 5/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 421, Class C3, IO, 4.00%, 7/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; G Mitt Frn Series 2023-EB, 9.38%, 6/27/2025 ‡ (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1689 | &nbsp;&nbsp;&nbsp;&nbsp; 1689 |
| &nbsp;&nbsp;&nbsp; GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class M1, 2.93%, 1/25/2060 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 10871 | &nbsp;&nbsp;&nbsp;&nbsp; 9936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class B1, 3.64%, 1/25/2060 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2496 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp; GMACM Mortgage Loan Trust Series 2004-J2, Class A8, 5.75%, 6/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-182, Class MS, IF, IO, 1.70%, 12/20/2043 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6646 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-108, Class SN, IF, IO, 1.64%, 8/20/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9359 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-108, Class SM, IF, IO, 1.66%, 8/20/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2232 | &nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-147, Class AS, IF, IO, 1.66%, 10/20/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4130 | &nbsp;&nbsp;&nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-36, Class SL, IF, IO, 1.76%, 3/16/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5537 | &nbsp;&nbsp;&nbsp;&nbsp; 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-132, Class KI, IO, 3.50%, 3/20/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33, Class PI, IO, 4.00%, 11/20/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-65, Class ST, IF, IO, 1.61%, 5/20/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7988 | &nbsp;&nbsp;&nbsp;&nbsp; 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-86, Class ST, IF, IO, 1.66%, 7/20/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4165 | &nbsp;&nbsp;&nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-120, Class DS, IF, IO, 1.61%, 9/20/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7257 | &nbsp;&nbsp;&nbsp;&nbsp; 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-132, Class SK, IF, IO, 1.61%, 10/20/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6114 | &nbsp;&nbsp;&nbsp;&nbsp; 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-86, Class TS, IF, IO, 1.16%, 6/20/2050 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 9498 | &nbsp;&nbsp;&nbsp;&nbsp; 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9, Class MI, IO, 2.50%, 1/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 141547 | &nbsp;&nbsp;&nbsp;&nbsp; 21079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-23, Class IA, IO, 2.50%, 2/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 70082 | &nbsp;&nbsp;&nbsp;&nbsp; 10318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-81, Class IC, IO, 3.00%, 5/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 17225 | &nbsp;&nbsp;&nbsp;&nbsp; 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-91, Class CI, IO, 3.00%, 5/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 14931 | &nbsp;&nbsp;&nbsp;&nbsp; 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-117, Class NI, IO, 3.00%, 7/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 49187 | &nbsp;&nbsp;&nbsp;&nbsp; 7696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-142, Class XI, IO, 3.00%, 8/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 57711 | &nbsp;&nbsp;&nbsp;&nbsp; 9033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-162, Class NZ, 2.50%, 9/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4897 | &nbsp;&nbsp;&nbsp;&nbsp; 3095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-162, Class Z, 2.50%, 9/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5023 | &nbsp;&nbsp;&nbsp;&nbsp; 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ZJ, 2.50%, 9/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5014 | &nbsp;&nbsp;&nbsp;&nbsp; 2974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-188, Class IJ, IO, 3.00%, 10/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 18408 | &nbsp;&nbsp;&nbsp;&nbsp; 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-102, Class BG, 5.50%, 7/20/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2519 | &nbsp;&nbsp;&nbsp;&nbsp; 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-30, Class SC, IF, IO, 2.12%, 2/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21405 | &nbsp;&nbsp;&nbsp;&nbsp; 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-27, Class GB, 5.00%, 2/20/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-110, Class SC, IF, IO, 1.67%, 7/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21492 | &nbsp;&nbsp;&nbsp;&nbsp; 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-112, Class SA, IF, IO, 2.27%, 7/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19435 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-110, Class AS, IF, IO, 2.32%, 7/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 19259 | &nbsp;&nbsp;&nbsp;&nbsp; 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-126, Class HS, IF, IO, 1.62%, 8/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21527 | &nbsp;&nbsp;&nbsp;&nbsp; 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-126, Class JS, IF, IO, 1.62%, 8/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 80107 | &nbsp;&nbsp;&nbsp;&nbsp; 4323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-127, Class SE, IF, IO, 1.67%, 8/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 26211 | &nbsp;&nbsp;&nbsp;&nbsp; 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-126, Class AS, IF, IO, 2.32%, 8/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20709 | &nbsp;&nbsp;&nbsp;&nbsp; 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-128, Class SA, IF, IO, 2.32%, 8/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 32689 | &nbsp;&nbsp;&nbsp;&nbsp; 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-151, Class JS, IF, IO, 2.28%, 9/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21451 | &nbsp;&nbsp;&nbsp;&nbsp; 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-159, Class AS, IF, IO, 1.77%, 10/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 17376 | &nbsp;&nbsp;&nbsp;&nbsp; 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-190, Class CS, IF, IO, 1.67%, 11/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23875 | &nbsp;&nbsp;&nbsp;&nbsp; 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-204, Class SB, IF, IO, 1.68%, 12/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 34403 | &nbsp;&nbsp;&nbsp;&nbsp; 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class SV, IF, IO, 1.57%, 1/20/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 45031 | &nbsp;&nbsp;&nbsp;&nbsp; 2343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class SG, IF, IO, 1.62%, 1/20/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 89021 | &nbsp;&nbsp;&nbsp;&nbsp; 6183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class QS, IF, IO, 2.12%, 1/20/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 20654 | &nbsp;&nbsp;&nbsp;&nbsp; 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class SL, IF, IO, 2.27%, 1/20/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23255 | &nbsp;&nbsp;&nbsp;&nbsp; 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class SL, IF, IO, 2.27%, 1/20/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 26514 | &nbsp;&nbsp;&nbsp;&nbsp; 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-23, Class SE, IF, IO, 1.62%, 2/20/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 31663 | &nbsp;&nbsp;&nbsp;&nbsp; 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-23, Class SL, IF, IO, 1.62%, 2/20/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 58032 | &nbsp;&nbsp;&nbsp;&nbsp; 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-30, Class SC, IF, IO, 2.22%, 2/20/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 51016 | &nbsp;&nbsp;&nbsp;&nbsp; 4345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-51, Class SH, IF, IO, 1.62%, 3/20/2055 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 64903 | &nbsp;&nbsp;&nbsp;&nbsp; 4795 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/16/2063 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 5950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H13, Class GI, IO, 1.51%, 4/20/2065 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Goodgreen Trust Series 2017-R1, 5.00%, 10/20/2051 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 5.29%, 9/25/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; HarborView Mortgage Loan Trust Series 2006-14, Class 1A1A, 4.80%, 1/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5304 | &nbsp;&nbsp;&nbsp;&nbsp; 4851 |
| &nbsp;&nbsp;&nbsp; Home RE Ltd. (Bermuda) Series 2022-1, Class M1C, 9.82%, 10/25/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 13022 |
| &nbsp;&nbsp;&nbsp; Homeward Opportunities Fund Trust Series 2024-RTL1, Class A1, 7.12%, 7/25/2029 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 23720 | &nbsp;&nbsp;&nbsp;&nbsp; 23816 |
| &nbsp;&nbsp;&nbsp; Impac CMB Trust Series 2005-1, Class 1A2, 5.06%, 4/25/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp; IndyMac INDX Mortgage Loan Trust Series 2007-AR21, Class 6A1, 3.83%, 9/25/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 11162 | &nbsp;&nbsp;&nbsp;&nbsp; 6903 |
| &nbsp;&nbsp;&nbsp; JPMorgan Alternative Loan Trust Series 2006-S3, Class A4, 6.81%, 8/25/2036 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 876 | &nbsp;&nbsp;&nbsp;&nbsp; 855 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust Series 2006-S1, Class 1A1, 6.00%, 4/25/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Lehman Mortgage Trust Series 2007-7, Class 5A7, 6.50%, 8/25/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 10985 | &nbsp;&nbsp;&nbsp;&nbsp; 4812 |
| &nbsp;&nbsp;&nbsp; Lhome Mortgage Trust Series 2025-RTL2, Class A1, 5.61%, 4/25/2040 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4005 |
| &nbsp;&nbsp;&nbsp; LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RTL1, Class A1, 7.87%, 1/25/2028 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 13039 | &nbsp;&nbsp;&nbsp;&nbsp; 13040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RTL2, Class A1, 8.00%, 6/25/2028 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RTL3, Class A1, 8.00%, 8/25/2028 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL1, Class A1, 7.02%, 1/25/2029 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2925 | &nbsp;&nbsp;&nbsp;&nbsp; 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL2, Class A1, 7.13%, 3/25/2029 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3825 | &nbsp;&nbsp;&nbsp;&nbsp; 3863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL3, Class A1, 6.90%, 5/25/2029 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 13810 | &nbsp;&nbsp;&nbsp;&nbsp; 13955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL4, Class A1, 5.92%, 7/25/2039 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4329 | &nbsp;&nbsp;&nbsp;&nbsp; 4334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL4, Class A2, 6.09%, 7/25/2039 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2673 | &nbsp;&nbsp;&nbsp;&nbsp; 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL5, Class A1, 5.32%, 9/25/2039 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 9582 | &nbsp;&nbsp;&nbsp;&nbsp; 9525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL1, Class A1, 5.65%, 1/25/2040 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4975 | &nbsp;&nbsp;&nbsp;&nbsp; 4977 |
| &nbsp;&nbsp;&nbsp; MASTR Alternative Loan Trust Series 2003-5, Class 30B1, 5.92%, 8/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; MASTR Asset Securitization Trust Series 2003-11, Class 7A2, 5.25%, 12/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust Series 2003-A5, Class 2A6, 6.80%, 8/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL3, Class A1, 5.91%, 11/25/2039 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 18890 | &nbsp;&nbsp;&nbsp;&nbsp; 18918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL1, Class A1, 6.33%, 9/25/2054 (k) | &nbsp;&nbsp;&nbsp;&nbsp; 17450 | &nbsp;&nbsp;&nbsp;&nbsp; 17461 |
| &nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1IB, IO, 1.00%, 12/25/2057 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 6341 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1IC, IO, 1.50%, 5/25/2058 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 15829 | &nbsp;&nbsp;&nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM5, Class B1, 4.04%, 11/25/2059 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3042 | &nbsp;&nbsp;&nbsp;&nbsp; 2640 |
| &nbsp;&nbsp;&nbsp; NRM FHT1 Excess Owner LLC Series 2025-FHT1, Class A, 6.55%, 3/25/2032 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 30576 | &nbsp;&nbsp;&nbsp;&nbsp; 30279 |
| &nbsp;&nbsp;&nbsp; NYMT Loan Trust Series 2024-BPL3, Class A1, 5.27%, 9/25/2039 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2977 |
| &nbsp;&nbsp;&nbsp; OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM7, Class A1, 6.84%, 4/25/2063 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4501 | &nbsp;&nbsp;&nbsp;&nbsp; 4551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM6, Class A1, 6.52%, 7/25/2063 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2544 | &nbsp;&nbsp;&nbsp;&nbsp; 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM2, Class A1, 5.60%, 11/25/2064 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4785 | &nbsp;&nbsp;&nbsp;&nbsp; 4805 |
| &nbsp;&nbsp;&nbsp; PMT Loan Trust Series 2025-INV5, Class A2, 6.00%, 5/25/2056 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 18900 | &nbsp;&nbsp;&nbsp;&nbsp; 18966 |
| &nbsp;&nbsp;&nbsp; PRET LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NPL8, Class A1, 5.96%, 11/25/2054 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 8607 | &nbsp;&nbsp;&nbsp;&nbsp; 8578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL5, Class A1, 6.24%, 5/25/2055 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 20700 | &nbsp;&nbsp;&nbsp;&nbsp; 20765 |
| &nbsp;&nbsp;&nbsp; PRPM Series 2025-3, Class A1, 6.26%, 5/25/2030 ‡ (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 7181 | &nbsp;&nbsp;&nbsp;&nbsp; 7220 |
| &nbsp;&nbsp;&nbsp; PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A2, 9.19%, 10/25/2025 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 8047 | &nbsp;&nbsp;&nbsp;&nbsp; 8020 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, 6.96%, 2/25/2029 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 5822 | &nbsp;&nbsp;&nbsp;&nbsp; 5825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A1, 7.03%, 3/25/2029 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 5481 | &nbsp;&nbsp;&nbsp;&nbsp; 5482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class A1, 5.69%, 9/25/2029 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.87%, 11/25/2029 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 5333 | &nbsp;&nbsp;&nbsp;&nbsp; 5326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-8, Class A2, 8.84%, 12/25/2029 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2, Class A1, 3.75%, 4/25/2055 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 5599 | &nbsp;&nbsp;&nbsp;&nbsp; 5383 |
| &nbsp;&nbsp;&nbsp; RAAC Trust Series 2005-SP1, Class 4A1, 7.00%, 9/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Radnor RE Ltd. (Bermuda) Series 2022-1, Class M1B, 11.07%, 9/25/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8725 | &nbsp;&nbsp;&nbsp;&nbsp; 9094 |
| &nbsp;&nbsp;&nbsp; RCO X Mortgage LLC Series 2025-1, Class A1, 5.87%, 1/25/2030 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 18636 | &nbsp;&nbsp;&nbsp;&nbsp; 18527 |
| &nbsp;&nbsp;&nbsp; STACR Trust Series 2018-HRP2, Class B1, 8.64%, 2/25/2047 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2825 | &nbsp;&nbsp;&nbsp;&nbsp; 3051 |
| &nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust Series 2020-INV1, Class B2, 4.26%, 11/25/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 928 |
| &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust Series 2007-9, Class 1A1, 6.04%, 10/25/2037 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1494 | &nbsp;&nbsp;&nbsp;&nbsp; 1335 |
| &nbsp;&nbsp;&nbsp; Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 1A1, 5.29%, 5/25/2047 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 12274 | &nbsp;&nbsp;&nbsp;&nbsp; 9796 |
| &nbsp;&nbsp;&nbsp; Toorak Mortgage Trust Series 2024-2, Class A1, 6.33%, 10/25/2031 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 9500 | &nbsp;&nbsp;&nbsp;&nbsp; 9462 |
| &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-FRE2, Class M6, 4.00%, 11/25/2047 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R1, Class A2C, 3.31%, 11/30/2060 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 25082 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV3, Class B1, 3.73%, 11/25/2059 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7606 | &nbsp;&nbsp;&nbsp;&nbsp; 7339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1, 3.02%, 1/25/2060 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1990 | &nbsp;&nbsp;&nbsp;&nbsp; 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A1, 4.47%, 4/25/2067 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 733 | &nbsp;&nbsp;&nbsp;&nbsp; 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A1, 5.85%, 12/25/2067 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 903 | &nbsp;&nbsp;&nbsp;&nbsp; 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A1, 6.19%, 3/25/2068 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 5428 | &nbsp;&nbsp;&nbsp;&nbsp; 5434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A1, 5.81%, 5/25/2068 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4760 | &nbsp;&nbsp;&nbsp;&nbsp; 4757 |
| &nbsp;&nbsp;&nbsp; Visio Trust Series 2019-2, Class B1, 3.91%, 11/25/2054 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp; 723 |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Series 2003-S4, Class 2A2, 5.50%, 6/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; WaMu Mortgage Pass-Through Certificates Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-AR8, Class A, 6.22%, 8/25/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-S2, Class 2A4, 5.50%, 6/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR7, Class A3, 6.20%, 8/25/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-AR8, Class 2A, 5.35%, 10/25/2046 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1914 | &nbsp;&nbsp;&nbsp;&nbsp; 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations <br>(Cost $1,548,939)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1546296 |
| **Foreign Government Securities — 3.2%** | **Foreign Government Securities — 3.2%** | **Foreign Government Securities — 3.2%** |
| &nbsp;&nbsp;&nbsp; Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/31/2027 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 3/1/2029 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 6200 | &nbsp;&nbsp;&nbsp;&nbsp; 6080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/4/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1459 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/4/2030 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/29/2032 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.45%, 2/4/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1990 | &nbsp;&nbsp;&nbsp;&nbsp; 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 9/30/2033 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/2047 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.70%, 3/1/2049 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 5/29/2050 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1339 |
| &nbsp;&nbsp;&nbsp; Benin Government Bond 7.96%, 2/13/2038 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6660 | &nbsp;&nbsp;&nbsp;&nbsp; 6069 |
| &nbsp;&nbsp;&nbsp; Commonwealth of the Bahamas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/21/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3481 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.95%, 10/15/2032 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1560 |
| &nbsp;&nbsp;&nbsp; Democratic Socialist Republic of Sri Lanka |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 1/15/2030 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 3/15/2033 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp; 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 6/15/2035 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 7012 | &nbsp;&nbsp;&nbsp;&nbsp; *4741* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 5/15/2036 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 2/15/2038 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 571 | &nbsp;&nbsp;&nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp; Dominican Republic Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 2/3/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp;&nbsp; 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/22/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 753 | &nbsp;&nbsp;&nbsp;&nbsp; 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/22/2033 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp;&nbsp; 8213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/15/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 6/5/2049 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/30/2060 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 11450 | &nbsp;&nbsp;&nbsp;&nbsp; 9423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/30/2060 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 13200 | &nbsp;&nbsp;&nbsp;&nbsp; 10864 |
| &nbsp;&nbsp;&nbsp; Federal Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/28/2027 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp;&nbsp; 5230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/28/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6347 | &nbsp;&nbsp;&nbsp;&nbsp; 5885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.14%, 2/23/2030 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 14720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 2/23/2038 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 4700 | &nbsp;&nbsp;&nbsp;&nbsp; 3836 |
| &nbsp;&nbsp;&nbsp; Federative Republic of Brazil 7.13%, 5/13/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2605 | &nbsp;&nbsp;&nbsp;&nbsp; 2412 |
| &nbsp;&nbsp;&nbsp; Hashemite Kingdom of Jordan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 1/15/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 7/7/2030 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 8800 | &nbsp;&nbsp;&nbsp;&nbsp; 8228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/10/2047 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 9200 | &nbsp;&nbsp;&nbsp;&nbsp; 7926 |
| &nbsp;&nbsp;&nbsp; Islamic Republic of Pakistan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 9/30/2025 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 3091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/8/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15085 | &nbsp;&nbsp;&nbsp;&nbsp; 14696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/5/2027 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 4/8/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5013 | &nbsp;&nbsp;&nbsp;&nbsp; 4268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 4/8/2051 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 1958 |
| &nbsp;&nbsp;&nbsp; Istanbul Metropolitan Municipality 10.50%, 12/6/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2870 | &nbsp;&nbsp;&nbsp;&nbsp; 3054 |
| &nbsp;&nbsp;&nbsp; Kingdom of Bahrain 5.45%, 9/16/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8389 | &nbsp;&nbsp;&nbsp;&nbsp; 7760 |
| &nbsp;&nbsp;&nbsp; Kingdom of Morocco 6.50%, 9/8/2033 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 931 |
| &nbsp;&nbsp;&nbsp; Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/9/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 2878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/26/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3620 | &nbsp;&nbsp;&nbsp;&nbsp; 3091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/26/2029 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 11400 | &nbsp;&nbsp;&nbsp;&nbsp; 9736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 4/14/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5266 | &nbsp;&nbsp;&nbsp;&nbsp; 4333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 4/14/2032 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 658 |
| &nbsp;&nbsp;&nbsp; Republic of Armenia 3.60%, 2/2/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2760 | &nbsp;&nbsp;&nbsp;&nbsp; 2342 |
| &nbsp;&nbsp;&nbsp; Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/20/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2010 | &nbsp;&nbsp;&nbsp;&nbsp; 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/2/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp; 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/14/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 4568 | &nbsp;&nbsp;&nbsp;&nbsp; 4456 |
| &nbsp;&nbsp;&nbsp; Republic of Costa Rica |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/19/2031 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 4297 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 4/3/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 3391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 4/4/2044 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 11/13/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4403 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 |
| &nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/3/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 7067 | &nbsp;&nbsp;&nbsp;&nbsp; 7017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 1/30/2033 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2033 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 16300 | &nbsp;&nbsp;&nbsp;&nbsp; 14461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.08%, 4/1/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10750 | &nbsp;&nbsp;&nbsp;&nbsp; 10132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/30/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
| &nbsp;&nbsp;&nbsp; Republic of Ecuador |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 7/31/2030 (i) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp;&nbsp; 3333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/31/2035 (i) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 3726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/31/2040 (i) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp;&nbsp; 2578 |
| &nbsp;&nbsp;&nbsp; Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 2/28/2029 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 4669 | &nbsp;&nbsp;&nbsp;&nbsp; 4823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 4/17/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6200 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/17/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9300 | &nbsp;&nbsp;&nbsp;&nbsp; 9719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 2/1/2041 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp; 2604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.12%, 1/20/2050 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp;&nbsp;&nbsp; 3571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.65%, 11/21/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7327 | &nbsp;&nbsp;&nbsp;&nbsp; 7309 |
| &nbsp;&nbsp;&nbsp; Republic of Ghana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%, 7/3/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp; *295* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/3/2029 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 7928 | &nbsp;&nbsp;&nbsp;&nbsp; *7215* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0%, 1/3/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; *527* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/3/2035 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 4426 | &nbsp;&nbsp;&nbsp;&nbsp; *3265* |
| &nbsp;&nbsp;&nbsp; Republic of Guatemala |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 6/13/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/7/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp; Republic of Honduras |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/19/2027 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/27/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp;&nbsp; 3710 |
| &nbsp;&nbsp;&nbsp; Republic of Iraq 5.80%, 1/15/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 5775 | &nbsp;&nbsp;&nbsp;&nbsp; 5670 |
| &nbsp;&nbsp;&nbsp; Republic of Kenya |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 2/28/2028 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 2/16/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3666 | &nbsp;&nbsp;&nbsp;&nbsp; 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 2/16/2031 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 5/22/2032 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 3/5/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8350 | &nbsp;&nbsp;&nbsp;&nbsp; 7615 |
| &nbsp;&nbsp;&nbsp; Republic of Montenegro 7.25%, 3/12/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5923 | &nbsp;&nbsp;&nbsp;&nbsp; 6072 |
| &nbsp;&nbsp;&nbsp; Republic of Namibia 5.25%, 10/29/2025 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp;&nbsp; 4859 |
| &nbsp;&nbsp;&nbsp; Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 2/14/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 3/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1946 |
| &nbsp;&nbsp;&nbsp; Republic of Paraguay, 6.10%, 8/11/2044 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 14075 | &nbsp;&nbsp;&nbsp;&nbsp; *13147* |
| &nbsp;&nbsp;&nbsp; Republic of Rwanda 5.50%, 8/9/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 6730 |
| &nbsp;&nbsp;&nbsp; Republic of Senegal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 6/10/2031 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 7234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/23/2033 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 11470 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp; Republic of Serbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 9/26/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/12/2034 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1288 |
| &nbsp;&nbsp;&nbsp; Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 11/19/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3478 | &nbsp;&nbsp;&nbsp;&nbsp; 3367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/12/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 5100 | &nbsp;&nbsp;&nbsp;&nbsp; 3430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 9/30/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 7406 | &nbsp;&nbsp;&nbsp;&nbsp; *5351* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 11/19/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4489 | &nbsp;&nbsp;&nbsp;&nbsp; 4121 |
| &nbsp;&nbsp;&nbsp; Republic of Turkiye (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 3/14/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/12/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 1/19/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1741 | &nbsp;&nbsp;&nbsp;&nbsp; 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 6763 | &nbsp;&nbsp;&nbsp;&nbsp; 6754 |
| &nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.85%, 10/12/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1494 | &nbsp;&nbsp;&nbsp;&nbsp; 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 5/25/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981 |
| &nbsp;&nbsp;&nbsp; Republic of Zambia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/30/2033 (i) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 799 | &nbsp;&nbsp;&nbsp;&nbsp; 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 6/30/2033 (b) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 1759 | &nbsp;&nbsp;&nbsp;&nbsp; 1578 |
| &nbsp;&nbsp;&nbsp; Romania Government Bond 7.50%, 2/10/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1464 | &nbsp;&nbsp;&nbsp;&nbsp; 1470 |
| &nbsp;&nbsp;&nbsp; State of Mongolia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 2/25/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 7/7/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp;&nbsp; 4816 |
| &nbsp;&nbsp;&nbsp; Sultanate of Oman Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/17/2048 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp;&nbsp; *6327* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/25/2051 (i) | &nbsp;&nbsp;&nbsp;&nbsp; 6200 | &nbsp;&nbsp;&nbsp;&nbsp; 6382 |
| &nbsp;&nbsp;&nbsp; Suriname Government International Bond 7.95%, 7/15/2033 (d) (i) | &nbsp;&nbsp;&nbsp;&nbsp; 3091 | &nbsp;&nbsp;&nbsp;&nbsp; 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities <br>(Cost $469,353)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 438623 |
| **Loan Assignments — 1.4% (l)** | **Loan Assignments — 1.4% (l)** | **Loan Assignments — 1.4% (l)** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc., 1st Lien Term Loan J (3-MONTH CME TERM SOFR + 2.50%), 6.80%, 2/28/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 848 | &nbsp;&nbsp;&nbsp;&nbsp; 848 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 1/31/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3642 | &nbsp;&nbsp;&nbsp;&nbsp; 3622 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.55%, 3/31/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1925 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.50%), 6.80%, 8/4/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 5597 | &nbsp;&nbsp;&nbsp;&nbsp; 5566 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 3/28/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2985 | &nbsp;&nbsp;&nbsp;&nbsp; 2976 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 2/10/2032 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 6790 | &nbsp;&nbsp;&nbsp;&nbsp; 6756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15298 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Venator Materials LLC, 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 10.00%), 14.26%, 1/16/2026 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1422 | &nbsp;&nbsp;&nbsp;&nbsp; 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 2.00%), 14.32%, 10/12/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2326 | &nbsp;&nbsp;&nbsp;&nbsp; 1890 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp; Venator Materials LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.00%), 6.30%, 7/16/2026 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp;&nbsp; 1405 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.55%, 9/22/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3357 | &nbsp;&nbsp;&nbsp;&nbsp; 3344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8047 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, 1st Lien Term Loan (6-MONTH CME TERM SOFR + 2.50%), 6.76%, 6/21/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3242 | &nbsp;&nbsp;&nbsp;&nbsp; 3237 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.58%, 11/19/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3062 | &nbsp;&nbsp;&nbsp;&nbsp; 3054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6291 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien PIK Term Loan (3-MONTH CME TERM SOFR + 2.00%), 2.00%, 6/30/2026 ‡ (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2887 | &nbsp;&nbsp;&nbsp;&nbsp; 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Super Senior Delayed Draw Term Loan (3-MONTH CME TERM SOFR + 11.50%), 15.91%, <br> 6/30/2026 ‡ (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3291 | &nbsp;&nbsp;&nbsp;&nbsp; 3291 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Term Loan (12-MONTH CME TERM SOFR + 8.50%), 12.70%, 1/2/2029 ‡ (h) | &nbsp;&nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Term Loan A (12-MONTH CME TERM SOFR + 2.50%), 6.28%, 1/2/2029 ‡ (h) | &nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 2nd Lien PIK Term Loan (3-MONTH CME TERM SOFR + 2.00%), 2.00%, 6/30/2026 ‡ (h) | &nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6235 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 1st Lien Delayed Draw Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.48%, <br> 4/1/2032 (h) (m)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 7.55%, 4/1/2032 (h) <br> (m)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2516 | &nbsp;&nbsp;&nbsp;&nbsp; 2495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2497 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 7.05%, 10/16/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1840 | &nbsp;&nbsp;&nbsp;&nbsp; 1846 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 1/30/2031 (h) (m) | &nbsp;&nbsp;&nbsp;&nbsp; 4076 | &nbsp;&nbsp;&nbsp;&nbsp; 4034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5880 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 1.75%), 6.07%, 3/2/2027 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2393 | &nbsp;&nbsp;&nbsp;&nbsp; 2390 |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Ingram Micro, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.75%), 7.05%, 9/19/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.25%), 8.57%, <br> 12/2/2031 (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5132 | &nbsp;&nbsp;&nbsp;&nbsp; 5039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6043 |
| **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, 1st Lien Term Loan B-2 (3-MONTH CME TERM SOFR + 2.00%), 6.30%, 1/31/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2402 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 1st Lien Term Loan B-2 (3-MONTH CME TERM SOFR + 2.50%), 6.80%, 7/21/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3969 | &nbsp;&nbsp;&nbsp;&nbsp; 3969 |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 1.75%), 6.05%, 4/10/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 8593 | &nbsp;&nbsp;&nbsp;&nbsp; 8549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12518 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc., 1st Lien Term Loan B-6 (1-MONTH CME TERM SOFR + 2.00%), 6.43%, 11/8/2027 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 10/23/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 6723 | &nbsp;&nbsp;&nbsp;&nbsp; 6715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6776 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Phoenix Newco, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 11/15/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 4006 | &nbsp;&nbsp;&nbsp;&nbsp; 4005 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.50%), 6.77%, 6/20/2030 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 7187 | &nbsp;&nbsp;&nbsp;&nbsp; 7185 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC, 1st Lien Term Loan B-3 (3-MONTH CME TERM SOFR + 3.00%), 7.30%, 2/3/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3981 | &nbsp;&nbsp;&nbsp;&nbsp; 3981 |
| &nbsp;&nbsp;&nbsp; MH Sub I LLC, 1st Lien Term Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-MONTH CME TERM SOFR + 4.25%), 8.57%, 5/3/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2928 | &nbsp;&nbsp;&nbsp;&nbsp; 2809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1-MONTH CME TERM SOFR + 4.25%), 8.58%, 12/31/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1982 | &nbsp;&nbsp;&nbsp;&nbsp; 1802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8592 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; FGI Operating Co. LLC, 1st Lien Term Loan, 0.00%, 1/31/2025 ‡ (c) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Varsity Brands, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 7.83%, 8/26/2031 (h) (m) | &nbsp;&nbsp;&nbsp;&nbsp; 7338 | &nbsp;&nbsp;&nbsp;&nbsp; 7283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7283 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; SPX FLOW, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 4/5/2029 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3208 |
| &nbsp;&nbsp;&nbsp; Terex Corp., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.00%), 6.30%, 10/8/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6009 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.50%), 8.83%, 1/18/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3441 | &nbsp;&nbsp;&nbsp;&nbsp; 3393 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 9.54%, 8/2/2027 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3730 |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; EPIC Crude Services LP, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 7.26%, 10/15/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 3359 | &nbsp;&nbsp;&nbsp;&nbsp; 3366 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.52%, 4/20/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2455 | &nbsp;&nbsp;&nbsp;&nbsp; 2426 |
| &nbsp;&nbsp;&nbsp; Jetblue Airways Corp., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.75%), 9.05%, 8/13/2029 (h) (m) | &nbsp;&nbsp;&nbsp;&nbsp; 3753 | &nbsp;&nbsp;&nbsp;&nbsp; 3646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6072 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 6.25%), 10.59%, 10/8/2030 (h) (m) | &nbsp;&nbsp;&nbsp;&nbsp; 4535 | &nbsp;&nbsp;&nbsp;&nbsp; 4297 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 1.75%), 6.17%, 8/2/2027 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1348 | &nbsp;&nbsp;&nbsp;&nbsp; 1346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5643 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; First Advantage Holdings LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 3.25%), 7.58%, 10/31/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 4458 | &nbsp;&nbsp;&nbsp;&nbsp; 4452 |
| &nbsp;&nbsp;&nbsp; WEC US Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.57%, 1/27/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2736 | &nbsp;&nbsp;&nbsp;&nbsp; 2730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7182 |
| **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Altar Bidco, Inc., 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 3.10%), 7.25%, 2/1/2029 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2786 | &nbsp;&nbsp;&nbsp;&nbsp; 2748 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 2/15/2029 (h) (m) | &nbsp;&nbsp;&nbsp;&nbsp; 6590 | &nbsp;&nbsp;&nbsp;&nbsp; 6558 |
| &nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.50%), 7.83%, 11/25/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 4936 | &nbsp;&nbsp;&nbsp;&nbsp; 4946 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.55%, 7/6/2029 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2786 | &nbsp;&nbsp;&nbsp;&nbsp; 2475 |
| &nbsp;&nbsp;&nbsp; Icon Parent, Inc., 1st Lien Term Loan (6-MONTH CME TERM SOFR + 3.00%), 7.21%, 11/13/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 4675 | &nbsp;&nbsp;&nbsp;&nbsp; 4669 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.25%), 8.58%, 11/28/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 4544 | &nbsp;&nbsp;&nbsp;&nbsp; 4548 |
| &nbsp;&nbsp;&nbsp; UKG, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 2/10/2031 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 6555 | &nbsp;&nbsp;&nbsp;&nbsp; 6565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29761 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Claire's Stores, Inc., 1st Lien Term Loan B (6-MONTH CME TERM SOFR + 6.50%), 10.73%, 12/18/2026 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.81%, 3/3/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 4150 | &nbsp;&nbsp;&nbsp;&nbsp; 3837 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 8.18%, 2/11/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 6309 | &nbsp;&nbsp;&nbsp;&nbsp; 6278 |
| &nbsp;&nbsp;&nbsp; Queen MergerCo, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 7.28%, 4/30/2032 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 848 | &nbsp;&nbsp;&nbsp;&nbsp; 850 |
| &nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%), 7.58%, 10/19/2029 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2393 | &nbsp;&nbsp;&nbsp;&nbsp; 2366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments <br>(Cost $187,605)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 185687 |
| **Municipal Bonds — 0.4% (n)** | **Municipal Bonds — 0.4% (n)** | **Municipal Bonds — 0.4% (n)** |
| **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |
| &nbsp;&nbsp;&nbsp; California Housing Finance Agency Series 2021-2, Class X, Rev., FHLMC COLL, 0.83%, 3/25/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 61723 | &nbsp;&nbsp;&nbsp;&nbsp; 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2025A, Rev., <br> AMT, 9.50%, 1/1/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9900 | &nbsp;&nbsp;&nbsp;&nbsp; 9590 |
| &nbsp;&nbsp;&nbsp; Los Angeles Community College District, Election of 2008 Series 2010E, GO, 6.75%, 8/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; Orange County Water District Series 2017B, Rev., 4.06%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California, Medical Center Pooled Series 2009F, Rev., 6.58%, 5/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp; University of California, Taxable Limited Project Series 2015J, Rev., 4.13%, 5/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 12835 |
| **Colorado — 0.0% ^** | **Colorado — 0.0% ^** | **Colorado — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Vail Valley Medical Centre Project, Rev., 4.00%, 1/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
| **Indiana — 0.0% ^** | **Indiana — 0.0% ^** | **Indiana — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Marion County Health and Hospital Series 2010B-2, Rev., 6.12%, <br> 1/15/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 247 |
| **Nevada — 0.1%** | **Nevada — 0.1%** | **Nevada — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Nevada Department of Business and Industry, Brighline West Passenger Rail Project Series 2025A, Rev., AMT, <br> 9.50%, 1/1/2033 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13400 | &nbsp;&nbsp;&nbsp;&nbsp; 12780 |
| **New York — 0.2%** | **New York — 0.2%** | **New York — 0.2%** |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 CL A, Rev., 5.46%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 26666 | &nbsp;&nbsp;&nbsp;&nbsp; 27140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 CL B, Rev., 6.03%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp;&nbsp; 3262 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 30402 |
| **Texas — 0.0% ^** | **Texas — 0.0% ^** | **Texas — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Series 2009B, Rev., 6.72%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| **Washington — 0.0% ^** | **Washington — 0.0% ^** | **Washington — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission Series 2021-1, Class X, Rev., 0.73%, 12/20/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 89217 | &nbsp;&nbsp;&nbsp;&nbsp; 3521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $59,758)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 60078 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Common Stocks — 0.2%** | **Common Stocks — 0.2%** | **Common Stocks — 0.2%** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Incora Top Holdco LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Moran Foods Backstop Equity ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 9333314 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; NMG Parent LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Venator Materials plc ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 1309 |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Incora Intermediate II LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; 1619 |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; New Evhc Physical Equity ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| **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; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 3843 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Endo GUC Trust ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Endo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 3007 |
| &nbsp;&nbsp;&nbsp; Mallinckrodt plc (Luxembourg) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 5574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8586 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Claire's Stores, Inc. ‡ \* (o) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (p)<br>|
| &nbsp;&nbsp;&nbsp; Rite Aid ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Intelsat SA (Luxembourg) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; 5989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $18,087)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 21619 |
|  | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Supranational — 0.0% ^** | **Supranational — 0.0% ^** | **Supranational — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banque Ouest Africaine de Developpement (Supranational), <br>(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year), 8.20%, 2/13/2055 (b) (h) (Cost $4,815)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp;&nbsp; 4752 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Preferred Stocks — continued** | **Preferred Stocks — continued** | **Preferred Stocks — continued** |
| **Electric Utilities — 0.0% ^** | **Electric Utilities — 0.0% ^** | **Electric Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; SCE Trust VI 5.00%, 7/5/2025 ($25 par value) (q) | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; 3388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks <br>(Cost $4,678)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 3406 |
|  | &nbsp;&nbsp;&nbsp; **NO. OF** <br> **CONTRACTS**<br>|  |
| **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** |
| **Put Options Purchased — 0.0% ^** | **Put Options Purchased — 0.0% ^** | **Put Options Purchased — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Foreign Exchange USD/CNH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/15/2025 at USD 7.00 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 638,005 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange-Traded \* <br>(Cost $1,442)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 638005000 | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
|  | &nbsp;&nbsp;&nbsp; **NO. OF** <br> **WARRANTS** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Audacy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expiring 12/31/2049, price 1.00 USD ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expiring 9/30/2028, price 1.00 USD ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Warrants <br>(Cost $2,508)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(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 Prime Money Market Fund Class Institutional Shares, 4.29% (r) (s) <br>(Cost $671,161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 671026 | &nbsp;&nbsp;&nbsp;&nbsp; 671161 |
| **Total Investments — 119.1%** <br>**(Cost $16,602,947)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **16282254** |
| **Liabilities in Excess of Other Assets — (19.1)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(2612234)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **13670020** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| AMT | Alternative Minimum Tax |
| CIFC | Commercial Industrial Finance Corp. |
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| CNH | China Renminbi |
| COLL | Collateral |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | |
|:---|:---|
| CSMC | Credit Suisse Mortgage Trust |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| FRN | Floating Rate Note |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| HB | High Coupon Bonds (a.k.a. "IOettes") represent the right to receive interest payments on an underlying pool of mortgages with similar features as those <br> associated with IO securities. Unlike IO's the owner also has a right to receive a very small portion of principal. The high interest rates result from taking <br> interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.<br>|
| IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest <br> rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the <br> rate in effect as of May 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown <br> represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or <br> refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.<br>|
| JSC | Joint Stock Company |
| PIK | Payment In Kind |
| PO | Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is <br> extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on <br> these securities increases.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal <br> components of eligible notes and bonds as separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |
| 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) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (d) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (e) | Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a <br> pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2025 is $43,793 or 0.32% of the Fund's net assets <br> as of May 31, 2025.<br>|
| (f) | Security is an interest bearing note with preferred security characteristics. |
| (g) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time <br> and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in <br> effect as of May 31, 2025.<br>|
| (h) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (i) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities <br> offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have <br> restrictions on resale.<br>|
| (j) | Defaulted security. |
| (k) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (l) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. |
| (m) | All or a portion of this security is unsettled as of May 31, 2025. Unless otherwise indicated, the coupon rate is undetermined. The coupon <br> rate shown may not be accrued for the entire position.<br>|
| (n) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (o) | Fund is subject to legal or contractual restrictions on the resale of the security. |
| (p) | Value is zero. |
| (q) | The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based <br> on par value and is in effect as of May 31, 2025.<br>|

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

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

**TBA Short Commitments**

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| FNMA / FHLMC UMBS, Single Family, 30 Year  |  |  |
| TBA, 2.50%, 6/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (132900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (108224)<br>|
| TBA, 3.50%, 6/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (131900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (116899)<br>|
| TBA, 4.00%, 6/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (237200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (217292)<br>|
| TBA, 5.00%, 6/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (270200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (261515)<br>|
| TBA, 6.00%, 6/25/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (65000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65634)<br>|
| GNMA II, Single Family, 30 Year  |  |  |
| TBA, 3.50%, 6/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (341200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (303516)<br>|
| TBA, 4.00%, 6/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (766300)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (701617)<br>|
| TBA, 4.50%, 6/15/2055 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (135000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (127345)<br>|
| (Proceeds received of $1,910,790) |  | &nbsp;&nbsp;&nbsp;&nbsp; (1902042)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the security is a when-issued security, delayed delivery security,
 or forward commitment.

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 4708 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 522147 | &nbsp;&nbsp;&nbsp;&nbsp; 5580 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 6327 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 713765 | &nbsp;&nbsp;&nbsp;&nbsp; 8922 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2489 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6165 | &nbsp;&nbsp;&nbsp;&nbsp; 163 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 5054 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1048784 | &nbsp;&nbsp;&nbsp;&nbsp; 1660 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 8351 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 904387 | &nbsp;&nbsp;&nbsp;&nbsp; 5346 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21738 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (6424)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (724708)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8891)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (2362)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (267201)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5529)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (1335)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (155277)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3569)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (313)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (33897)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (203)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (18192)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3546 |

---

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

---

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

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 11432657 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 79098 | BNP Paribas | 6/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 469 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 469 |
| JPY | &nbsp;&nbsp;&nbsp;&nbsp; 38061640 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 266735 | Standard Chartered Bank | 6/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (1839)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (1839)<br>|
| Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp; (1370)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

**Over-the-Counter ("OTC") Credit default swap contracts outstanding — buy protection** <sup>(\*)</sup> **as of May 31, 2025 (amounts in thousands):**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| **PAYMENT** <br>**FREQUENCY**<br>| **COUNTERPARTY** | **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 12/20/2027 | 0.43 | USD39,851 | 202 | (838)<br>| (636)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.45 | USD31,878 | 200 | (773)<br>| (573)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.45 | USD31,878 | 85 | (658)<br>| (573)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.45 | USD15,942 | 26 | (312)<br>| (286)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.45 | USD7,971 | 21 | (164)<br>| (143)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.45 | USD15,935 | 51 | (337)<br>| (286)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.45 | USD7,721 | 62 | (201)<br>| (139)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.45 | USD44,000 | 225 | (1016)<br>| (791)<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Morgan Stanley | 6/20/2028 | 0.45 | USD4,770 | 31 | (117)<br>| (86)<br>|
|  |  |  |  |  |  |  | 903 | (4416)<br>| (3513)<br>|

---

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

---

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

---

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

---

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

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Over-the-Counter ("OTC") Credit default swap contracts outstanding — sell protection** <sup>(\*\*)</sup> **as of May 31, 2025 (amounts in thousands):**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| **PAYMENT** <br>**FREQUENCY**<br>| **COUNTERPARTY** | **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CMBX.NA.BBB-.11 | 3.00 | Monthly | Citigorup Global Markets, Inc. | 11/18/2054 | 10.86 | USD5,000 | (246)<br>| (405)<br>| (651)<br>|
| CMBX.NA.BBB-.11 | 3.00 | Monthly | Morgan Stanley | 11/18/2054 | 10.86 | USD12,500 | (588)<br>| (1040)<br>| (1628)<br>|
| CMBX.NA.BBB-.11 | 3.00 | Monthly | Morgan Stanley | 11/18/2054 | 10.86 | USD10,000 | (419)<br>| (884)<br>| (1303)<br>|
| CMBX.NA.BBB-.11 | 3.00 | Monthly | Morgan Stanley | 11/18/2054 | 10.86 | USD20,000 | (707)<br>| (1898)<br>| (2605)<br>|
| CMBX.NA.BBB-.11 | 3.00 | Monthly | Morgan Stanley | 11/18/2054 | 10.86 | USD15,000 | (470)<br>| (1484)<br>| (1954)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Citigorup Global Markets, Inc. | 08/17/2061 | 9.69 | USD7,500 | (590)<br>| (770)<br>| (1360)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 9.69 | USD5,000 | (222)<br>| (685)<br>| (907)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 9.69 | USD2,500 | (111)<br>| (342)<br>| (453)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 9.69 | USD12,500 | (334)<br>| (1932)<br>| (2266)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 9.69 | USD12,500 | (125)<br>| (2141)<br>| (2266)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 9.69 | USD5,500 | (59)<br>| (938)<br>| (997)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 9.69 | USD8,017 | (86)<br>| (1368)<br>| (1454)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 9.69 | USD12,500 | (53)<br>| (2213)<br>| (2266)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Citigorup Global Markets, Inc. | 09/17/2058 | 57.00 | USD2,500 | (261)<br>| (191)<br>| (452)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Citigorup Global Markets, Inc. | 09/17/2058 | 57.00 | USD10,000 | (867)<br>| (942)<br>| (1809)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Citigorup Global Markets, Inc. | 09/17/2058 | 57.00 | USD8,000 | (584)<br>| (863)<br>| (1447)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Morgan Stanley | 09/17/2058 | 57.00 | USD12,500 | (1707)<br>| (553)<br>| (2260)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Morgan Stanley | 09/17/2058 | 57.00 | USD7,500 | (779)<br>| (577)<br>| (1356)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Morgan Stanley | 09/17/2058 | 57.00 | USD7,500 | (783)<br>| (573)<br>| (1356)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Morgan Stanley | 09/17/2058 | 57.00 | USD5,000 | (452)<br>| (452)<br>| (904)<br>|
|  |  |  |  |  |  |  | (9443)<br>| (20251)<br>| (29694)<br>|

---

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

---

| | |
|:---|:---|
| (\*\*) | The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, <br> and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the <br> terms of individual swap contracts. |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of
 swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads
 would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute
 terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit
 indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The notional amount is the maximum amount that a seller of credit protection would
 be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upfront payments and receipts generally represent premiums paid or received at the
 initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads,
 interest rates and other relevant factors).

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CMBX | Commercial Mortgage-Backed Securities Index |
| USD | United States Dollar |

---

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.44-V1 | 5.00 | Quarterly | 6/20/2030 | 3.51 | USD 227,610 | &nbsp;&nbsp; (13204)<br>| &nbsp;&nbsp; (3115)<br>| &nbsp;&nbsp; (16319)<br>|
| CDX.NA.HY.44-V1 | 5.00 | Quarterly | 6/20/2030 | 3.51 | USD 227,611 | &nbsp;&nbsp; (13060)<br>| &nbsp;&nbsp; (3259)<br>| &nbsp;&nbsp; (16319)<br>|
| CDX.NA.HY.44-V1 | 5.00 | Quarterly | 6/20/2030 | 3.51 | USD 541,918 | &nbsp;&nbsp; (32060)<br>| &nbsp;&nbsp; (6795)<br>| &nbsp;&nbsp; (38855)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (58324)<br>| &nbsp;&nbsp; (13169)<br>| &nbsp;&nbsp; (71493)<br>|

---

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

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

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

---

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

---

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

---

**Summary of total OTC swap contracts outstanding as of May 31, 2025 (amounts in thousands):**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **NET UPFRONT** <br>**PAYMENTS** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(RECEIPTS)** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($)**<br>|
| **Liabilities** |  |  |
| OTC Credit default swap contracts outstanding - buy protection | &nbsp;&nbsp;&nbsp;&nbsp; 903 | &nbsp;&nbsp;&nbsp;&nbsp; (3513)<br>|
| OTC Credit default swap contracts outstanding - sell protection | &nbsp;&nbsp;&nbsp;&nbsp; (9443)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29694)<br>|
| Total OTC swap contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (8540)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33207)<br>|

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• 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 Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1930780 | &nbsp;&nbsp;&nbsp;&nbsp; $443620 | &nbsp;&nbsp;&nbsp;&nbsp; $2374400 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1383562 | &nbsp;&nbsp;&nbsp;&nbsp; 162734 | &nbsp;&nbsp;&nbsp;&nbsp; 1546296 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3151537 | &nbsp;&nbsp;&nbsp;&nbsp; 129413 | &nbsp;&nbsp;&nbsp;&nbsp; 3280950 |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1309 | &nbsp;&nbsp;&nbsp;&nbsp; 1309 |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1619 | &nbsp;&nbsp;&nbsp;&nbsp; 1619 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 3843 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3843 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; 3007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5579 | &nbsp;&nbsp;&nbsp;&nbsp; 8586 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5989 | &nbsp;&nbsp;&nbsp;&nbsp; 5989 |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 7030 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14589 | &nbsp;&nbsp;&nbsp;&nbsp; 21619 |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51796 | &nbsp;&nbsp;&nbsp;&nbsp; 1361 | &nbsp;&nbsp;&nbsp;&nbsp; 53157 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109089 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109089 |
| &nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 977 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 977 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71900 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8729 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8729 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5781 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5781 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16836 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16836 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80143 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80143 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8704 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8704 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120902 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120902 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101507 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101507 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11511 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18198 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18198 |
| &nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1570 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48065 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48065 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46498 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46498 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53992 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53992 |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2502 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2502 |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13565 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13565 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 246332 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 246332 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79311 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79311 |
| &nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12713 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12713 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26460 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26460 |
| &nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21053 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21053 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36783 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36783 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $44578 | &nbsp;&nbsp;&nbsp;&nbsp; $8795 | &nbsp;&nbsp;&nbsp;&nbsp; $53373 |
| &nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29488 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29488 |
| &nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4326 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4326 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70736 | &nbsp;&nbsp;&nbsp;&nbsp; 1259 | &nbsp;&nbsp;&nbsp;&nbsp; 71995 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46212 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46212 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117610 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117610 |
| &nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9078 |
| &nbsp;&nbsp;&nbsp; Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24150 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169198 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169198 |
| &nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31483 |
| &nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26973 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26973 |
| &nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11817 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11817 |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2253 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2253 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3844 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 16844 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4104 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4104 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19629 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19629 |
| &nbsp;&nbsp;&nbsp; Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5335 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 283653 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 283653 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38995 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38995 |
| &nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93515 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93515 |
| &nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2544 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2544 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 452382 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 452382 |
| &nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34048 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34048 |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25505 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25505 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76589 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76589 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 |
| &nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2620 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35405 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40680 |
| &nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10347 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10347 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80981 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 80981 |
| &nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22858 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22858 |
| &nbsp;&nbsp;&nbsp; Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1282 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1282 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63763 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63763 |
| &nbsp;&nbsp;&nbsp; Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4004 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4004 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16264 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16264 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3101166 | &nbsp;&nbsp;&nbsp;&nbsp; 26065 | &nbsp;&nbsp;&nbsp;&nbsp; 3127231 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 438623 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 438623 |
| Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 848 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 848 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3622 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3622 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1925 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15298 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15298 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8047 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8047 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6291 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6291 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6235 | &nbsp;&nbsp;&nbsp;&nbsp; 6235 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2497 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2497 |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5880 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5880 |
| &nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2390 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2390 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6043 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6043 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2402 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2402 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12518 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12518 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6776 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6776 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4005 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4005 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7185 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7185 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8592 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8592 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7283 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7283 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6009 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6009 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3730 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3730 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3366 |
| &nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6072 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6072 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5643 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5643 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7182 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7182 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2748 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2748 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29761 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29761 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13339 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13339 |
| &nbsp;&nbsp;&nbsp; Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 179452 | &nbsp;&nbsp;&nbsp;&nbsp; 6235 | &nbsp;&nbsp;&nbsp;&nbsp; 185687 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4526293 | &nbsp;&nbsp;&nbsp;&nbsp; 41061 | &nbsp;&nbsp;&nbsp;&nbsp; 4567354 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60078 |
| Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Put Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 3388 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3388 |
| &nbsp;&nbsp;&nbsp; Total Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 3388 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3406 |
| Supranational | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4752 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 671161 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 671161 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $681579 | &nbsp;&nbsp;&nbsp;&nbsp; $14776853 | &nbsp;&nbsp;&nbsp;&nbsp; $823822 | &nbsp;&nbsp;&nbsp;&nbsp; $16282254 |
| **Liabilities** |  |  |  |  |
| TBA Short Commitment | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1902042)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1902042)<br>|
| **Total Liabilities in Securities Sold Short** | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1902042)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1902042)<br>|
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $469 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $469 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 21738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21738 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1839)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1839)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (18192)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18192)<br>|

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(37836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(37836)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3546 | &nbsp;&nbsp;&nbsp;&nbsp; $(39206)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(35660)<br>|

---

&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>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**May 31,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $278971 | &nbsp;&nbsp; $(45)<br>| &nbsp;&nbsp; $214 | &nbsp;&nbsp; $(148)<br>| &nbsp;&nbsp; $216761 | &nbsp;&nbsp; $(52133)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $443620 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; 38802 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83 | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 148192 | &nbsp;&nbsp; (11395)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14627)<br>| &nbsp;&nbsp; 1689 | &nbsp;&nbsp; 162734 |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | &nbsp;&nbsp; 104618 | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; 675 | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 32646 | &nbsp;&nbsp; (25148)<br>| &nbsp;&nbsp; 24056 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7581)<br>| &nbsp;&nbsp; 129413 |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 14139 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3432)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3882 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14589 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; 6555 | &nbsp;&nbsp; (3372)<br>| &nbsp;&nbsp; 4667 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 24580 | &nbsp;&nbsp; (4810)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1689)<br>| &nbsp;&nbsp; 26065 |
| &nbsp;&nbsp;&nbsp; Loan Assignments | &nbsp;&nbsp; 6184 | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (40)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6235 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 10488 | &nbsp;&nbsp; (802)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7581 | &nbsp;&nbsp; 41061 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; 101 | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87 |
| **Total** | &nbsp;&nbsp; $473188 | &nbsp;&nbsp; $(3417)<br>| &nbsp;&nbsp; $2147 | &nbsp;&nbsp; $149 | &nbsp;&nbsp; $436619 | &nbsp;&nbsp; $(94293)<br>| &nbsp;&nbsp; $24056 | &nbsp;&nbsp; $(14627)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $823822 |

---

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

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

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

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

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

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2025, which were valued using significant unobservable inputs (level 3) amounted to $(3,929).

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value**<br> **at May 31, 2025**<br>| **Valuation Technique(s)** | **Unobservable Input** | **Range (Weighted Average) (a)** |
|  | &nbsp;&nbsp; $33452 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 4.77% - 18.52% (6.40%) |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; 33452<br>|  |  |  |
|  | &nbsp;&nbsp; - (b)<br>| Terms of Restructuring | Expected Recovery | 0.00% (0.00%) |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; - (b)<br>|  |  |  |

---

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value**<br> **at May 31, 2025**<br>| **Valuation Technique(s)** | **Unobservable Input** | **Range (Weighted Average) (a)** |
|  | &nbsp;&nbsp; 9<br>| Terms of Restructuring | Expected Recovery | $0.01 ($0.01) |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 9<br>|  |  |  |
|  | &nbsp;&nbsp; 3952<br>| Terms of Exchange Offer | Expected Recovery | 1.00% - 100.00% (99.52%) |
|  | &nbsp;&nbsp; 2283<br>| Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 26.08% (26.08%) |
| &nbsp;&nbsp;&nbsp; Loan Assignments | &nbsp;&nbsp; 6235<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $39696 |  |  |  |

---

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

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At May 31, 2025, the value of these investments was $784,126. 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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Market** <br>**Value**<br>| **Percentage** <br>**of Fund's** <br>**Net Assets**<br>|
| Claire's Stores, Inc. - Common Stocks | 11/28/2018 | $7 | $—<br> (a)<br>| 0.0<br> %<br>|

---

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.29% (a) (b)<br>| $27613 | $2471412 | $1827818 | $(40)<br>| $(6)<br>| $671161 | 671026 | $4455 | $— |

---

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

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

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

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

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

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

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

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

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

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

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

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

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

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

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

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

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps,

------

**JPMorgan Income Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

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

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

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

<u>Credit Default Swaps</u>

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

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

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Income Fund

- **b. EDGAR series identifier (if any):** S000044081

- **c. LEI of Series:** 549300J9G10ZQTTAFU03

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $19649495090.70

**Total Liabilities:** $6047833810.61

**Net Assets:** $13601661280.09

**Cash Not Reported:** $1897251.62

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -476615.92279000 | **1-Year:** 188257.42063000 | **5-Year:** 1950016.41233000 | **10-Year:** 136983.15144000 | **30-Year:** 32947.19056000

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

- **3-Month:** 17748.38627000 | **1-Year:** 372665.68977000 | **5-Year:** 1131105.15837000 | **10-Year:** 293577.10514000 | **30-Year:** 95855.18867000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000136811 | 0.25%                | 0.36%                | 0.48%                |
| Class ID C000136814 | 0.26%                | 0.38%                | 0.50%                |
| Class ID C000136812 | 0.20%                | 0.32%                | 0.44%                |
| Class ID C000136813 | 0.26%                | 0.38%                | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-24950645.66            | $-19449513.92                              |
| Month 2  | $6445126.09              | $-30548526.19                              |
| Month 3  | $-16334200.14            | $57817130.65                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                  | Title                                                                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bombardier, Inc.                                                      | Bombardier, Inc.                                                                                              | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    2269000 | PA      | $2339908.52    | 0.02%             | 2031-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Rwanda                                                    | Republic of Rwanda                                                                                            | CUSIP: 78347YAL7<br>LEI: 213800DQC28OBRZDYJ87 | Long             | DBT              | NUSS              | RW        |    8000000 | PA      | $6730000.00    | 0.05%             | 2031-08-09      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-64                                                                                          | CUSIP: 38380PHR8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   31472548 | PA      | $2673325.45    | 0.02%             | 2062-07-16      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR Trust                                                     | FHLMC STACR Trust, Series 2018-DNA2, Class B1                                                                 | CUSIP: 35563TAV3<br>LEI: 549300L8K4CLYS7FCQ06 | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $1070810.90    | 0.01%             | 2030-12-25      | Floating      | 8.14%                 | Yes           |                  2 | On Loan: No      |
| Amkor Technology, Inc.                                                | Amkor Technology, Inc.                                                                                        | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |    6220000 | PA      | $6240252.32    | 0.05%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| RR Ltd.                                                               | RR Ltd., Series 2021-18A, Class A2                                                                            | CUSIP: 749752AE1<br>LEI: 54930003V8ISBLDELD80 | Long             | ABS-CBDO         | CORP              | KY        |    7000000 | PA      | $7026187.00    | 0.05%             | 2034-10-15      | Floating      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Benin Government International Bond                                   | Benin Government Bond                                                                                         | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |    6660000 | PA      | $6068925.00    | 0.04%             | 2038-02-13      | Fixed         | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2020-B16, Class E                                                            | CUSIP: 08161NAY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7250000 | PA      | $4712440.55    | 0.03%             | 2053-02-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2016-K53, Class B                                                                | CUSIP: 30288LAN3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      69000 | PA      | $68331.47      | 0.00%             | 2049-03-25      | Variable      | 4.04%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2025-7, Class SL                                                                                 | CUSIP: 38385BJ27<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   26514314 | PA      | $1944032.19    | 0.01%             | 2055-01-20      | Floating      | 2.27%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                                              | Energizer Holdings, Inc.                                                                                      | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    3012000 | PA      | $2829335.45    | 0.02%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 42 Ltd.                            | Neuberger Berman Loan Advisers CLO Ltd., Series 2021-42A, Class BR                                            | CUSIP: 64133WAQ8<br>LEI: 549300LGCRX4YI1JNS93 | Long             | ABS-CBDO         | CORP              | KY        |   10000000 | PA      | $9986580.00    | 0.07%             | 2036-07-16      | Floating      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDS                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   39851000 | PA      | $-838109.19    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HINNT LLC                                                             | HINNT LLC, Series 2022-A, Class E                                                                             | CUSIP: 40486JAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     598605 | PA      | $579807.11     | 0.00%             | 2041-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                                  | BBCMS Mortgage Trust, Series 2023-5C23, Class A3                                                              | CUSIP: 05493QAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15110000 | PA      | $15947959.80   | 0.12%             | 2056-12-15      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                | Lendmark Funding Trust, Series 2024-2A, Class D                                                               | CUSIP: 52590AAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2300000 | PA      | $2291216.07    | 0.02%             | 2034-02-21      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                                            | Garda World Security Corp.                                                                                    | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     890000 | PA      | $878534.04     | 0.01%             | 2027-02-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K080, Class X1                               | CUSIP: 3137FHPL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  138211190 | PA      | $611252.81     | 0.00%             | 2028-07-25      | Variable      | 0.12%                 | No            |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                                                | Sonic Automotive, Inc.                                                                                        | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |   11072000 | PA      | $10576360.81   | 0.08%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2023-R02, Class 1B1                                               | CUSIP: 20755AAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7600000 | PA      | $8278638.20    | 0.06%             | 2043-01-25      | Floating      | 9.87%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K114, Class X3                               | CUSIP: 3137FVNK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   10750000 | PA      | $1207911.93    | 0.01%             | 2048-08-25      | Variable      | 2.74%                 | No            |                  2 | On Loan: No      |
| Diebold Nixdorf, Inc.                                                 | Diebold Nixdorf, Inc.                                                                                         | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    2569000 | PA      | $2700293.88    | 0.02%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J3D89<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     484630 | PA      | $502326.74     | 0.00%             | 2049-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                                             | SCF Equipment Leasing LLC, Series 2022-1A, Class F                                                            | CUSIP: 784033AN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5360000 | PA      | $5240853.63    | 0.04%             | 2032-07-20      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Medco Bell Pte. Ltd.                                                  | Medco Bell Pte. Ltd.                                                                                          | CUSIP: N/A<br>LEI: 2549003PNDCWIWGKC768       | Long             | DBT              | CORP              | SG        |    3086000 | PA      | $3080136.60    | 0.02%             | 2027-01-30      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2024-25, Class ZA                                                                         | CUSIP: 3136BRTP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   13870821 | PA      | $13952534.99   | 0.10%             | 2053-09-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2017-KL1P, Class BP                                                              | CUSIP: 35708RAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   11000000 | PA      | $10750520.00   | 0.08%             | 2025-10-25      | Variable      | 3.37%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2024-20, Class MS                                                                         | CUSIP: 3136BRU62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   25537032 | PA      | $1949239.08    | 0.01%             | 2054-05-25      | Floating      | 1.63%                 | No            |                  2 | On Loan: No      |
| Apidos CLO                                                            | Apidos CLO, Series 2016-25A, Class BR3                                                                        | CUSIP: 03762YBH9<br>LEI: 254900C9NN5XS59HZV73 | Long             | ABS-CBDO         | CORP              | KY        |    5100000 | PA      | $5110337.70    | 0.04%             | 2037-01-20      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Cars Net Lease Mortgage Notes                                         | Cars Net Lease Mortgage Notes, Series 2020-1A, Class A3                                                       | CUSIP: 14576AAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2738166 | PA      | $2563957.77    | 0.02%             | 2050-12-15      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                | Arab Republic of Egypt                                                                                        | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    2700000 | PA      | $2683800.00    | 0.02%             | 2030-02-04      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KF56, Class B                                                               | CUSIP: 30307QAC3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     258281 | PA      | $240716.26     | 0.00%             | 2028-11-25      | Floating      | 6.92%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2019-M30, Class X2                                                                          | CUSIP: 3136B7G62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   98308624 | PA      | $203931.41     | 0.00%             | 2029-12-25      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC                              | Encino Acquisition Partners Holdings LLC                                                                      | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |    9801000 | PA      | $10052982.73   | 0.07%             | 2028-05-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2016-147, Class AS                                                                               | CUSIP: 38380A2K2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4130169 | PA      | $542814.06     | 0.00%             | 2046-10-20      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| FREMF 2019-KC07 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2019-KC07, Class C                                                               | CUSIP: 302988AN0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    9977000 | PA      | $8149202.63    | 0.06%             | 2029-10-25      | Variable      | 3.63%                 | Yes           |                  2 | On Loan: No      |
| ABFC Trust                                                            | ABFC Trust, Series 2002-OPT1, Class M1                                                                        | CUSIP: 04542BBL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      64169 | PA      | $67893.04      | 0.00%             | 2032-05-25      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1514, Class X1                             | CUSIP: 3137FQK28<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   49045403 | PA      | $1931584.52    | 0.01%             | 2034-10-25      | Variable      | 0.58%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K123, Class X1                               | CUSIP: 3137F8ZX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   12565672 | PA      | $428483.13     | 0.00%             | 2030-12-25      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M7, Class X                                                                            | CUSIP: 3136B9DH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   28951280 | PA      | $965533.87     | 0.01%             | 2030-07-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Standard Industries, Inc.                                             | Standard Industries, Inc.                                                                                     | CUSIP: 853496AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7469000 | PA      | $7009767.79    | 0.05%             | 2030-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                            | Upstart Pass-Through Trust, Series 2021-ST4, Class CERT                                                       | CUSIP: 91534HAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1875000 | PA      | $162881.25     | 0.00%             | 2027-07-20      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2021-13, Class DI                                                                         | CUSIP: 3136BFQV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    4869133 | PA      | $515726.84     | 0.00%             | 2036-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK5                                                                 | BANK5, Series 2023-5YR3, Class A2                                                                             | CUSIP: 06211EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   19624616 | PA      | $20315369.00   | 0.15%             | 2056-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                     | Wells Fargo & Co., Series BB                                                                                  | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     382000 | PA      | $376118.96     | 0.00%             | 2026-03-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3622ADAG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4466859 | PA      | $4602710.11    | 0.03%             | 2054-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K749, Class XAM                              | CUSIP: 3137H74T7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  100000000 | PA      | $945640.00     | 0.01%             | 2029-04-25      | Variable      | 0.22%                 | No            |                  2 | On Loan: No      |
| BWX Technologies, Inc.                                                | BWX Technologies, Inc.                                                                                        | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    4404000 | PA      | $4285855.21    | 0.03%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                                   | Nexstar Media, Inc.                                                                                           | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   14898000 | PA      | $14838427.37   | 0.11%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                                               | Williams Scotsman, Inc.                                                                                       | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     870000 | PA      | $891693.45     | 0.01%             | 2030-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618K5YY2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2431041 | PA      | $2475654.89    | 0.02%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class A3                                              | CUSIP: 95003VAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3500000 | PA      | $3630973.15    | 0.03%             | 2057-07-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Home RE Ltd.                                                          | Home RE Ltd., Series 2022-1, Class M1C                                                                        | CUSIP: 43730GAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | BM        |   12500000 | PA      | $13021876.25   | 0.10%             | 2034-10-25      | Floating      | 9.82%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                                           | Adient Global Holdings Ltd.                                                                                   | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    1740000 | PA      | $1778339.16    | 0.01%             | 2028-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                               | FHLMC STACR REMIC Trust, Series 2021-HQA1, Class B1                                                           | CUSIP: 35564KCN7<br>LEI: 5493000ISMYB8CLVZD05 | Long             | ABS-MBS          | CORP              | US        |    6600000 | PA      | $7146311.70    | 0.05%             | 2033-08-25      | Floating      | 7.32%                 | Yes           |                  2 | On Loan: No      |
| Cheplapharm Arzneimittel GmbH                                         | Cheplapharm Arzneimittel GmbH                                                                                 | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    2300000 | PA      | $2191228.86    | 0.02%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC                              | Encino Acquisition Partners Holdings LLC                                                                      | CUSIP: 29254BAB3<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |     500000 | PA      | $546088.50     | 0.00%             | 2031-05-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| PetSmart, Inc.                                                        | PetSmart, Inc.                                                                                                | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   11820000 | PA      | $11407145.13   | 0.08%             | 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        |      20066 | NS      | $3842639.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain, Inc.                                                   | Iron Mountain, Inc.                                                                                           | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    4037000 | PA      | $3975999.72    | 0.03%             | 2028-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XXXIX Ltd.                                       | Madison Park Funding Ltd., Series 2021-39A, Class CR                                                          | CUSIP: 55821LAN4<br>LEI: 254900K0MU6TXERK4I83 | Long             | ABS-CBDO         | CORP              | KY        |   14000000 | PA      | $14044506.00   | 0.10%             | 2034-10-22      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J14M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     475064 | PA      | $491352.44     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Renaissance Home Equity Loan Trust                                    | Renaissance Home Equity Loan Trust, Series 2003-4, Class M2F                                                  | CUSIP: 759950BV9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     105981 | PA      | $69832.80      | 0.00%             | 2034-03-25      | Variable      | 6.24%                 | No            |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                        | Community Health Systems, Inc.                                                                                | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    2503000 | PA      | $2667870.11    | 0.02%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                                     | Genesis Energy LP                                                                                             | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1622000 | PA      | $1642589.67    | 0.01%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset-Backed Securities Trust                            | Bear Stearns Asset-Backed Securities Trust, Series 2003-AC4, Class M1                                         | CUSIP: 07384YKH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      62022 | PA      | $54050.81      | 0.00%             | 2033-09-25      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-185                                                                                         | CUSIP: 38381EAC2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   37936227 | PA      | $3172363.85    | 0.02%             | 2063-11-16      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| RFT TRUST                                                             | RFT TRUST, Series 2024-2, Class A1                                                                            | CUSIP: 76201AAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4902379 | PA      | $4868518.05    | 0.04%             | 2028-09-27      | Variable      | 7.11%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust, Series 2022-2, Class A                                                | CUSIP: 92259UAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2513455 | PA      | $2419409.75    | 0.02%             | 2052-04-25      | Variable      | 4.67%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Structured Agency Credit Risk Debt Notes                        | FHLMC STACR REMIC Trust, Series 2021-DNA2, Class B1                                                           | CUSIP: 35564KDX4<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |   18555000 | PA      | $20594819.80   | 0.15%             | 2033-08-25      | Floating      | 7.72%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia Capital SA                                             | Telecom Italia Capital SA                                                                                     | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     623000 | PA      | $628026.99     | 0.00%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                                                   | Expand Energy Corp.                                                                                           | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   17892000 | PA      | $18102087.86   | 0.13%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                        | Morgan Stanley Capital I Trust, Series 2019-L3, Class D                                                       | CUSIP: 61691UAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $3402310.50    | 0.03%             | 2052-11-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust, Series 2023-2, Class A1                                                           | CUSIP: 92539DAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5427542 | PA      | $5434117.76    | 0.04%             | 2068-03-25      | Variable      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                       | Hertz Vehicle Financing LLC, Series 2023-1A, Class D                                                          | CUSIP: 42806MBV0<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $10036047.00   | 0.07%             | 2027-06-25      | Fixed         | 9.13%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KW09, Class X1                               | CUSIP: 3137FMUR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  140784183 | PA      | $3188958.85    | 0.02%             | 2029-05-25      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| MFA Trust                                                             | MFA Trust, Series 2024-RTL3, Class A1                                                                         | CUSIP: 59319PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18890000 | PA      | $18918482.34   | 0.14%             | 2039-11-25      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                            | FHLMC UMBS, 30 Year                                                                                           | CUSIP: 3132E0YR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   66417502 | PA      | $67484123.47   | 0.50%             | 2053-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VOLT XCIV LLC                                                         | VOLT XCIV LLC, Series 2021-NPL3, Class A1                                                                     | CUSIP: 92873AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1346290 | PA      | $1345076.65    | 0.01%             | 2051-02-27      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                          | Ardagh Packaging Finance plc                                                                                  | CUSIP: 03969AAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4933000 | PA      | $2244515.00    | 0.02%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KF70, Class B                                                               | CUSIP: 30298UAG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     789970 | PA      | $743806.65     | 0.01%             | 2029-09-25      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Prime Money Market Fund                                      | JPMorgan Prime Money Market Fund, Class Institutional                                                         | CUSIP: 4812A2603<br>LEI: 549300YD7H8SEEU7VG41 | Long             | STIV             | RF                | US        |  671026474 | NS      | $671160679.33  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 50 Ltd.                            | Neuberger Berman Loan Advisers CLO Ltd., Series 2022-50A, Class BR                                            | CUSIP: 64134VAS5<br>LEI: 549300UMYON6L2REF246 | Long             | ABS-CBDO         | CORP              | JE        |    9200000 | PA      | $9199365.20    | 0.07%             | 2036-07-23      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                                     | Clarios Global LP                                                                                             | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1500000 | PA      | $1528293.00    | 0.01%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2015-LC21, Class E                                                          | CUSIP: 12593FAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $1969579.20    | 0.01%             | 2048-07-10      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                               | FHLMC STACR REMIC Trust, Series 2021-DNA3, Class B2                                                           | CUSIP: 35564KFH7<br>LEI: 5493000ISUYHCRLRBE46 | Long             | ABS-MBS          | CORP              | US        |   24618000 | PA      | $30053939.97   | 0.22%             | 2033-10-25      | Floating      | 10.57%                | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust, Series 2019-3, Class A                                                | CUSIP: 92257HAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2041337 | PA      | $1978128.27    | 0.01%             | 2049-10-25      | Variable      | 3.03%                 | Yes           |                  2 | On Loan: No      |
| NatWest Group plc                                                     | NatWest Group plc                                                                                             | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    2877000 | PA      | $2867703.84    | 0.02%             | 2025-12-29      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Connecticut Avenue Securities, Series 2017-C07, Class 1B1                                               | CUSIP: 30711XUW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    5700000 | PA      | $6055796.85    | 0.04%             | 2030-05-25      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| Central American Bottling Corp.                                       | Central American Bottling Corp.                                                                               | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    2727000 | PA      | $2620647.00    | 0.02%             | 2029-04-27      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                          | Hess Midstream Operations LP                                                                                  | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1091000 | PA      | $1101739.80    | 0.01%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                         | UBS Commercial Mortgage Trust, Series 2017-C5, Class AS                                                       | CUSIP: 90276TAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8470998 | PA      | $8102369.82    | 0.06%             | 2050-11-15      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| Performance Food Group, Inc.                                          | Performance Food Group, Inc.                                                                                  | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    3861000 | PA      | $3680046.51    | 0.03%             | 2029-08-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2020-BN29, Class D                                                                               | CUSIP: 06541TAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $3697085.00    | 0.03%             | 2053-11-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia Capital SA                                             | Telecom Italia Capital SA                                                                                     | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     997000 | PA      | $1040001.61    | 0.01%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Xerox Holdings Corp.                                                  | Xerox Holdings Corp.                                                                                          | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    3105000 | PA      | $2092250.84    | 0.02%             | 2029-11-30      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                | Arab Republic of Egypt                                                                                        | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    1100000 | PA      | $936650.00     | 0.01%             | 2033-09-30      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                                          | Tallgrass Energy Partners LP                                                                                  | CUSIP: 87470LAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3040000 | PA      | $3035804.50    | 0.02%             | 2027-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR Debt Notes                                                | FHLMC STACR, Whole Loan, Series 2017-DNA2, Class B1                                                           | CUSIP: 3137G0PR4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11000000 | PA      | $11793003.20   | 0.09%             | 2029-10-25      | Floating      | 9.59%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5072, Class BI                                                                           | CUSIP: 3137F96G1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   31342255 | PA      | $5299564.81    | 0.04%             | 2051-02-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund VII LLC                               | Bayview Opportunity Master Fund LLC, Series 2024-CAR1, Class D                                                | CUSIP: 07336QAD4<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |     284163 | PA      | $286095.59     | 0.00%             | 2031-12-26      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| BSPRT Issuer Ltd.                                                     | BSPRT Issuer Ltd., Series 2021-FL7, Class E                                                                   | CUSIP: 05602CAL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     225000 | PA      | $220956.98     | 0.00%             | 2038-12-15      | Floating      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2019-132, Class SK                                                                               | CUSIP: 38381Y4X9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6114195 | PA      | $657697.86     | 0.00%             | 2049-10-20      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-161                                                                                         | CUSIP: 38380RAQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   32717713 | PA      | $2432009.01    | 0.02%             | 2062-08-16      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                                          | Ecopetrol SA                                                                                                  | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    2790000 | PA      | $1877949.00    | 0.01%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                                  | BBCMS Mortgage Trust, Series 2021-C11, Class XA                                                               | CUSIP: 05493MAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  158170939 | PA      | $9055476.07    | 0.07%             | 2054-09-15      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618K5YZ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     657672 | PA      | $671517.59     | 0.00%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                  | FirstKey Homes Trust, Series 2022-SFR3, Class F2                                                              | CUSIP: 33768EAS1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8000000 | PA      | $7340963.20    | 0.05%             | 2038-07-17      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Sensata Technologies, Inc.                                            | Sensata Technologies, Inc.                                                                                    | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    5770000 | PA      | $5821612.65    | 0.04%             | 2032-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust, Series 2023-4, Class A1                                                           | CUSIP: 92539TAA1<br>LEI: 2138008DC17PCNG48R87 | Long             | ABS-MBS          | CORP              | US        |    4759669 | PA      | $4757390.50    | 0.03%             | 2068-05-25      | Variable      | 5.81%                 | Yes           |                  2 | On Loan: No      |
| NCR Voyix Corp.                                                       | NCR Voyix Corp.                                                                                               | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    8369000 | PA      | $8254059.32    | 0.06%             | 2028-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Business Jet Securities LLC                                           | Business Jet Securities LLC, Series 2024-1A, Class A                                                          | CUSIP: 12327CAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12917944 | PA      | $13123536.95   | 0.10%             | 2039-05-15      | Fixed         | 6.20%                 | Yes           |                  3 | On Loan: No      |
| Bear Stearns ALT-A Trust                                              | Bear Stearns ALT-A Trust, Series 2004-7, Class 2A1                                                            | CUSIP: 07386HKK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      50457 | PA      | $49055.15      | 0.00%             | 2034-08-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust                       | Multi-Family Connecticut Avenue Securities Trust, Series 2025-01, Class M2                                    | CUSIP: 62549CAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12900000 | PA      | $12900000.00   | 0.09%             | 2055-05-25      | Floating      | 7.41%                 | Yes           |                  3 | On Loan: No      |
| NRM FHT1 Excess Owner LLC                                             | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A                                                          | CUSIP: 64832EAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   30575748 | PA      | $30279243.00   | 0.22%             | 2032-03-25      | Variable      | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                                   | Hilcorp Energy I LP                                                                                           | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2760000 | PA      | $2514811.54    | 0.02%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Certificates                               | WaMu Mortgage Pass-Through Certificates, Series 2003-S4, Class 2A2                                            | CUSIP: 9292274U7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      29305 | PA      | $29273.77      | 0.00%             | 2033-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SBALR Commercial Mortgage Trust                                       | SBALR Commercial Mortgage Trust, Series 2020-RR1, Class C                                                     | CUSIP: 78397EAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4750000 | PA      | $2171940.35    | 0.02%             | 2053-02-13      | Variable      | 3.98%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                              | Angel Oak Mortgage Trust, Series 2019-6, Class B3                                                             | CUSIP: 03464VAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1250000 | PA      | $1088059.63    | 0.01%             | 2059-11-25      | Variable      | 5.98%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                            | JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class D2                                         | CUSIP: 46645JBJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $834415.90     | 0.01%             | 2048-12-15      | Variable      | 4.13%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                                     | Genesis Energy LP                                                                                             | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1127000 | PA      | $1166132.82    | 0.01%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                                       | Permian Resources Operating LLC                                                                               | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    2738000 | PA      | $2701440.03    | 0.02%             | 2033-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HNSG3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     508751 | PA      | $524223.65     | 0.00%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MFA Trust                                                             | MFA Trust, Series 2024-NPL1, Class A1                                                                         | CUSIP: 58004YAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   17449852 | PA      | $17461353.14   | 0.13%             | 2054-09-25      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KW06, Class X2A                                                             | CUSIP: 30306WAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  106752845 | PA      | $233970.21     | 0.00%             | 2028-06-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1                                               | CUSIP: 20754GAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2561011 | PA      | $2559426.35    | 0.02%             | 2044-02-25      | Floating      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J6A77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     412285 | PA      | $429132.37     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1515, Class X3                             | CUSIP: 3137FTZN0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    6000000 | PA      | $1538980.20    | 0.01%             | 2038-03-25      | Variable      | 3.68%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K128, Class X1                               | CUSIP: 3137FYUL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   95211705 | PA      | $2270532.57    | 0.02%             | 2031-03-25      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                                                | Oportun Issuance Trust, Series 2021-B, Class C                                                                | CUSIP: 68377GAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     431054 | PA      | $424420.60     | 0.00%             | 2031-05-08      | Fixed         | 3.65%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2015-LC19, Class D                                                          | CUSIP: 200474AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2709051.90    | 0.02%             | 2048-02-10      | Fixed         | 2.87%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5143, Class Z                                                                            | CUSIP: 3137H2HD9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1598899 | PA      | $886354.28     | 0.01%             | 2051-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2020-BN25, Class E                                                                               | CUSIP: 06539WAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4250000 | PA      | $2913139.55    | 0.02%             | 2063-01-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                     | Credit Acceptance Auto Loan Trust, Series 2024-3A, Class B                                                    | CUSIP: 22535LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8645000 | PA      | $8633449.42    | 0.06%             | 2034-11-15      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HML72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9945833 | PA      | $10120958.89   | 0.07%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                             | Vistra Operations Co. LLC                                                                                     | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    4708000 | PA      | $4704880.95    | 0.03%             | 2027-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                                   | Post Holdings, Inc.                                                                                           | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     893000 | PA      | $881911.62     | 0.01%             | 2029-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                            | Upstart Pass-Through Trust, Series 2021-ST7, Class CERT                                                       | CUSIP: 91683KAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3500000 | PA      | $802445.00     | 0.01%             | 2029-09-20      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| ELM Trust                                                             | ELM Trust, Series 2024-ELM, Class C10                                                                         | CUSIP: 26860XBC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12915000 | PA      | $12955615.09   | 0.10%             | 2039-06-10      | Variable      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| Diversified ABS Phase VIII LLC                                        | Diversified ABS Phase LLC, Series 2024-1A, Class A2                                                           | CUSIP: 255123AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   14268683 | PA      | $14340768.72   | 0.11%             | 2044-05-30      | Fixed         | 7.67%                 | Yes           |                  3 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2023-C5, Class A5                                                                  | CUSIP: 055988AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   17900000 | PA      | $18483563.27   | 0.14%             | 2056-06-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HKLR2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1457755 | PA      | $1503832.95    | 0.01%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of the Bahamas                                           | Commonwealth of the Bahamas                                                                                   | CUSIP: N/A<br>LEI: 549300W13SXC7EKNJC20       | Long             | DBT              | NUSS              | BS        |    1500000 | PA      | $1560000.00    | 0.01%             | 2032-10-15      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Other                                                                                                   | CUSIP: 3140NX4X8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   11431031 | PA      | $11557119.15   | 0.08%             | 2035-04-01      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA UMBS, 30 Year                                                                                            | CUSIP: 3140QUNM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   41142008 | PA      | $41867599.60   | 0.31%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K131, Class X1                               | CUSIP: 3137H2N83<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   18877773 | PA      | $695689.34     | 0.01%             | 2031-07-25      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                                         | Asbury Automotive Group, Inc.                                                                                 | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    1438000 | PA      | $1367021.18    | 0.01%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| vMobo, Inc.                                                           | vMobo, Inc.                                                                                                   | CUSIP: 91834VAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   20000000 | PA      | $19080000.00   | 0.14%             | 2027-07-18      | Fixed         | 9.46%                 | No            |                  3 | On Loan: No      |
| Hertz Corp. (The)                                                     | Hertz Corp. (The), Escrow                                                                                     | CUSIP: 428ESCAC1<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    2755000 | PA      | $564775.00     | 0.00%             | 2026-08-01      | Fixed         | 7.12%                 | No            |                  3 | On Loan: No      |
| Islamic Republic of Pakistan                                          | Islamic Republic of Pakistan                                                                                  | CUSIP: 695847AS2<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |   15085000 | PA      | $14696561.25   | 0.11%             | 2026-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC, Multi-Class Certificates                                       | FHLMC, Multi-Class Certificates, Series 2023-RR21, Class X                                                    | CUSIP: 3137HBCL6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  186283329 | PA      | $39452145.23   | 0.29%             | 2036-04-27      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                                        | HarborView Mortgage Loan Trust, Series 2006-14, Class 1A1A                                                    | CUSIP: 41162NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5303953 | PA      | $4850604.75    | 0.04%             | 2047-01-25      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                               | Belron Finance 2019 LLC, 1st Lien Term Loan                                                                   | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1839803 | PA      | $1845782.56    | 0.01%             | 2031-10-16      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| IndyMac INDX Mortgage Loan Trust                                      | IndyMac INDX Mortgage Loan Trust, Series 2007-AR21, Class 6A1                                                 | CUSIP: 45670BAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11161536 | PA      | $6902779.62    | 0.05%             | 2037-09-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| BMD2 Re-REMIC Trust                                                   | BMD2 Re-REMIC Trust, Series 2019-FRR1, Class 4A                                                               | CUSIP: 055631FB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $3847076.50    | 0.03%             | 2052-05-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Uzbekneftegaz JSC                                                     | Uzbekneftegaz JSC                                                                                             | CUSIP: 91825MAB9<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | NUSS              | UZ        |    2500000 | PA      | $2258593.75    | 0.02%             | 2028-11-16      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| British Airways Pass-Through Trust                                    | British Airways Pass-Through Trust, Series 2020-1, Class B                                                    | CUSIP: 11042WAA4<br>LEI: 635400FQKDVFBRDDER80 | Long             | ABS-O            | CORP              | US        |     580034 | PA      | $609995.68     | 0.00%             | 2028-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2023-15, Class AB                                                                                | CUSIP: 38381HV32<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8628430 | PA      | $8232293.38    | 0.06%             | 2063-08-16      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2024-92, Class SH                                                                         | CUSIP: 3136BT5E9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   19563752 | PA      | $1495781.84    | 0.01%             | 2054-12-25      | Floating      | 1.63%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                              | Republic of South Africa                                                                                      | CUSIP: 836205BG8<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    4489000 | PA      | $4120902.00    | 0.03%             | 2054-11-19      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2019-K92 Mortgage Trust                                         | FREMF Mortgage Trust, Series 2019-K92, Class D                                                                | CUSIP: 302973AL6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   16000000 | PA      | $11558115.20   | 0.08%             | 2052-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                                 | Albertsons Cos., Inc.                                                                                         | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7534000 | PA      | $7078411.49    | 0.05%             | 2029-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                              | Venture Global LNG, Inc.                                                                                      | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   11510000 | PA      | $12244867.46   | 0.09%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2019-47, Class QI                                                                         | CUSIP: 3136B5SB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1258939 | PA      | $273707.07     | 0.00%             | 2049-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Suriname Government International Bond                                | Suriname Government International Bond                                                                        | CUSIP: N/A<br>LEI: 254900SYU4G5JM13TN77       | Long             | DBT              | NUSS              | SR        |    3090675 | PA      | $2910055.95    | 0.02%             | 2033-07-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                | Santander Drive Auto Receivables Trust, Series 2024-4, Class D                                                | CUSIP: 802919AF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5298000 | PA      | $5323102.98    | 0.04%             | 2031-12-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                            | Allison Transmission, Inc.                                                                                    | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   10071000 | PA      | $10111334.36   | 0.07%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2015-H13, Class GI                                                                               | CUSIP: 38376RCK0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     341660 | PA      | $9010.93       | 0.00%             | 2065-04-20      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| BMD2 Re-REMIC Trust                                                   | BMD2 Re-REMIC Trust, Series 2019-FRR1, Class 1A5                                                              | CUSIP: 055631CT0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     525223 | PA      | $521917.62     | 0.00%             | 2052-05-25      | Floating      | 8.64%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2023-126                                                                                         | CUSIP: 38381JQB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   63008361 | PA      | $4373454.42    | 0.03%             | 2065-07-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Republic of Ghana                                                     | Republic of Ghana                                                                                             | CUSIP: 374422AN3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     213626 | PA      | $173571.34     | 0.00%             | 2030-01-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC, Multi-Class Certificates                                       | FHLMC, Multi-Class Certificates, Series 2020-RR14, Class X                                                    | CUSIP: 3137F85E9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   31380905 | PA      | $4304719.58    | 0.03%             | 2034-03-27      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                                           | Block, Inc.                                                                                                   | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   10952000 | PA      | $11192801.62   | 0.08%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Republic of Ecuador                                                   | Republic of Ecuador                                                                                           | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |    6000000 | PA      | $3726000.00    | 0.03%             | 2035-07-31      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-110                                                                                         | CUSIP: 38381DND8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2748682 | PA      | $184936.83     | 0.00%             | 2063-11-16      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | GB        |   12500000 | PA      | $-2213350.14   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J6BA9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     436935 | PA      | $452113.59     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROCK Trust                                                            | ROCK Trust, Series 2024-CNTR, Class A                                                                         | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13539048 | PA      | $13709905.37   | 0.10%             | 2041-11-13      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5011, Class MI                                                                           | CUSIP: 3137FVSU7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   29776334 | PA      | $4843600.09    | 0.04%             | 2050-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Minerva Luxembourg SA                                                 | Minerva Luxembourg SA                                                                                         | CUSIP: N/A<br>LEI: 222100NM3G3RCPGZ2Z17       | Long             | DBT              | CORP              | LU        |    2700000 | PA      | $2899800.00    | 0.02%             | 2033-09-13      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC STACR REMIC Trust, Series 2022-DNA3, Class B1                                                           | CUSIP: 35564KWA3<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |    6250000 | PA      | $6690866.25    | 0.05%             | 2042-04-25      | Floating      | 9.97%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    5000000 | PA      | $-452344.65    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                      | CSC Holdings LLC                                                                                              | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   14326000 | PA      | $11429994.80   | 0.08%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                                 | FMC GMSR Issuer Trust, Series 2022-GT1, Class B                                                               | CUSIP: 30259RAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $10095960.00   | 0.07%             | 2027-04-25      | Fixed         | 7.17%                 | Yes           |                  2 | On Loan: No      |
| Alumina Pty. Ltd.                                                     | Alumina Pty. Ltd.                                                                                             | CUSIP: 02220AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    1966000 | PA      | $1944258.99    | 0.01%             | 2032-09-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Popular ABS Mortgage Pass-Through Trust                               | Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M1                                              | CUSIP: 73316PDS6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      53384 | PA      | $52187.76      | 0.00%             | 2035-07-25      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| US Auto Funding                                                       | US Auto Funding, Series 2021-1A, Class D                                                                      | CUSIP: 90355EAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10392000 | PA      | $362569.61     | 0.00%             | 2027-03-15      | Fixed         | 4.36%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                  | LHOME Mortgage Trust, Series 2024-RTL5, Class A1                                                              | CUSIP: 50205WAA5<br>LEI: 529900ZQNJ23BIJVY871 | Long             | ABS-MBS          | CORP              | US        |    9582000 | PA      | $9525431.70    | 0.07%             | 2039-09-25      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                     | Venture Global Calcasieu Pass LLC                                                                             | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    2495000 | PA      | $2131141.43    | 0.02%             | 2033-11-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDS                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    4770000 | PA      | $-116391.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Central Garden & Pet Co.                                              | Central Garden & Pet Co.                                                                                      | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |    4405000 | PA      | $4073653.26    | 0.03%             | 2030-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Mscr Trust Mn8                                                  | FHLMC, Series 2024-MN8, Class B1                                                                              | CUSIP: 35563RAC9<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGSE             | US        |    8300000 | PA      | $9027099.09    | 0.07%             | 2044-05-25      | Floating      | 11.67%                | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                   | Petroleos Mexicanos                                                                                           | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    3600000 | PA      | $3214440.00    | 0.02%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Columbia Pipelines Holding Co. LLC                                    | Columbia Pipelines Holding Co. LLC                                                                            | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    5590000 | PA      | $5761043.83    | 0.04%             | 2028-08-15      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HKUN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1638366 | PA      | $1690151.98    | 0.01%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618GQDV0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     590149 | PA      | $612200.06     | 0.00%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2017-KF38, Class B                                                               | CUSIP: 30305MAG5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     171604 | PA      | $171542.85     | 0.00%             | 2024-09-25      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                                     | Republic of Ghana                                                                                             | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    1294560 | PA      | $954738.00     | 0.01%             | 2035-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2020-R02, Class 2B1                                               | CUSIP: 20754WAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2834000 | PA      | $2896930.10    | 0.02%             | 2040-01-25      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4694, Class SA                                                                           | CUSIP: 3137BYWM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     577771 | PA      | $70475.03      | 0.00%             | 2047-06-15      | Floating      | 1.65%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                       | Palmer Square Loan Funding Ltd., Series 2021-4A, Class C                                                      | CUSIP: 69702HAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8877000 | PA      | $8875446.53    | 0.07%             | 2029-10-15      | Floating      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Hologic, Inc.                                                         | Hologic, Inc.                                                                                                 | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |    5650000 | PA      | $5397910.00    | 0.04%             | 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        |    9852000 | PA      | $8943129.36    | 0.07%             | 2031-01-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Iraq                                                      | Republic of Iraq                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | IQ        |    5775000 | PA      | $5670357.00    | 0.04%             | 2028-01-15      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2024-C9, Class A5                                                                  | CUSIP: 05593MAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10710000 | PA      | $11092523.72   | 0.08%             | 2057-07-15      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                                                 | Ahead DB Holdings LLC, 1st Lien Term Loan B-3                                                                 | CUSIP: 00866HAH8<br>LEI: 254900L07WFL833JX193 | Long             | LON              | CORP              | US        |    3980810 | PA      | $3981367.20    | 0.03%             | 2031-02-03      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2019-M19, Class X2                                                                          | CUSIP: 3136B56Y6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   79461782 | PA      | $1597976.43    | 0.01%             | 2029-09-25      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-154, Class X1                              | CUSIP: 3137H9UF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   10893568 | PA      | $278797.99     | 0.00%             | 2033-01-25      | Variable      | 0.35%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                       | Palmer Square Loan Funding Ltd., Series 2024-3A, Class B                                                      | CUSIP: 69690EAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   14500000 | PA      | $14509265.50   | 0.11%             | 2032-08-08      | Floating      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M1                                               | CUSIP: 92257CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2140261 | PA      | $1980473.62    | 0.01%             | 2049-03-25      | Variable      | 3.94%                 | Yes           |                  2 | On Loan: No      |
| GCI LLC                                                               | GCI LLC                                                                                                       | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |    7571000 | PA      | $7120617.87    | 0.05%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Marlette Funding Trust                                                | Marlette Funding Trust, Series 2022-3A, Class D                                                               | CUSIP: 57109NAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2550000 | PA      | $2572249.52    | 0.02%             | 2032-11-15      | Fixed         | 7.80%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                                 | Albertsons Cos., Inc.                                                                                         | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7248000 | PA      | $7176705.77    | 0.05%             | 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        |    3556000 | PA      | $3377096.93    | 0.02%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2016-COR1, Class XB                                                         | CUSIP: 12594MAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   27554000 | PA      | $105044.11     | 0.00%             | 2049-10-10      | Variable      | 0.42%                 | Yes           |                  2 | On Loan: No      |
| BP Capital Markets plc                                                | BP Capital Markets plc                                                                                        | CUSIP: 05565QDU9<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    2626000 | PA      | $2615989.16    | 0.02%             | 2025-06-22      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| Republic of Paraguay                                                  | Republic of Paraguay                                                                                          | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |    8600000 | PA      | $8032916.00    | 0.06%             | 2044-08-11      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                | Mauser Packaging Solutions Holding Co.                                                                        | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   15779000 | PA      | $15928679.59   | 0.12%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J7CH1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5435682 | PA      | $5600830.84    | 0.04%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                | Tenet Healthcare Corp.                                                                                        | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   27919000 | PA      | $27745408.03   | 0.20%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Certificates Trust                         | WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR7, Class A3                                      | CUSIP: 92922FQ43<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      39603 | PA      | $41385.18      | 0.00%             | 2035-08-25      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2024-58, Class BS                                                                         | CUSIP: 3136BSWY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   24387880 | PA      | $1650701.00    | 0.01%             | 2054-08-25      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                   | American Axle & Manufacturing, Inc.                                                                           | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     968000 | PA      | $963356.12     | 0.01%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                | Lendmark Funding Trust, Series 2021-1A, Class D                                                               | CUSIP: 52607MAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4500000 | PA      | $4109624.55    | 0.03%             | 2031-11-20      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| New Economy Assets-Phase 1 Sponsor LLC                                | New Economy Assets-Phase 1 Sponsor LLC, Series 2021-1, Class B1                                               | CUSIP: 643821AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2550000 | PA      | $2321170.14    | 0.02%             | 2061-10-20      | Fixed         | 2.41%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2023-K752 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2023-K752, Class X2B                                                             | CUSIP: 30333RAS4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   44900000 | PA      | $183295.27     | 0.00%             | 2030-08-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2019-K92 Mortgage Trust                                         | FREMF Mortgage Trust, Series 2019-K92, Class X2A                                                              | CUSIP: 302973AU6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  170607730 | PA      | $493414.61     | 0.00%             | 2029-04-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Lhome Mortgage Trust                                                  | Lhome Mortgage Trust, Series 2025-RTL2, Class A1                                                              | CUSIP: 50206RAA5<br>LEI: 529900COAFD3IY51O355 | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4004818.80    | 0.03%             | 2040-04-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K110, Class X1                               | CUSIP: 3137FTZS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   87552369 | PA      | $5539464.63    | 0.04%             | 2030-04-25      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| Pret LLC                                                              | Pret LLC, Series 2025-NPL2, Class A1                                                                          | CUSIP: 69392JAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   26460796 | PA      | $26295980.00   | 0.19%             | 2055-03-25      | Variable      | 5.84%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                          | Ardagh Packaging Finance plc                                                                                  | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    9284000 | PA      | $4224220.00    | 0.03%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Mallinckrodt International Finance SA                                 | Mallinckrodt International Finance SA                                                                         | CUSIP: 561233AN7<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    3072244 | PA      | $3198577.75    | 0.02%             | 2028-11-14      | Fixed         | 14.75%                | Yes           |                  2 | On Loan: No      |
| Purewest ABS Issuer LLC                                               | Purewest ABS Issuer LLC, Series 2025-1, Class B                                                               | CUSIP: 74628AAC8<br>LEI: 254900N011GHBESCKS35 | Long             | ABS-O            | CORP              | US        |   16909285 | PA      | $16909285.40   | 0.12%             | 2040-04-05      | Fixed         | 10.28%                | Yes           |                  3 | On Loan: No      |
| Romania                                                               | Romania Government Bond                                                                                       | CUSIP: 77586RAW0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    1464000 | PA      | $1469929.20    | 0.01%             | 2037-02-10      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO III Ltd.                                                  | Elmwood CLO Ltd., Series 2019-3A, Class BRR                                                                   | CUSIP: 29002HBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8200000 | PA      | $8220869.00    | 0.06%             | 2037-07-18      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J14R1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     660520 | PA      | $682356.86     | 0.01%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Howard Midstream Energy Partners LLC                                  | Howard Midstream Energy Partners LLC                                                                          | CUSIP: 442722AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1780000 | PA      | $1861481.28    | 0.01%             | 2028-07-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| LP LMS Asset Securitization Trust                                     | LP LMS Asset Securitization Trust, Series 2021-2A, Class C                                                    | CUSIP: 50214JAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4702094 | PA      | $4636504.11    | 0.03%             | 2029-01-15      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2023-R07, Class 2M2                                               | CUSIP: 20753BAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1682000 | PA      | $1752879.82    | 0.01%             | 2043-09-25      | Floating      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2020-100, Class IA                                                                        | CUSIP: 3136BDDQ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   77565261 | PA      | $13160870.23   | 0.10%             | 2051-01-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                | Santander Drive Auto Receivables Trust, Series 2025-2, Class D                                                | CUSIP: 80287NAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $10062238.00   | 0.07%             | 2031-05-15      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-82, Class TA                                                                                | CUSIP: 38381DCE8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   18342155 | PA      | $563386.61     | 0.00%             | 2061-04-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                               | Level 3 Financing, Inc.                                                                                       | CUSIP: 527298CD3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    7012408 | PA      | $6167202.46    | 0.05%             | 2030-04-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HMD48<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2103809 | PA      | $2147437.09    | 0.02%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN23, Class XA                                                                              | CUSIP: 06541RBC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   38242635 | PA      | $984059.49     | 0.01%             | 2052-12-15      | Variable      | 0.68%                 | No            |                  2 | On Loan: No      |
| Hughes Satellite Systems Corp.                                        | Hughes Satellite Systems Corp.                                                                                | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6777000 | PA      | $4749795.92    | 0.03%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2013-55, Class AI                                                                         | CUSIP: 3136AEQT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1168455 | PA      | $97058.44      | 0.00%             | 2033-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                         | Six Flags Entertainment Corp.                                                                                 | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4574000 | PA      | $4663225.02    | 0.03%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Yinson Boronia Production BV                                          | Yinson Boronia Production BV                                                                                  | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |    2237093 | PA      | $2327986.36    | 0.02%             | 2042-07-31      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KF50, Class B                                                               | CUSIP: 35709BAC9<br>LEI: 549300LI8XT0ZWPV2P54 | Long             | ABS-MBS          | USGSE             | US        |     145449 | PA      | $139270.86     | 0.00%             | 2028-07-25      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family, Structured Pass-Through Certificates, Series K-153, Class X1                             | CUSIP: 3137H9PD5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   21991115 | PA      | $670964.31     | 0.00%             | 2032-12-25      | Variable      | 0.44%                 | No            |                  2 | On Loan: No      |
| Big River Steel LLC                                                   | Big River Steel LLC                                                                                           | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2951000 | PA      | $2972660.34    | 0.02%             | 2029-01-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2025-21                                                                                          | CUSIP: 38381L5V0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  326957619 | PA      | $22806209.37   | 0.17%             | 2065-04-16      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2023-5C2, Class A3                                                                 | CUSIP: 05610QAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   27530000 | PA      | $29383749.07   | 0.22%             | 2056-11-15      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                               | FHLMC STACR REMIC Trust, Series 2022-HQA3, Class M1B                                                          | CUSIP: 35564KE47<br>LEI: 5493000IRJ8RDHSNEL96 | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5241918.50    | 0.04%             | 2042-08-25      | Floating      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                       | Palmer Square Loan Funding Ltd., Series 2022-4A, Class BR                                                     | CUSIP: 69702YAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5000000 | PA      | $5022550.00    | 0.04%             | 2031-07-24      | Floating      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2018-K83 Mortgage Trust                                         | FREMF Mortgage Trust, Series 2018-K83, Class D                                                                | CUSIP: 302958AS2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   16800000 | PA      | $12424592.88   | 0.09%             | 2051-11-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2014-CR19, Class D                                                          | CUSIP: 12592GAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     941705 | PA      | $903000.64     | 0.01%             | 2047-08-10      | Variable      | 4.51%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                        | Morgan Stanley Capital I Trust, Series 2021-L6, Class D                                                       | CUSIP: 61692CAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13685000 | PA      | $9515693.69    | 0.07%             | 2054-06-15      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Accelerated LLC                                                       | Accelerated LLC, Series 2021-1H, Class D                                                                      | CUSIP: 00439KAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1685038 | PA      | $1506130.69    | 0.01%             | 2040-10-20      | Fixed         | 3.58%                 | Yes           |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                 | Arroyo Mortgage Trust, Series 2019-2, Class A3                                                                | CUSIP: 042858AC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     271754 | PA      | $262958.81     | 0.00%             | 2049-04-25      | Variable      | 3.80%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2016-108, Class SN                                                                               | CUSIP: 38379YYP7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9359062 | PA      | $1221559.81    | 0.01%             | 2046-08-20      | Floating      | 1.64%                 | No            |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                                  | BBCMS Mortgage Trust, Series 2021-C11, Class XB                                                               | CUSIP: 05493MAH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   30040000 | PA      | $1596623.00    | 0.01%             | 2054-09-15      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| MASTR Asset Securitization Trust                                      | MASTR Asset Securitization Trust, Series 2003-11, Class 7A2                                                   | CUSIP: 55265K2G3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      19635 | PA      | $19652.18      | 0.00%             | 2033-12-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Primo Water Holdings, Inc.                                            | Primo Water Holdings, Inc.                                                                                    | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6100000 | PA      | $6108271.60    | 0.04%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| G Mitt 2023-eb Frn   144a                                             | G Mitt Frn                                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    1689319 | PA      | $1689318.80    | 0.01%             | 2025-06-27      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| BANK                                                                  | BANK, Series 2017-BNK5, Class D                                                                               | CUSIP: 06541WAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $868203.70     | 0.01%             | 2060-06-15      | Variable      | 3.08%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-147                                                                                         | CUSIP: 38380P8J6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  206573241 | PA      | $13529163.22   | 0.10%             | 2062-06-16      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2019-M32, Class X2                                                                          | CUSIP: 3136B7U41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   27382482 | PA      | $986856.44     | 0.01%             | 2029-10-25      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                              | WESCO Distribution, Inc.                                                                                      | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    3090000 | PA      | $3163326.23    | 0.02%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K100, Class X1                               | CUSIP: 3137FQ3C5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  229830612 | PA      | $5482724.17    | 0.04%             | 2029-09-25      | Variable      | 0.65%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                    | Dominican Republic Government Bond                                                                            | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |   13200000 | PA      | $10863600.00   | 0.08%             | 2060-01-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-151, Class JS                                                                               | CUSIP: 38384WET8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   21451183 | PA      | $2123961.01    | 0.02%             | 2054-09-20      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-K158, Class B                                                               | CUSIP: 30308PAL4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1750000 | PA      | $1504300.18    | 0.01%             | 2033-10-25      | Variable      | 4.27%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                        | BNP Paribas SA                                                                                                | CUSIP: 05602XJC3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    3450000 | PA      | $3472635.45    | 0.03%             | 2034-09-10      | Variable      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                         | UBS Commercial Mortgage Trust, Series 2017-C1, Class C                                                        | CUSIP: 90276EAK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5330000 | PA      | $4828785.46    | 0.04%             | 2050-06-15      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-121                                                                                         | CUSIP: 38381LLB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10143674 | PA      | $926704.73     | 0.01%             | 2066-07-01      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1521, Class X3                             | CUSIP: 3137H2P24<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   10834295 | PA      | $2766444.05    | 0.02%             | 2039-09-25      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | U.S. Treasury 2 Year Note                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       5054 | NC      | $1659659.21    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AGL CLO Ltd.                                                          | AGL CLO Ltd., Series 2020-9A, Class BR                                                                        | CUSIP: 001207AU3<br>LEI: 549300U1G1VA46DEO184 | Long             | ABS-CBDO         | CORP              | KY        |    8000000 | PA      | $8028984.00    | 0.06%             | 2037-04-20      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                                   | Post Holdings, Inc.                                                                                           | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    7739000 | PA      | $7868349.65    | 0.06%             | 2032-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class D                                                | CUSIP: 17323VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8955000 | PA      | $6280141.50    | 0.05%             | 2048-04-10      | Fixed         | 3.11%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K110, Class X3                               | CUSIP: 3137FTZT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   28200000 | PA      | $3869417.88    | 0.03%             | 2048-06-25      | Variable      | 3.37%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                  | Clear Channel Outdoor Holdings, Inc.                                                                          | CUSIP: 18453HAE6<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    2567000 | PA      | $2688516.65    | 0.02%             | 2028-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2022-4                                                                                           | CUSIP: 38381EQB7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  364960699 | PA      | $23466279.55   | 0.17%             | 2064-03-16      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| Aramark Services, Inc.                                                | Aramark Services, Inc.                                                                                        | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    6786000 | PA      | $6713782.71    | 0.05%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4746, Class SC                                                                           | CUSIP: 3137FDDW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5824118 | PA      | $692095.72     | 0.01%             | 2048-01-15      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| RFT TRUST                                                             | RFT TRUST, Series 2024-2, Class A2                                                                            | CUSIP: 76201AAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   11869699 | PA      | $11790065.11   | 0.09%             | 2028-09-27      | Variable      | 8.81%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3622ADH76<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   47418020 | PA      | $48906591.15   | 0.36%             | 2054-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                             | Vistra Operations Co. LLC                                                                                     | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     601000 | PA      | $601548.11     | 0.00%             | 2026-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2023-15                                                                                          | CUSIP: 38381HU41<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   31572414 | PA      | $2213194.63    | 0.02%             | 2064-08-16      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                   | Newell Brands, Inc.                                                                                           | CUSIP: 651229AX4<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    3780000 | PA      | $3473886.15    | 0.03%             | 2036-04-01      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4628, Class PI                                                                           | CUSIP: 3137BSWW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     134828 | PA      | $14585.96      | 0.00%             | 2045-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618GQG88<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1559579 | PA      | $1606964.45    | 0.01%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                                            | FNMA/FHLMC UMBS, Single Family, 30 Year                                                                       | CUSIP: 01F050668<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        | -270200000 | PA      | $-261514737.13 | -1.92%            | 2055-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-94                                                                                          | CUSIP: 38380PNV2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   17711184 | PA      | $1201018.39    | 0.01%             | 2062-03-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                       | Palmer Square Loan Funding Ltd., Series 2024-3A, Class A2                                                     | CUSIP: 69690EAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   13861634 | PA      | $13876867.94   | 0.10%             | 2032-08-08      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                   | Petroleos Mexicanos                                                                                           | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    9300000 | PA      | $6848520.00    | 0.05%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                                             | IRV Trust, Series 2025-200P, Class C                                                                          | CUSIP: 45006HAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   17600000 | PA      | $17023839.36   | 0.13%             | 2047-03-14      | Variable      | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                     | Republic of Kenya                                                                                             | CUSIP: 491798AM6<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    3666000 | PA      | $3657971.46    | 0.03%             | 2031-02-16      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| LFT CRE Ltd.                                                          | LFT CRE Ltd., Series 2021-FL1, Class E                                                                        | CUSIP: 50203JAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   10000000 | PA      | $9789870.00    | 0.07%             | 2039-06-15      | Floating      | 7.39%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                              | PRET LLC, Series 2025-NPL3, Class A1                                                                          | CUSIP: 74143HAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   13852008 | PA      | $13807391.09   | 0.10%             | 2055-04-25      | Variable      | 6.71%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2019-86, Class ST                                                                                | CUSIP: 38381WF60<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4164519 | PA      | $388026.53     | 0.00%             | 2049-07-20      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | U.S. Treasury Long Bond                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -2362 | NC      | $-5529405.45   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| DISH DBS Corp.                                                        | DISH DBS Corp.                                                                                                | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   12175000 | PA      | $11238572.78   | 0.08%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust, Series 2019-INV3, Class B1                                                        | CUSIP: 92537MAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7606000 | PA      | $7339092.53    | 0.05%             | 2059-11-25      | Variable      | 3.73%                 | Yes           |                  2 | On Loan: No      |
| International Airport Finance SA                                      | International Airport Finance SA                                                                              | CUSIP: N/A<br>LEI: 959800M9M5LP0KXUP789       | Long             | DBT              | CORP              | ES        |    5000076 | PA      | $5344656.40    | 0.04%             | 2033-03-15      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                                        | US Foods, Inc.                                                                                                | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    2255000 | PA      | $2205174.42    | 0.02%             | 2029-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                               | RHP Hotel Properties LP                                                                                       | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3370000 | PA      | $3416253.25    | 0.03%             | 2032-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                                        | Rite Aid Corp., Series B                                                                                      | CUSIP: 767754CT9<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |    1671384 | PA      | $0.02          | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| LHOME Mortgage Trust                                                  | LHOME Mortgage Trust, Series 2024-RTL4, Class A1                                                              | CUSIP: 50205PAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4329000 | PA      | $4334081.38    | 0.03%             | 2039-07-25      | Variable      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618K5ZG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     737322 | PA      | $754089.58     | 0.01%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Boyne USA, Inc.                                                       | Boyne USA, Inc.                                                                                               | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4913000 | PA      | $4721359.10    | 0.03%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GCAT Trust                                                            | GCAT Trust, Series 2020-NQM1, Class M1                                                                        | CUSIP: 36167FAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10871000 | PA      | $9935875.49    | 0.07%             | 2060-01-25      | Variable      | 2.93%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                    | Dominican Republic Government Bond                                                                            | CUSIP: 25714PET1<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    1230000 | PA      | $1276248.00    | 0.01%             | 2031-02-03      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2020-K107 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2020-K107, Class D                                                               | CUSIP: 302982AA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   19000000 | PA      | $15119388.70   | 0.11%             | 2030-02-25      | Variable      | 3.51%                 | Yes           |                  2 | On Loan: No      |
| RR 12 Ltd.                                                            | RR Ltd., Series 2020-12A, Class AAR3                                                                          | CUSIP: 74989HAL6<br>LEI: 549300RLLUH00ZYECJ34 | Long             | ABS-CBDO         | CORP              | KY        |    4570000 | PA      | $4576123.80    | 0.03%             | 2036-01-15      | Floating      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                      | CCO Holdings LLC                                                                                              | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   54516000 | PA      | $52040379.38   | 0.38%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Prumo Participacoes e Investimentos S/A                               | Prumo Participacoes e Investimentos S/A                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | BR        |    3958452 | PA      | $4004330.81    | 0.03%             | 2031-12-31      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA UMBS, 30 Year                                                                                            | CUSIP: 3140QVE34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   50045025 | PA      | $50994869.38   | 0.37%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TC Ziraat Bankasi A/S                                                 | TC Ziraat Bankasi A/S                                                                                         | CUSIP: 90014TAM3<br>LEI: 213800K5KTZFSUS8MR51 | Long             | DBT              | CORP              | TR        |    1435000 | PA      | $1428671.65    | 0.01%             | 2030-02-04      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN21, Class F                                                                               | CUSIP: 06540BAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2841000 | PA      | $1483376.16    | 0.01%             | 2052-10-17      | Fixed         | 2.68%                 | Yes           |                  2 | On Loan: No      |
| Republic of Senegal                                                   | Republic of Senegal                                                                                           | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |    9000000 | PA      | $7233750.00    | 0.05%             | 2031-06-10      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                              | PRET LLC, Series 2025-NPL5, Class A1                                                                          | CUSIP: 74143LAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   20700000 | PA      | $20765474.10   | 0.15%             | 2055-05-25      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                  | IHO Verwaltungs GmbH                                                                                          | CUSIP: 44963BAG3<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |     820000 | PA      | $821085.68     | 0.01%             | 2032-11-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Zambia                                                    | Republic of Zambia                                                                                            | CUSIP: N/A<br>LEI: 213800DMLAZ6LGMMD849       | Long             | DBT              | NUSS              | ZM        |     799410 | PA      | $717270.62     | 0.01%             | 2033-06-30      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2022-199                                                                                         | CUSIP: 38381HZU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   32036758 | PA      | $1923278.69    | 0.01%             | 2064-07-16      | Variable      | 0.76%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   15000000 | PA      | $-1484036.39   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| VistaJet Pass Through Trust                                           | VistaJet Pass Through Trust, Series 2021-1C                                                                   | CUSIP: 92841QAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   21132500 | PA      | $20795074.57   | 0.15%             | 2031-08-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                                                   | Owens & Minor, Inc.                                                                                           | CUSIP: 690732AH5<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |    3286000 | PA      | $3432174.42    | 0.03%             | 2030-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2019-33, Class PI                                                                                | CUSIP: 38381TCG8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      66316 | PA      | $14825.24      | 0.00%             | 2048-11-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                     | Hertz Corp. (The)                                                                                             | CUSIP: 428040DB2<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   13191000 | PA      | $8967878.40    | 0.07%             | 2029-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                                                 | OneMain Finance Corp.                                                                                         | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    7185000 | PA      | $6737148.89    | 0.05%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K083, Class X3                               | CUSIP: 3137FJXY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   15000000 | PA      | $1059111.00    | 0.01%             | 2046-11-25      | Variable      | 2.29%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2019-M30, Class X4                                                                          | CUSIP: 3136B7G96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   19893260 | PA      | $35666.63      | 0.00%             | 2028-08-25      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K112, Class X3                               | CUSIP: 3137FUZY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   47630000 | PA      | $6054406.48    | 0.04%             | 2048-07-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2025-7, Class QS                                                                                 | CUSIP: 38385BG61<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   20654339 | PA      | $1918490.67    | 0.01%             | 2055-01-20      | Floating      | 2.12%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2016-P3, Class B                                                  | CUSIP: 29429CAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1200000 | PA      | $1117754.64    | 0.01%             | 2049-04-15      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2019-B11, Class D                                                            | CUSIP: 08162BAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1900000 | PA      | $931195.13     | 0.01%             | 2052-05-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| NW Re-REMIC TRUST                                                     | NW Re-REMIC TRUST, Series 2021-FRR1, Class BK88                                                               | CUSIP: 62955LAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8000000 | PA      | $6687162.40    | 0.05%             | 2051-12-18      | Variable      | 2.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4670, Class TI                                                                           | CUSIP: 3137BWFF6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     159254 | PA      | $8751.41       | 0.00%             | 2044-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Constellium SE                                                        | Constellium SE                                                                                                | CUSIP: 21039CAD6<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    1500000 | PA      | $1493947.95    | 0.01%             | 2032-08-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                                              | PRPM LLC, Series 2020-4, Class A2                                                                             | CUSIP: 69359XAB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8047016 | PA      | $8019686.86    | 0.06%             | 2025-10-25      | Variable      | 9.19%                 | Yes           |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                       | CSAIL Commercial Mortgage Trust, Series 2016-C5, Class D                                                      | CUSIP: 12636LAG5<br>LEI: 549300FU8TZDHFLQZL50 | Long             | ABS-MBS          | CORP              | US        |    2750000 | PA      | $2519985.88    | 0.02%             | 2048-11-15      | Variable      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                | Lendmark Funding Trust, Series 2024-2A, Class E                                                               | CUSIP: 52590AAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3700000 | PA      | $3700244.94    | 0.03%             | 2034-02-21      | Fixed         | 8.47%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2023-K752 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2023-K752, Class D                                                               | CUSIP: 30333RAG0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   13100000 | PA      | $8371084.71    | 0.06%             | 2030-08-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                             | Sunoco LP                                                                                                     | CUSIP: 86765LAQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1385000 | PA      | $1384260.41    | 0.01%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                      | Multi-Family Connecticut Avenue Securities Trust, Series 2024-01, Class M10                                   | CUSIP: 62548RAB5<br>LEI: 254900QY3MMJFMNKXA93 | Long             | ABS-MBS          | CORP              | US        |    1100000 | PA      | $1141732.13    | 0.01%             | 2054-07-25      | Floating      | 8.17%                 | Yes           |                  2 | On Loan: No      |
| Harvest Commercial Capital Loan Trust                                 | Harvest Commercial Capital Loan Trust, Series 2025-1, Class A                                                 | CUSIP: 41757CAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   19949417 | PA      | $19900590.78   | 0.15%             | 2057-06-25      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Parent, Inc.                                  | Frontier Communications Parent, Inc.                                                                          | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       4715 | NS      | $170824.45     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                                                      | Paramount Global                                                                                              | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     524000 | PA      | $494172.83     | 0.00%             | 2057-02-28      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Elanco Animal Health, Inc.                                            | Elanco Animal Health, Inc.                                                                                    | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |    6862000 | PA      | $7051054.96    | 0.05%             | 2028-08-28      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                               | FHLMC STACR REMIC Trust, Series 2022-DNA2, Class B2                                                           | CUSIP: 35564KSQ3<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $3277687.80    | 0.02%             | 2042-02-25      | Floating      | 12.82%                | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                  | Clear Channel Outdoor Holdings, Inc.                                                                          | CUSIP: 18453HAA4<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   17467000 | PA      | $17086696.25   | 0.13%             | 2027-08-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC STACR REMIC Trust, Series 2023-HQA2, Class M1B                                                          | CUSIP: 35564K2G3<br>LEI: 5493000KIGZAWUOW4E32 | Long             | ABS-MBS          | CORP              | US        |    8800000 | PA      | $9182272.00    | 0.07%             | 2043-06-25      | Floating      | 7.67%                 | Yes           |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad                               | Instituto Costarricense de Electricidad                                                                       | CUSIP: N/A<br>LEI: 5493009VA6AFUB2Q0289       | Long             | DBT              | NUSS              | CR        |     450000 | PA      | $397264.50     | 0.00%             | 2043-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                       | Live Nation Entertainment, Inc.                                                                               | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   13141000 | PA      | $13296747.13   | 0.10%             | 2027-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2017-KF33, Class B                                                               | CUSIP: 30303CAG9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3884821 | PA      | $3709509.25    | 0.03%             | 2027-06-25      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class F                                  | CUSIP: 61765XAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6334000 | PA      | $4946473.33    | 0.04%             | 2047-12-15      | Variable      | 3.24%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                               | FHLMC STACR REMIC Trust, Series 2021-HQA3, Class B2                                                           | CUSIP: 35564KKL2<br>LEI: 5493000ISHRHX47NOH65 | Long             | ABS-MBS          | CORP              | US        |    3125000 | PA      | $3263378.75    | 0.02%             | 2041-09-25      | Floating      | 10.57%                | Yes           |                  2 | On Loan: No      |
| Dycom Industries, Inc.                                                | Dycom Industries, Inc.                                                                                        | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |    3830000 | PA      | $3684957.52    | 0.03%             | 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        |    8564000 | PA      | $8220552.77    | 0.06%             | 2027-08-31      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M3, Class X1                                                                           | CUSIP: 3136B8MM8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   15791394 | PA      | $172104.09     | 0.00%             | 2030-02-25      | Variable      | 0.32%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K119, Class X3                               | CUSIP: 3137FXQS0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8000000 | PA      | $982377.60     | 0.01%             | 2048-09-25      | Variable      | 2.73%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                        | Morgan Stanley Capital I Trust, Series 2021-L5, Class XB                                                      | CUSIP: 61691YAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   60000000 | PA      | $2326350.00    | 0.02%             | 2054-05-15      | Variable      | 0.71%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                                                | Encompass Health Corp.                                                                                        | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    5839000 | PA      | $5751253.26    | 0.04%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2018-BN14, Class F                                                                               | CUSIP: 06035RBB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $519514.10     | 0.00%             | 2060-09-15      | Fixed         | 3.94%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-106, Class IC                                                                               | CUSIP: 38380PVD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   70173002 | PA      | $4331947.83    | 0.03%             | 2062-06-16      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                     | CD Mortgage Trust, Series 2017-CD3, Class D                                                                   | CUSIP: 12515GAM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     700000 | PA      | $146237.70     | 0.00%             | 2050-02-10      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| CD Mortgage Trust                                                     | CD Mortgage Trust, Series 2018-CD7, Class C                                                                   | CUSIP: 12512JBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2700000 | PA      | $2471029.47    | 0.02%             | 2051-08-15      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                                            | Edgewell Personal Care Co.                                                                                    | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    3313000 | PA      | $3098480.60    | 0.02%             | 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        |    9962000 | PA      | $9382275.36    | 0.07%             | 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        |   16737000 | PA      | $16476265.99   | 0.12%             | 2027-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| OneSky Loan Trust                                                     | OneSky Loan Trust                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |   10478490 | PA      | $10478490.00   | 0.08%             | 2030-12-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Avantor Funding, Inc.                                                 | Avantor Funding, Inc., 1st Lien Term Loan B-6                                                                 | CUSIP: 05350NAP9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      61076 | PA      | $61185.54      | 0.00%             | 2027-11-08      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| EPIC Crude Services LP                                                | EPIC Crude Services LP, 1st Lien Term Loan                                                                    | CUSIP: 29428XAG5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3359081 | PA      | $3366437.64    | 0.02%             | 2031-10-15      | Variable      | 7.26%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2021-BN35, Class E                                                                               | CUSIP: 06540CAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5300000 | PA      | $3436497.21    | 0.03%             | 2064-06-15      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                      | Multi-Family Connecticut Avenue Securities Trust, Series 2023-01, Class M7                                    | CUSIP: 62548NAA6<br>LEI: 254900JAK6X5OPMD5925 | Long             | ABS-MBS          | CORP              | US        |    3461986 | PA      | $3590749.22    | 0.03%             | 2053-11-25      | Floating      | 8.32%                 | Yes           |                  2 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                             | LendingClub Loan Certificate Issuer Trust, Series 2022-P3, Class CERT                                         | CUSIP: 52604XAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     500000 | PA      | $2042580.00    | 0.02%             | 2037-05-15      | Fixed         | 11.88%                | Yes           |                  3 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                             | LendingClub Loan Certificate Issuer Trust, Series 2022-P1, Class CERT                                         | CUSIP: 52604KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     860170 | PA      | $2482020.54    | 0.02%             | 2037-03-16      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Cinemark USA, Inc.                                                    | Cinemark USA, Inc.                                                                                            | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |    1277000 | PA      | $1313689.49    | 0.01%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KW08, Class B                                                               | CUSIP: 30297YAE4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   16320000 | PA      | $15442427.90   | 0.11%             | 2029-01-25      | Variable      | 4.24%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                                      | Clarivate Science Holdings Corp.                                                                              | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6049000 | PA      | $5760342.93    | 0.04%             | 2028-07-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KW07, Class X2B                                                             | CUSIP: 30297NAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   16500000 | PA      | $44790.90      | 0.00%             | 2031-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2019-KW10 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2019-KW10, Class C                                                               | CUSIP: 30298XAH8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   11011889 | PA      | $7553576.63    | 0.06%             | 2032-10-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                                            | Progress Residential Trust, Series 2021-SFR11, Class F                                                        | CUSIP: 74333XAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8000000 | PA      | $7664064.00    | 0.06%             | 2039-01-17      | Fixed         | 4.42%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K742, Class X1                               | CUSIP: 3137H0GP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   28555942 | PA      | $352588.78     | 0.00%             | 2028-03-25      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2019-67                                                                                          | CUSIP: 38380NBW8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8066956 | PA      | $451309.10     | 0.00%             | 2060-02-16      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 36179XLM6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      49408 | PA      | $51015.49      | 0.00%             | 2052-11-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-151                                                                                         | CUSIP: 38381DM23<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   99348713 | PA      | $6878447.89    | 0.05%             | 2063-04-16      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| Triumph Group, Inc.                                                   | Triumph Group, Inc.                                                                                           | CUSIP: 896818AU5<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |    1449000 | PA      | $1517391.35    | 0.01%             | 2028-03-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                           | Crescent Energy Finance LLC                                                                                   | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    2295000 | PA      | $2129706.30    | 0.02%             | 2033-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ghana                                                     | Republic of Ghana                                                                                             | CUSIP: 374422AP8<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    3132000 | PA      | $2309850.00    | 0.02%             | 2035-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                      | Altice France SA                                                                                              | CUSIP: 02156LAA9<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   11507000 | PA      | $10560772.49   | 0.08%             | 2027-02-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                               | Quikrete Holdings, Inc.                                                                                       | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    8730000 | PA      | $8871050.61    | 0.07%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Incora Top Holdco LLC                                                 | Incora Top Holdco LLC                                                                                         | CUSIP: 45338U101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       2784 | NS      | $69572.16      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618JWCX1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     721977 | PA      | $735221.56     | 0.01%             | 2054-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                               | FHLMC STACR REMIC Trust, Series 2021-HQA1, Class B2                                                           | CUSIP: 35564KCP2<br>LEI: 5493000ISMYB8CLVZD05 | Long             | ABS-MBS          | CORP              | US        |   20700000 | PA      | $23636166.66   | 0.17%             | 2033-08-25      | Floating      | 9.32%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                               | Republic of El Salvador                                                                                       | CUSIP: 283875CE0<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    9300000 | PA      | $9719081.25    | 0.07%             | 2030-04-17      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd.                                            | AAdvantage Loyalty IP Ltd., 1st Lien Term Loan                                                                | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2454706 | PA      | $2426476.76    | 0.02%             | 2028-04-20      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                                | Marlette Funding Trust, Series 2023-1A, Class C                                                               | CUSIP: 57110PAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1150000 | PA      | $1157376.79    | 0.01%             | 2033-04-15      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                         | UBS Commercial Mortgage Trust, Series 2018-C11, Class B                                                       | CUSIP: 90276XAZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $2346853.25    | 0.02%             | 2051-06-15      | Variable      | 4.71%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J5VJ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6552348 | PA      | $6751408.73    | 0.05%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618JM6N2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2088097 | PA      | $2126402.17    | 0.02%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ingram Micro, Inc.                                                    | Ingram Micro, Inc., 1st Lien Term Loan B                                                                      | CUSIP: 45258FAD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     999872 | PA      | $1004251.31    | 0.01%             | 2031-09-19      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                            | AMSR Trust, Series 2019-SFR1, Class G                                                                         | CUSIP: 00178XAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2125000 | PA      | $2052238.51    | 0.02%             | 2039-01-19      | Fixed         | 4.86%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-120                                                                                         | CUSIP: 38381DXT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   51360427 | PA      | $3795432.86    | 0.03%             | 2063-02-16      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                          | Scotts Miracle-Gro Co. (The)                                                                                  | CUSIP: 810186AX4<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    5510000 | PA      | $4946833.92    | 0.04%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                   | Exeter Automobile Receivables Trust, Series 2022-2A, Class E                                                  | CUSIP: 30166QAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6000000 | PA      | $5518608.00    | 0.04%             | 2029-10-15      | Fixed         | 6.34%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KF65, Class B                                                               | CUSIP: 30298JAG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3776964 | PA      | $3448872.64    | 0.03%             | 2029-07-25      | Floating      | 6.87%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2023-R04, Class 1B1                                               | CUSIP: 20754QAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4359697.20    | 0.03%             | 2043-05-25      | Floating      | 9.67%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-112, Class SA                                                                               | CUSIP: 38384UAU3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   19434692 | PA      | $1500453.47    | 0.01%             | 2054-07-20      | Floating      | 2.27%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                   | Newell Brands, Inc.                                                                                           | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    4382000 | PA      | $4116647.07    | 0.03%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                                            | FNMA/FHLMC UMBS, Single Family, 30 Year                                                                       | CUSIP: 01F060667<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |  -65000000 | PA      | $-65634494.90  | -0.48%            | 2055-06-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CDS                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   31878000 | PA      | $-658279.79    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class D                                  | CUSIP: 61690VAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $3973575.15    | 0.03%             | 2048-10-15      | Fixed         | 3.06%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5148, Class PI                                                                           | CUSIP: 3137H2UZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    7431996 | PA      | $801285.81     | 0.01%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                | Santander Drive Auto Receivables Trust, Series 2024-5, Class D                                                | CUSIP: 802920AG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2984000 | PA      | $2982479.35    | 0.02%             | 2032-02-17      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Elara HGV Timeshare Issuer LLC                                        | Elara HGV Timeshare Issuer LLC, Series 2021-A, Class D                                                        | CUSIP: 28416LAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1216033 | PA      | $1130568.05    | 0.01%             | 2035-08-27      | Fixed         | 3.32%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K105, Class X3                               | CUSIP: 3137FRUM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  118746000 | PA      | $9478436.34    | 0.07%             | 2048-03-25      | Variable      | 1.92%                 | No            |                  2 | On Loan: No      |
| Dornoch Debt Merger Sub, Inc.                                         | Dornoch Debt Merger Sub, Inc.                                                                                 | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4565000 | PA      | $3508549.44    | 0.03%             | 2029-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO Ltd.                             | Carlyle Global Market Strategies CLO Ltd., Series 2012-3A, Class BR2                                          | CUSIP: 14312EAS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1002379.00    | 0.01%             | 2032-01-14      | Floating      | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Service Corp. International                                           | Service Corp. International                                                                                   | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |   10926000 | PA      | $9909526.91    | 0.07%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M39, Class X2                                                                          | CUSIP: 3136BBTG7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   36335410 | PA      | $1846380.24    | 0.01%             | 2031-08-25      | Variable      | 1.42%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618H3VN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1012175 | PA      | $1033723.58    | 0.01%             | 2054-04-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                       | Palmer Square Loan Funding Ltd., Series 2022-3A, Class BR                                                     | CUSIP: 69690CAS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8462000 | PA      | $8493292.48    | 0.06%             | 2031-04-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| Ballyrock CLO Ltd.                                                    | Ballyrock CLO Ltd., Series 2020-2A, Class DR                                                                  | CUSIP: 05876EAE9<br>LEI: 254900Y6C4AXEAZ9T124 | Long             | ABS-CBDO         | CORP              | KY        |    2250000 | PA      | $2242419.75    | 0.02%             | 2031-10-20      | Floating      | 10.68%                | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                                              | Wynn Resorts Finance LLC                                                                                      | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   18760000 | PA      | $18293549.48   | 0.13%             | 2029-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                  | LHOME Mortgage Trust, Series 2024-RTL4, Class A2                                                              | CUSIP: 50205PAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2673354 | PA      | $2676822.94    | 0.02%             | 2039-07-25      | Variable      | 6.09%                 | Yes           |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                                 | FMC GMSR Issuer Trust, Series 2020-GT1, Class A                                                               | CUSIP: 30259RAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7000000 | PA      | $6778612.40    | 0.05%             | 2026-01-25      | Variable      | 4.45%                 | Yes           |                  2 | On Loan: No      |
| ICITII                                                                | ICITII                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    1700903 | PA      | $1361402.79    | 0.01%             | 2033-01-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Elanco Animal Health, Inc.                                            | Elanco Animal Health, Inc., 1st Lien Term Loan                                                                | CUSIP: 28414BAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1347995 | PA      | $1345743.57    | 0.01%             | 2027-08-02      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| DISH Network Corp.                                                    | DISH Network Corp.                                                                                            | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   17497000 | PA      | $18051847.37   | 0.13%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                   | New Residential Mortgage Loan Trust, Series 2019-2A, Class A1IB                                               | CUSIP: 64830DAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6340767 | PA      | $201355.50     | 0.00%             | 2057-12-25      | Variable      | 1.00%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                                               | Bath & Body Works, Inc.                                                                                       | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    4560000 | PA      | $4516052.09    | 0.03%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M2                                               | CUSIP: 92259BAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      75761 | PA      | $71615.61      | 0.00%             | 2048-10-26      | Variable      | 4.51%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                          | American Credit Acceptance Receivables Trust, Series 2025-2, Class D                                          | CUSIP: 024938AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7800000 | PA      | $7820953.92    | 0.06%             | 2031-07-14      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ILPT Commercial Mortgage Trust                                        | ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class E                                                     | CUSIP: 449652AJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8760000 | PA      | $8676863.22    | 0.06%             | 2039-10-15      | Floating      | 10.27%                | Yes           |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust                                | Merrill Lynch Mortgage Investors Trust, Series 2003-A5, Class 2A6                                             | CUSIP: 5899293T3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      22792 | PA      | $22212.60      | 0.00%             | 2033-08-25      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2023-102, Class BG                                                                               | CUSIP: 38384BD81<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2518566 | PA      | $2489583.35    | 0.02%             | 2053-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4681, Class SD                                                                           | CUSIP: 3137BYHQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     332356 | PA      | $38931.56      | 0.00%             | 2047-05-15      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN17, Class E                                                                               | CUSIP: 065403AL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $1923823.25    | 0.01%             | 2052-04-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Equity Escrow                                                | Rite Aid                                                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      11564 | NS      | $0.01          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Republic of Guatemala                                                 | Republic of Guatemala                                                                                         | CUSIP: 401494AU3<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    1400000 | PA      | $1087800.00    | 0.01%             | 2041-10-07      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| Comision Federal de Electricidad                                      | Comision Federal de Electricidad                                                                              | CUSIP: 200447AP5<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | NUSS              | MX        |    1913000 | PA      | $1837436.50    | 0.01%             | 2035-01-24      | Fixed         | 6.45%                 | Yes           |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust, Series 2017-FRE2, Class M6                                                         | CUSIP: 89175GAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     995431 | PA      | $974880.30     | 0.01%             | 2047-11-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                    | Dominican Republic Government Bond                                                                            | CUSIP: 25714PEN4<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     753000 | PA      | $736283.40     | 0.01%             | 2033-02-22      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Varsity Brands, Inc.                                                  | Varsity Brands, Inc., 1st Lien Term Loan B                                                                    | CUSIP: 92227QAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7338000 | PA      | $7282964.99    | 0.05%             | 2031-08-26      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 36179X2P0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     115578 | PA      | $119430.67     | 0.00%             | 2053-05-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                   | New Residential Mortgage Loan Trust, Series 2019-NQM5, Class B1                                               | CUSIP: 64830PAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3042000 | PA      | $2639524.54    | 0.02%             | 2059-11-25      | Variable      | 4.04%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class E                                  | CUSIP: 61764PAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6500000 | PA      | $5289765.00    | 0.04%             | 2047-12-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, Other                                                                                                | CUSIP: 3618FUSM6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     373482 | PA      | $382190.61     | 0.00%             | 2063-09-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K742, Class X3                               | CUSIP: 3137H0GY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   16000000 | PA      | $1077897.60    | 0.01%             | 2028-04-25      | Variable      | 2.59%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class D                                  | CUSIP: 61765LAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8000000 | PA      | $7016680.80    | 0.05%             | 2048-05-15      | Fixed         | 3.26%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2017-112, Class SC                                                                        | CUSIP: 3136B0QA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2605098 | PA      | $301271.04     | 0.00%             | 2048-01-25      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                      | Goodyear Tire & Rubber Co. (The)                                                                              | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   11541000 | PA      | $11055651.32   | 0.08%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Entegris, Inc.                                                        | Entegris, Inc.                                                                                                | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    9695000 | PA      | $9413546.39    | 0.07%             | 2029-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-72                                                                                          | CUSIP: 38380PKN3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   96923329 | PA      | $6547781.46    | 0.05%             | 2062-05-16      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, STRIPS, Series 421, Class C3                                                                            | CUSIP: 31397VGA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     119496 | PA      | $5515.75       | 0.00%             | 2030-07-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3622ADKE7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6480782 | PA      | $6486243.88    | 0.05%             | 2054-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K072, Class X3                               | CUSIP: 3137FEBT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   20640000 | PA      | $1041548.06    | 0.01%             | 2045-12-25      | Variable      | 2.14%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                              | Venture Global LNG, Inc.                                                                                      | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    4020000 | PA      | $4002210.70    | 0.03%             | 2030-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                              | WESCO Distribution, Inc.                                                                                      | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    1631000 | PA      | $1661276.25    | 0.01%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Structured Agency Credit Risk Debt Notes                        | FHLMC STACR, Whole Loan, Series 2018-HQA1, Class B1                                                           | CUSIP: 3137G0UX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   34415000 | PA      | $37265484.32   | 0.27%             | 2030-09-25      | Floating      | 8.79%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K117, Class X1                               | CUSIP: 3137FX3T3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   87394147 | PA      | $4493649.74    | 0.03%             | 2030-08-25      | Variable      | 1.22%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                                        | Carnival Corp.                                                                                                | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    3391000 | PA      | $3276553.75    | 0.02%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad                               | Instituto Costarricense de Electricidad                                                                       | CUSIP: 45777VAE7<br>LEI: 5493009VA6AFUB2Q0289 | Long             | DBT              | NUSS              | CR        |    8210000 | PA      | $8330604.90    | 0.06%             | 2031-10-07      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, STRIPS, Series 342, Class S7                                                                           | CUSIP: 31325VM50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5862770 | PA      | $614708.22     | 0.00%             | 2045-02-15      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| BANK5                                                                 | BANK5, Series 2023-5YR1, Class A3                                                                             | CUSIP: 06644EAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   26446000 | PA      | $27377481.01   | 0.20%             | 2056-04-15      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| NCR Voyix Corp.                                                       | NCR Voyix Corp.                                                                                               | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    1776000 | PA      | $1730935.42    | 0.01%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M10, Class X7                                                                          | CUSIP: 3136B9EH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   29527008 | PA      | $844280.49     | 0.01%             | 2027-11-25      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KS11, Class C                                                               | CUSIP: 30298KAC7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   11000000 | PA      | $9666349.00    | 0.07%             | 2029-06-25      | Variable      | 4.82%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2020-BN29, Class E                                                                               | CUSIP: 06541TAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3500000 | PA      | $2399726.35    | 0.02%             | 2053-11-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                            | Democratic Socialist Republic of Sri Lanka                                                                    | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     609570 | PA      | $473178.71     | 0.00%             | 2033-03-15      | Variable      | 3.35%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618K5Y22<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1085870 | PA      | $1110564.13    | 0.01%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4160                                                                                     | CUSIP: 3137AXUK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     551975 | PA      | $37104.11      | 0.00%             | 2033-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Buttermilk Park CLO Ltd.                                              | Buttermilk Park CLO Ltd., Series 2018-1A, Class CR                                                            | CUSIP: 124166AW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   11688040 | PA      | $11723256.06   | 0.09%             | 2031-10-15      | Floating      | 6.21%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-81, Class IC                                                                                | CUSIP: 38382TWP5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   17225133 | PA      | $2680680.34    | 0.02%             | 2051-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREMF 2020-K739 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2020-K739, Class X2A                                                             | CUSIP: 30289SAN7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  121312650 | PA      | $203914.43     | 0.00%             | 2053-11-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-224                                                                                         | CUSIP: 38381EMC9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   79584427 | PA      | $5100104.31    | 0.04%             | 2064-04-16      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series Q012, Class X                                | CUSIP: 3137FVNQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   28400731 | PA      | $4273239.27    | 0.03%             | 2035-09-25      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| CITI Asset Receivables Trust I                                        | CITI Asset Receivables Trust I                                                                                | CUSIP: 17302EAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  133664441 | PA      | $137780457.27  | 1.01%             | 2031-03-15      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Energuate Trust                                                       | Energuate Trust                                                                                               | CUSIP: N/A<br>LEI: 549300RVM37LH8GY7E41       | Long             | DBT              | CORP              | KY        |    1400000 | PA      | $1383130.00    | 0.01%             | 2027-05-03      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Bahrain                                                    | Kingdom of Bahrain                                                                                            | CUSIP: 05675M2D5<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |    8389000 | PA      | $7759825.00    | 0.06%             | 2032-09-16      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | U.S. Treasury 5 Year Note                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       8351 | NC      | $5346174.01    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziggo BV                                                              | Ziggo BV                                                                                                      | CUSIP: 98955DAA8<br>LEI: 213800TQASLF9JXH5J59 | Long             | DBT              | CORP              | NL        |    2750000 | PA      | $2509763.63    | 0.02%             | 2030-01-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2                                               | CUSIP: 20754GAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3160000 | PA      | $3188967.09    | 0.02%             | 2044-02-25      | Floating      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN20, Class E                                                                               | CUSIP: 06540AAP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8600000 | PA      | $4444103.32    | 0.03%             | 2062-09-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                                   | Rocket Mortgage LLC                                                                                           | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1285000 | PA      | $1244445.53    | 0.01%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                           | Hertz Vehicle Financing LLC, Series 2022-5A, Class D                                                          | CUSIP: 42806MBQ1<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $4817168.00    | 0.04%             | 2028-09-25      | Fixed         | 6.78%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HL6F3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1297304 | PA      | $1342369.55    | 0.01%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                   | COMM Mortgage Trust, Series 2018-COR3, Class B                                                                | CUSIP: 12595VAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1651264.40    | 0.01%             | 2051-05-10      | Variable      | 4.52%                 | No            |                  2 | On Loan: No      |
| Embarq LLC                                                            | Embarq LLC                                                                                                    | CUSIP: 29078EAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1643000 | PA      | $772210.00     | 0.01%             | 2036-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K105, Class X1                               | CUSIP: 3137FRUL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   64576658 | PA      | $3704549.74    | 0.03%             | 2030-01-25      | Variable      | 1.52%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HPG48<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     565051 | PA      | $575693.79     | 0.00%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                  | FirstKey Homes Trust, Series 2020-SFR2, Class F2                                                              | CUSIP: 33767JAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   13000000 | PA      | $12820544.10   | 0.09%             | 2037-10-19      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                                    | Sultanate of Oman Government Bond                                                                             | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |     900000 | PA      | $903771.00     | 0.01%             | 2048-01-17      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, Single Family, 30 Year                                                                               | CUSIP: 21H062669<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  275000000 | PA      | $280787388.75  | 2.06%             | 2055-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KW06, Class X2B                                                             | CUSIP: 30306WAL1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   16000000 | PA      | $40209.60      | 0.00%             | 2028-06-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Primo Brands Corp.                                                    | Primo Brands Corp., 1st Lien Term Loan                                                                        | CUSIP: 89678QAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1925182 | PA      | $1924700.58    | 0.01%             | 2028-03-31      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                | Arab Republic of Egypt                                                                                        | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    1459000 | PA      | $1450246.00    | 0.01%             | 2030-02-04      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                        | Cascade Funding Mortgage Trust, Series 2021-FRR1, Class BK99                                                  | CUSIP: 12529YCJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14000000 | PA      | $9959838.00    | 0.07%             | 2029-09-29      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KBF3, Class C                                                               | CUSIP: 30311TAE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3321797 | PA      | $3191458.63    | 0.02%             | 2029-01-25      | Floating      | 9.22%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                                     | Genesis Energy LP                                                                                             | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2975000 | PA      | $3000876.55    | 0.02%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Street Capital Group, Inc.                                            | Street Capital Group, Inc.                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | CA        |    1665000 | PA      | $1665000.00    | 0.01%             | 2030-02-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-126, Class JS                                                                               | CUSIP: 38384UUY3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   80106991 | PA      | $4322941.73    | 0.03%             | 2054-08-20      | Floating      | 1.62%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2024-5C4, Class A3                                                                 | CUSIP: 09660SAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   24700000 | PA      | $26124824.44   | 0.19%             | 2057-05-15      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                          | Royal Caribbean Cruises Ltd.                                                                                  | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    5349000 | PA      | $5286876.45    | 0.04%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| PRPM                                                                  | PRPM, Series 2025-3, Class A1                                                                                 | CUSIP: 74449DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7181000 | PA      | $7220344.70    | 0.05%             | 2030-05-25      | Variable      | 6.25%                 | Yes           |                  3 | On Loan: No      |
| Live Nation Entertainment, Inc.                                       | Live Nation Entertainment, Inc.                                                                               | CUSIP: 538034AN9<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    3148000 | PA      | $3152243.50    | 0.02%             | 2026-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO 36 Ltd.                                                   | Elmwood CLO Ltd., Series 2024-12RA, Class CR                                                                  | CUSIP: 29004MAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   11079999 | PA      | $11102491.40   | 0.08%             | 2037-10-20      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                        | Community Health Systems, Inc.                                                                                | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    4670000 | PA      | $4601545.27    | 0.03%             | 2027-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618JN2K0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     824744 | PA      | $839266.49     | 0.01%             | 2054-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                 | Clydesdale Acquisition Holdings, Inc., 1st Lien Delayed Draw Term Loan B                                      | CUSIP: 18972FAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       1320 | PA      | $1308.66       | 0.00%             | 2032-04-01      | Variable      | 7.48%                 | No            |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad                               | Instituto Costarricense de Electricidad                                                                       | CUSIP: N/A<br>LEI: 5493009VA6AFUB2Q0289       | Long             | DBT              | NUSS              | CR        |     240000 | PA      | $211874.40     | 0.00%             | 2043-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Renaissance Home Equity Loan Trust                                    | Renaissance Home Equity Loan Trust, Series 2005-2, Class M1                                                   | CUSIP: 75970NAP2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     380093 | PA      | $351303.44     | 0.00%             | 2035-08-25      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Midcontinent Communications                                           | Midcontinent Communications                                                                                   | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |    2745000 | PA      | $2838876.26    | 0.02%             | 2032-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                          | Islamic Republic of Pakistan                                                                                  | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    2000000 | PA      | $1855660.00    | 0.01%             | 2027-12-05      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K078, Class X3                               | CUSIP: 3137FGR64<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2680000 | PA      | $157760.61     | 0.00%             | 2046-06-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| NESCO Holdings II, Inc.                                               | NESCO Holdings II, Inc.                                                                                       | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |    2650000 | PA      | $2496523.93    | 0.02%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K066, Class X3                               | CUSIP: 3137F2LM6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   25000122 | PA      | $1089332.82    | 0.01%             | 2045-08-25      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust                   | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class D                                 | CUSIP: 46590RAP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8121750 | PA      | $6596211.65    | 0.05%             | 2049-08-15      | Variable      | 3.42%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                      | NRG Energy, Inc.                                                                                              | CUSIP: 629377CE0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   10142000 | PA      | $10178267.79   | 0.07%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Other                                                                                                   | CUSIP: 3140NVKZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    4700000 | PA      | $4763659.53    | 0.04%             | 2034-06-01      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K106, Class X3                               | CUSIP: 3137FRUW9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  100621542 | PA      | $7372832.18    | 0.05%             | 2048-03-25      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                            | AMSR Trust, Series 2022-SFR3, Class F                                                                         | CUSIP: 66981YAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   11000000 | PA      | $10331635.60   | 0.08%             | 2039-10-17      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-195, Class IX                                                                               | CUSIP: 38380RLL2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8940791 | PA      | $714415.73     | 0.01%             | 2062-12-16      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2021-86, Class T                                                                          | CUSIP: 3136BKYQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   15380805 | PA      | $13525597.30   | 0.10%             | 2048-09-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 3145, Class GI                                                                           | CUSIP: 31396NCP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1100658 | PA      | $98794.86      | 0.00%             | 2036-04-15      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                                                | Encompass Health Corp.                                                                                        | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    3939000 | PA      | $3840089.74    | 0.03%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Republic of Ghana                                                     | Republic of Ghana                                                                                             | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      89280 | PA      | $86378.40      | 0.00%             | 2026-07-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| CD Mortgage Trust                                                     | CD Mortgage Trust, Series 2018-CD7, Class D                                                                   | CUSIP: 12512JAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1629000 | PA      | $1296788.42    | 0.01%             | 2051-08-15      | Variable      | 3.09%                 | 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        |     335829 | PA      | $336758.90     | 0.00%             | 2027-08-02      | Variable      | 9.54%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-194                                                                                         | CUSIP: 38380RMP2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   12599636 | PA      | $907196.48     | 0.01%             | 2062-06-16      | Variable      | 1.08%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN17, Class D                                                                               | CUSIP: 065403AJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2800000 | PA      | $2329876.36    | 0.02%             | 2052-04-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2015-GC28, Class D                                                       | CUSIP: 36251FAG1<br>LEI: 5493002EPQ51IPGGFX73 | Long             | ABS-MBS          | CORP              | US        |    1136279 | PA      | $1080942.22    | 0.01%             | 2048-02-10      | Variable      | 4.41%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust, Series 2021-1, Class M2                                               | CUSIP: 92259TAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1724720 | PA      | $1423768.64    | 0.01%             | 2051-05-25      | Variable      | 2.26%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618GP3K7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1874735 | PA      | $1931696.15    | 0.01%             | 2054-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                         | UBS Commercial Mortgage Trust, Series 2018-C11, Class AS                                                      | CUSIP: 90276XAY1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8678528 | PA      | $8386050.32    | 0.06%             | 2051-06-15      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                  | Republic of Colombia                                                                                          | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    4568000 | PA      | $4456084.00    | 0.03%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                                   | Buckeye Partners LP                                                                                           | CUSIP: 118230AU5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    7392000 | PA      | $7221259.58    | 0.05%             | 2028-03-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                            | Upstart Pass-Through Trust, Series 2021-ST8, Class CERT                                                       | CUSIP: 91683LAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2670000 | PA      | $758680.50     | 0.01%             | 2029-10-20      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Sasol Financing USA LLC                                               | Sasol Financing USA LLC                                                                                       | CUSIP: 80386WAD7<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     800000 | PA      | $654000.00     | 0.00%             | 2031-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| QXO Building Products, Inc.                                           | QXO Building Products, Inc.                                                                                   | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    4750000 | PA      | $4870411.88    | 0.04%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2019-9                                                                                           | CUSIP: 38380MH46<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   12153414 | PA      | $668565.38     | 0.00%             | 2060-08-16      | Variable      | 0.89%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                  | Clear Channel Outdoor Holdings, Inc.                                                                          | CUSIP: 18453H106<br>LEI: 254900XBEE6V1ENYS150 | Long             | EC               | CORP              | US        |       5550 | NS      | $5938.50       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap, Inc.                                                            | Snap, Inc.                                                                                                    | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    2224000 | PA      | $2252791.90    | 0.02%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A                                              | CUSIP: 95003PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4012761.60    | 0.03%             | 2035-07-15      | Variable      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| Sunrise FinCo. I BV                                                   | Sunrise FinCo. I BV                                                                                           | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |    3485000 | PA      | $3236519.50    | 0.02%             | 2031-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2023-127                                                                                         | CUSIP: 38381JMQ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  423465533 | PA      | $7575883.08    | 0.06%             | 2057-07-16      | Variable      | 0.40%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618KFBB5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2869021 | PA      | $2970399.12    | 0.02%             | 2055-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust, Series 2022-3, Class A                                                | CUSIP: 92257BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4276988 | PA      | $4110122.16    | 0.03%             | 2052-06-25      | Variable      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                   | COMM Mortgage Trust, Series 2024-CBM, Class A1                                                                | CUSIP: 12674GAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14250000 | PA      | $14246900.63   | 0.10%             | 2041-12-10      | Variable      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                         | Bridgecrest Lending Auto Securitization Trust, Series 2024-1, Class D                                         | CUSIP: 107933AF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2600000 | PA      | $2627128.92    | 0.02%             | 2029-11-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KF49, Class B                                                               | CUSIP: 30307PAA9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     222198 | PA      | $221808.74     | 0.00%             | 2025-06-25      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                                              | Blue Racer Midstream LLC                                                                                      | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1565000 | PA      | $1622574.79    | 0.01%             | 2032-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| NGL Energy Operating LLC                                              | NGL Energy Operating LLC                                                                                      | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3016000 | PA      | $2851896.73    | 0.02%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Marlette Funding Trust                                                | Marlette Funding Trust, Series 2023-1A, Class B                                                               | CUSIP: 57110PAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     944800 | PA      | $946264.32     | 0.01%             | 2033-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2021-M16, Class X                                                                           | CUSIP: 3136BGGA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  104303594 | PA      | $1276081.46    | 0.01%             | 2031-01-01      | Variable      | 0.66%                 | No            |                  2 | On Loan: No      |
| FHLMC Multi-Family Structured Credit Risk                             | FHLMC, Multi-Family Structured Credit Risk, Series 2024-MN9, Class M1                                         | CUSIP: 355917AA3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2096904 | PA      | $2100245.76    | 0.02%             | 2044-10-25      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Republic of Panama                                                    | Republic of Panama                                                                                            | CUSIP: 698299BZ6<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    2000000 | PA      | $1946000.00    | 0.01%             | 2057-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                        | Community Health Systems, Inc.                                                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    3285000 | PA      | $2958293.15    | 0.02%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC, Multi-Class Certificates                                       | FHLMC, Multi-Class Certificates, Series 2021-P011, Class X1                                                   | CUSIP: 3137H2NR1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    9550553 | PA      | $1026769.50    | 0.01%             | 2045-09-25      | Variable      | 1.76%                 | No            |                  2 | On Loan: No      |
| FREMF 2019-K92 Mortgage Trust                                         | FREMF Mortgage Trust, Series 2019-K92, Class X2B                                                              | CUSIP: 302973AW2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   37520000 | PA      | $122577.84     | 0.00%             | 2029-07-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                          | Scotts Miracle-Gro Co. (The)                                                                                  | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   12372000 | PA      | $11762973.45   | 0.09%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-33                                                                                          | CUSIP: 38380RVE7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  117296219 | PA      | $7507767.38    | 0.06%             | 2062-10-16      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                             | Sunoco LP                                                                                                     | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3979000 | PA      | $3811866.08    | 0.03%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                                        | Rite Aid Corp., Series A                                                                                      | CUSIP: 767754CS1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |    3551438 | PA      | $0.04          | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2023-R02, Class 1M2                                               | CUSIP: 20755AAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11850000 | PA      | $12368437.50   | 0.09%             | 2043-01-25      | Floating      | 7.67%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                                             | First Student Bidco, Inc., 1st Lien Term Loan B-2                                                             | CUSIP: 33718FAL4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3968853 | PA      | $3968852.54    | 0.03%             | 2028-07-21      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4495, Class PI                                                                           | CUSIP: 3137BKQV5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     137119 | PA      | $8185.16       | 0.00%             | 2043-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN19, Class C                                                                               | CUSIP: 06540WBG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $1824834.25    | 0.01%             | 2061-08-15      | Variable      | 4.03%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Agency Credit Risk Debt Notes                        | FHLMC STACR REMIC Trust, Series 2023-DNA2, Class M1A                                                          | CUSIP: 35564KT58<br>LEI: 5493000IRI80KQJUNK40 | Long             | ABS-MBS          | CORP              | US        |    4899230 | PA      | $4988004.43    | 0.04%             | 2043-04-25      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                          | American Credit Acceptance Receivables Trust, Series 2023-1, Class D                                          | CUSIP: 02530UAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5575000 | PA      | $5630271.11    | 0.04%             | 2029-04-12      | Fixed         | 6.35%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                                        | Entegris, Inc.                                                                                                | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    5620000 | PA      | $5623085.38    | 0.04%             | 2030-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M26, Class X1                                                                          | CUSIP: 3136BARA4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   20810564 | PA      | $411649.60     | 0.00%             | 2032-04-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                                              | Spirit AeroSystems, Inc.                                                                                      | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    3116000 | PA      | $3317923.03    | 0.02%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of Zambia                                                    | Republic of Zambia                                                                                            | CUSIP: 988895AQ1<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |    1758702 | PA      | $1577995.37    | 0.01%             | 2033-06-30      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HEL54<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   24499856 | PA      | $24931260.84   | 0.18%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Republic of Costa Rica                                                | Republic of Costa Rica                                                                                        | CUSIP: 221597CR6<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    3300000 | PA      | $3390750.00    | 0.02%             | 2034-04-03      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                              | Lumen Technologies, Inc.                                                                                      | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    2013442 | PA      | $1955555.54    | 0.01%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J92B1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3063930 | PA      | $3117878.28    | 0.02%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                            | AMSR Trust, Series 2020-SFR2, Class E2                                                                        | CUSIP: 00178UAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10005000 | PA      | $9970892.96    | 0.07%             | 2037-07-17      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                                 | FMC GMSR Issuer Trust, Series 2024-SAT1, Class A                                                              | CUSIP: 30259RAR6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   15000000 | PA      | $15026748.00   | 0.11%             | 2027-03-26      | Variable      | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class E                                                | CUSIP: 17328RAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $2235856.95    | 0.02%             | 2053-02-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| P -stlb                                                               | P -stlb                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    7700000 | PA      | $7584500.00    | 0.06%             | 2026-10-11      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Motion Bondco DAC                                                     | Motion Bondco DAC                                                                                             | CUSIP: 61978XAA5<br>LEI: 635400KFD3IETNQLA755 | Long             | DBT              | CORP              | IE        |     500000 | PA      | $472523.60     | 0.00%             | 2027-11-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K131, Class X3                               | CUSIP: 3137H2N91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   19368680 | PA      | $2791549.74    | 0.02%             | 2031-09-25      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                                            | Builders FirstSource, Inc.                                                                                    | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    2470000 | PA      | $2460938.31    | 0.02%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                                                 | Range Resources Corp.                                                                                         | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    1130000 | PA      | $1086053.96    | 0.01%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| DBJPM Mortgage Trust                                                  | DBJPM Mortgage Trust, Series 2016-C3, Class D                                                                 | CUSIP: 23312VAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2950000 | PA      | $2039703.75    | 0.01%             | 2049-08-10      | Variable      | 3.48%                 | Yes           |                  2 | On Loan: No      |
| Endo GUC Trust                                                        | Endo GUC Trust                                                                                                | CUSIP: 29281F105<br>LEI: N/A                  | Long             |  | RF                | US        |      10295 | NS      | $5147.50       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FHLMC Pool                                                            | FHLMC UMBS, 30 Year                                                                                           | CUSIP: 3132DT6D7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   18345518 | PA      | $18985191.20   | 0.14%             | 2054-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust                                        | Pagaya AI Debt Selection Trust, Series 2021-3, Class C                                                        | CUSIP: 69546RAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9112072 | PA      | $8859535.41    | 0.07%             | 2029-05-15      | Fixed         | 3.27%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                           | Hertz Vehicle Financing LLC, Series 2022-4A, Class D                                                          | CUSIP: 42806MBG3<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |    3800000 | PA      | $3795536.14    | 0.03%             | 2026-09-25      | Fixed         | 6.56%                 | Yes           |                  2 | On Loan: No      |
| OnDeck Asset Securitization Trust IV LLC                              | OnDeck Asset Securitization Trust LLC, Series 2023-1A, Class A                                                | CUSIP: 67108SAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4680000 | PA      | $4719559.57    | 0.03%             | 2030-08-19      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K737, Class X3                               | CUSIP: 3137FQXM0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   74853020 | PA      | $1879297.35    | 0.01%             | 2048-01-25      | Variable      | 1.78%                 | No            |                  2 | On Loan: No      |
| US Foods, Inc.                                                        | US Foods, Inc.                                                                                                | CUSIP: 90290MAE1<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    2268000 | PA      | $2181500.29    | 0.02%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                        | Morgan Stanley Capital I Trust, Series 2020-HR8, Class XA                                                     | CUSIP: 61692BBU3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   17303370 | PA      | $1243745.51    | 0.01%             | 2053-07-15      | Variable      | 1.78%                 | No            |                  2 | On Loan: No      |
| Studio City Finance Ltd.                                              | Studio City Finance Ltd.                                                                                      | CUSIP: N/A<br>LEI: 254900D6R731QAUIG324       | Long             | DBT              | CORP              | VG        |    1950000 | PA      | $1761678.75    | 0.01%             | 2029-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                                   | Medline Borrower LP                                                                                           | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   12938000 | PA      | $12193632.87   | 0.09%             | 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        |   24742000 | PA      | $22661363.32   | 0.17%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, STRIPS, Series 304, Class C32                                                                          | CUSIP: 31325UPM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      34558 | PA      | $885.95        | 0.00%             | 2027-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-10                                                                                          | CUSIP: 38380NT41<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   20575320 | PA      | $844145.69     | 0.01%             | 2062-04-16      | Variable      | 0.58%                 | No            |                  2 | On Loan: No      |
| Altice France Holding SA                                              | Altice France Holding SA                                                                                      | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    9038000 | PA      | $3231085.00    | 0.02%             | 2027-05-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KF66, Class B                                                               | CUSIP: 30314CAG6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1084419 | PA      | $1015489.55    | 0.01%             | 2029-07-25      | Floating      | 6.87%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                                                  | Archrock Partners LP                                                                                          | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2492000 | PA      | $2505107.92    | 0.02%             | 2032-09-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                   | Petroleos Mexicanos                                                                                           | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    7200000 | PA      | $4865040.00    | 0.04%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Intelsat SA                                                           | Intelsat SA                                                                                                   | CUSIP: N/A<br>LEI: 549300YV2L21F4K80V46       | Long             | EC               | CORP              | LU        |     147422 | NS      | $5989018.75    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| AMSR Trust                                                            | AMSR Trust, Series 2022-SFR1, Class F                                                                         | CUSIP: 00179WAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9913000 | PA      | $9778007.74    | 0.07%             | 2039-03-17      | Fixed         | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands, Inc.                                                 | Prestige Brands, Inc.                                                                                         | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    3315000 | PA      | $3008927.38    | 0.02%             | 2031-04-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Camden                                                                | Camden                                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |   18283996 | PA      | $17872606.25   | 0.13%             | 2031-09-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Albertsons Cos., Inc.                                                 | Albertsons Cos., Inc.                                                                                         | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2977000 | PA      | $2895880.92    | 0.02%             | 2030-02-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Wynn Las Vegas LLC                                                    | Wynn Las Vegas LLC                                                                                            | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     695000 | PA      | $691860.27     | 0.01%             | 2027-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Connecticut Avenue Securities, Series 2017-C02, Class 2B1                                               | CUSIP: 30711XGQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   28544000 | PA      | $30904677.29   | 0.23%             | 2029-09-25      | Floating      | 9.94%                 | No            |                  2 | On Loan: No      |
| Saavi Energia Sarl                                                    | Saavi Energia Sarl                                                                                            | CUSIP: 78518PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    4754000 | PA      | $4839572.00    | 0.04%             | 2035-02-10      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-108                                                                                         | CUSIP: 38381DPK0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   68764661 | PA      | $4781385.64    | 0.04%             | 2061-06-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp.                                                   | Regal Rexnord Corp.                                                                                           | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    2931000 | PA      | $3032956.12    | 0.02%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| CGMS Commercial Mortgage Trust                                        | CGMS Commercial Mortgage Trust, Series 2017-B1, Class D                                                       | CUSIP: 17326CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4358750 | PA      | $3614907.95    | 0.03%             | 2050-08-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                | Cleveland-Cliffs, Inc.                                                                                        | CUSIP: 185899AL5<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    3725000 | PA      | $3043726.93    | 0.02%             | 2031-03-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO XXIII Ltd.                                               | Symphony CLO Ltd., Series 2020-23A, Class CR2                                                                 | CUSIP: 87167NDQ5<br>LEI: 54930001DQI1CFLYVB48 | Long             | ABS-CBDO         | CORP              | KY        |    8000000 | PA      | $7963880.00    | 0.06%             | 2034-01-15      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| Petroleos del Peru SA                                                 | Petroleos del Peru SA                                                                                         | CUSIP: 716564AB5<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | NUSS              | PE        |    3110000 | PA      | $1881550.00    | 0.01%             | 2047-06-19      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Co.                                              | Central Garden & Pet Co.                                                                                      | CUSIP: 153527AM8<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |    8885000 | PA      | $8882833.84    | 0.07%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Business Jet Securities LLC                                           | Business Jet Securities LLC, Series 2024-1A, Class C                                                          | CUSIP: 12327CAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1958001 | PA      | $1997029.32    | 0.01%             | 2039-05-15      | Fixed         | 9.13%                 | Yes           |                  3 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2017-C39, Class A5                                              | CUSIP: 95000XAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $3860170.00    | 0.03%             | 2050-09-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust, Series 2021-1, Class M1                                               | CUSIP: 92259TAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2567573 | PA      | $2137232.67    | 0.02%             | 2051-05-25      | Variable      | 1.79%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2022-KF132 Mortgage Trust                                       | FREMF Mortgage Trust, Series 2022-KF132, Class CS                                                             | CUSIP: 30325VAE6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   27434060 | PA      | $25352495.29   | 0.19%             | 2032-02-25      | Floating      | 10.75%                | Yes           |                  2 | On Loan: No      |
| SBALR Commercial Mortgage Trust                                       | SBALR Commercial Mortgage Trust, Series 2020-RR1, Class B                                                     | CUSIP: 78397EAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11440000 | PA      | $8201670.05    | 0.06%             | 2053-02-13      | Fixed         | 3.48%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | U.S. Treasury Long Bond                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         22 | NC      | $66650.32      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| White Cap Supply Holdings LLC                                         | White Cap Supply Holdings LLC, 1st Lien Term Loan C                                                           | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |    2392975 | PA      | $2366245.47    | 0.02%             | 2029-10-19      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                                     | California Housing Finance Agency, Series 2021-2, Class X                                                     | CUSIP: 13033DAH8<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | MUN               | US        |   61722901 | PA      | $2531965.99    | 0.02%             | 2035-03-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| Republic of Honduras                                                  | Republic of Honduras                                                                                          | CUSIP: N/A<br>LEI: 5493002DW1JNBNG17615       | Long             | DBT              | NUSS              | HN        |    3000000 | PA      | $2979000.00    | 0.02%             | 2027-01-19      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Precision Drilling Corp.                                              | Precision Drilling Corp.                                                                                      | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |     975000 | PA      | $936305.27     | 0.01%             | 2029-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                       | CSAIL Commercial Mortgage Trust, Series 2019-C18, Class XA                                                    | CUSIP: 12597DAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   45364152 | PA      | $1547525.45    | 0.01%             | 2052-12-15      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4321, Class PI                                                                           | CUSIP: 3137B8GR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     205417 | PA      | $33824.92      | 0.00%             | 2044-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Altice France Holding SA                                              | Altice France Holding SA                                                                                      | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    2265000 | PA      | $824858.19     | 0.01%             | 2028-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2022-141                                                                                         | CUSIP: 38381HQB0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   11636403 | PA      | $757038.76     | 0.01%             | 2064-06-16      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| Novelis Corp.                                                         | Novelis Corp.                                                                                                 | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     866000 | PA      | $893048.64     | 0.01%             | 2030-01-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CoreVest American Finance Trust                                       | CoreVest American Finance Trust, Series 2019-2, Class E                                                       | CUSIP: 21872GAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5576000 | PA      | $5228264.47    | 0.04%             | 2052-06-15      | Variable      | 5.14%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618KFBA7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3281419 | PA      | $3397355.79    | 0.02%             | 2055-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618JWDX0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     788505 | PA      | $805099.10     | 0.01%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust, Series 2018-2, Class A                                                | CUSIP: 92259BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     898724 | PA      | $874169.16     | 0.01%             | 2048-10-26      | Variable      | 4.05%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1516, Class X3                             | CUSIP: 3137FUZL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2500000 | PA      | $614007.00     | 0.00%             | 2038-10-25      | Variable      | 3.46%                 | No            |                  2 | On Loan: No      |
| FREMF 2020-K105 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2020-K105, Class X2B                                                             | CUSIP: 302975BC0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   81000000 | PA      | $309436.20     | 0.00%             | 2053-03-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                                   | Republic of Ecuador                                                                                           | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |    4800000 | PA      | $2577600.00    | 0.02%             | 2040-07-31      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MNR ABS Issuer I LLC                                                  | MNR ABS Issuer I LLC                                                                                          | CUSIP: 55317XAC3<br>LEI: 254900P5PAYARXBH9O74 | Long             | ABS-O            | CORP              | US        |    7025937 | PA      | $7201585.32    | 0.05%             | 2038-12-15      | Fixed         | 12.44%                | No            |                  3 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-80                                                                                          | CUSIP: 38381DDS6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   62081037 | PA      | $4279283.10    | 0.03%             | 2062-12-16      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| Virgin Media Secured Finance plc                                      | Virgin Media Secured Finance plc                                                                              | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    2750000 | PA      | $2675323.01    | 0.02%             | 2029-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                    | Dominican Republic Government Bond                                                                            | CUSIP: 25714PEE4<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |   11450000 | PA      | $9423350.00    | 0.07%             | 2060-01-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                                           | Wayfair LLC                                                                                                   | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    1474000 | PA      | $1435576.06    | 0.01%             | 2029-10-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2020-K118, Class D                                                               | CUSIP: 30316TAS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   22812305 | PA      | $14839488.81   | 0.11%             | 2053-10-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Elara HGV Timeshare Issuer LLC                                        | Elara HGV Timeshare Issuer LLC, Series 2019-A, Class C                                                        | CUSIP: 28416TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     422144 | PA      | $414095.51     | 0.00%             | 2034-01-25      | Fixed         | 3.45%                 | Yes           |                  2 | On Loan: No      |
| MRCD MARK Mortgage Trust                                              | MRCD MARK Mortgage Trust, Series 2019-PARK, Class G                                                           | CUSIP: 55348UAW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13337000 | PA      | $7114889.39    | 0.05%             | 2036-12-15      | Fixed         | 2.72%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-32                                                                                          | CUSIP: 38381J2J5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  127099332 | PA      | $6491789.04    | 0.05%             | 2063-06-16      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2019-M28, Class XAV3                                                                        | CUSIP: 3136B7GL9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   25705104 | PA      | $92186.22      | 0.00%             | 2027-02-25      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2015-CR24, Class D                                                          | CUSIP: 12593JBL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1458000 | PA      | $1205429.64    | 0.01%             | 2048-08-10      | Variable      | 3.46%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    2500000 | PA      | $-342462.77    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                          | BX Commercial Mortgage Trust, Series 2024-MF, Class B                                                         | CUSIP: 05612EAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3223055 | PA      | $3227083.37    | 0.02%             | 2039-02-15      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2016-95, Class ES                                                                         | CUSIP: 3136AUWF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1287379 | PA      | $145740.92     | 0.00%             | 2046-12-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2017-BNK9, Class D                                                                               | CUSIP: 06540RAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2149000 | PA      | $1429609.36    | 0.01%             | 2054-11-15      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                            | FHLMC Gold Pools, Other                                                                                       | CUSIP: 3132XGSQ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2160000 | PA      | $2108471.30    | 0.02%             | 2032-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                                            | FNMA/FHLMC UMBS, Single Family, 30 Year                                                                       | CUSIP: 01F040669<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        | -237200000 | PA      | $-217291554.94 | -1.60%            | 2055-06-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GMACM Mortgage Loan Trust                                             | GMACM Mortgage Loan Trust, Series 2004-J2, Class A8                                                           | CUSIP: 36185N2E9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      21217 | PA      | $21168.17      | 0.00%             | 2034-06-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                            | FHLMC UMBS, 30 Year                                                                                           | CUSIP: 3132DTRC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   21008198 | PA      | $21720270.13   | 0.16%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K065, Class X3                               | CUSIP: 3137F1G77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   13000000 | PA      | $533856.70     | 0.00%             | 2045-07-25      | Variable      | 2.19%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4689, Class SD                                                                           | CUSIP: 3137F1DW5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     480136 | PA      | $55070.03      | 0.00%             | 2047-06-15      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                               | FHLMC STACR REMIC Trust, Series 2020-DNA6, Class B2                                                           | CUSIP: 35566CBE4<br>LEI: 5493000ITBQFEOXM0S98 | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $2264994.80    | 0.02%             | 2050-12-25      | Floating      | 9.97%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    2500000 | PA      | $-191043.79    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J14S9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     602257 | PA      | $622168.15     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Element Solutions, Inc.                                               | Element Solutions, Inc.                                                                                       | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |    7541000 | PA      | $7240477.58    | 0.05%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                 | Westlake Automobile Receivables Trust, Series 2024-3A, Class D                                                | CUSIP: 96043CAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   19900000 | PA      | $19916926.94   | 0.15%             | 2030-04-15      | Fixed         | 5.21%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                                          | Ecopetrol SA                                                                                                  | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    2525000 | PA      | $2569692.50    | 0.02%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2015-GC31, Class D                                                | CUSIP: 17323YAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3800000 | PA      | $423764.98     | 0.00%             | 2048-06-10      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2024-C10, Class XA                                                                 | CUSIP: 096920AF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  386690362 | PA      | $19493409.15   | 0.14%             | 2057-11-15      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 19K-1513, Class X2A                                                              | CUSIP: 30314MAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  530383615 | PA      | $3228975.45    | 0.02%             | 2034-08-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                               | FHLMC STACR REMIC Trust, Series 2021-HQA2, Class B2                                                           | CUSIP: 35564KGS2<br>LEI: 5493000ISM9M3KNO6J64 | Long             | ABS-MBS          | CORP              | US        |   24250000 | PA      | $28306547.28   | 0.21%             | 2033-12-25      | Floating      | 9.77%                 | Yes           |                  2 | On Loan: No      |
| COLT Mortgage Loan Trust                                              | COLT Mortgage Loan Trust, Series 2023-2, Class A1                                                             | CUSIP: 12598UAA4<br>LEI: 213800IHRVKO9R6JZ883 | Long             | ABS-MBS          | CORP              | US        |    1793408 | PA      | $1804948.50    | 0.01%             | 2068-07-25      | Variable      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class XB                                              | CUSIP: 95001JAZ0<br>LEI: 549300AGZIS1CJS4RM30 | Long             | ABS-MBS          | CORP              | US        |   70000000 | PA      | $363783.00     | 0.00%             | 2051-05-15      | Variable      | 0.17%                 | No            |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust                               | Lendingpoint Asset Securitization Trust, Series 2021-B, Class C                                               | CUSIP: 52607HAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5427792 | PA      | $5306527.06    | 0.04%             | 2029-02-15      | Fixed         | 3.21%                 | Yes           |                  2 | On Loan: No      |
| Trinseo Luxco Finance SPV SARL                                        | Trinseo Luxco Finance SPV Sarl                                                                                | CUSIP: 89668JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    9443500 | PA      | $5571665.00    | 0.04%             | 2029-05-03      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2025-51, Class SH                                                                                | CUSIP: 38385DZ74<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   64902549 | PA      | $4794870.52    | 0.04%             | 2055-03-20      | Floating      | 1.62%                 | No            |                  2 | On Loan: No      |
| Xerox Issuer Corp.                                                    | Xerox Issuer Corp.                                                                                            | CUSIP: 98423RAA1<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |    1690000 | PA      | $1688054.96    | 0.01%             | 2031-04-15      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                  | LHOME Mortgage Trust, Series 2023-RTL1, Class A1                                                              | CUSIP: 50205NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13038895 | PA      | $13039513.12   | 0.10%             | 2028-01-25      | Variable      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 38 Ltd.                            | Neuberger Berman Loan Advisers CLO Ltd., Series 2020-38A, Class CR2                                           | CUSIP: 64133RAY2<br>LEI: 549300SM4FYZ8US63U33 | Long             | ABS-CBDO         | CORP              | KY        |   11300000 | PA      | $11274055.20   | 0.08%             | 2036-10-20      | Floating      | 6.15%                 | Yes           |                  2 | On Loan: No      |
| Raven Acquisition Holdings LLC                                        | Raven Acquisition Holdings LLC, 1st Lien Term Loan                                                            | CUSIP: 75419XAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3061845 | PA      | $3054190.77    | 0.02%             | 2031-11-19      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| Diversified Gas & Oil Corp.                                           | Diversified Gas & Oil Corp.                                                                                   | CUSIP: N/A<br>LEI: 5493008O08WU7K5XC271       | Long             | DBT              | CORP              | US        |   28000000 | PA      | $26938095.80   | 0.20%             | 2029-04-09      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K129, Class X3                               | CUSIP: 3137H13S3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   26500000 | PA      | $4031707.35    | 0.03%             | 2031-05-25      | Variable      | 3.16%                 | No            |                  2 | On Loan: No      |
| CSN Inova Ventures                                                    | CSN Inova Ventures                                                                                            | CUSIP: N/A<br>LEI: 222100R8R68DM7VM3661       | Long             | DBT              | CORP              | KY        |    4300000 | PA      | $4065650.00    | 0.03%             | 2028-01-28      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                                                   | NuStar Logistics LP                                                                                           | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    2304000 | PA      | $2347315.13    | 0.02%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-147                                                                                         | CUSIP: 38381DF96<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   29973303 | PA      | $2193653.10    | 0.02%             | 2061-06-16      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-127, Class SE                                                                               | CUSIP: 38384URZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   26211089 | PA      | $1766931.47    | 0.01%             | 2054-08-20      | Floating      | 1.67%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                                    | Seagate HDD Cayman                                                                                            | CUSIP: 81180WBC4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    4315000 | PA      | $4126531.59    | 0.03%             | 2029-06-01      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd.                                                | Palmer Square CLO Ltd., Series 2021-2A, Class BR                                                              | CUSIP: 69701XAN4<br>LEI: 254900HTQ89UZTKY6247 | Long             | ABS-CBDO         | CORP              | KY        |   18200000 | PA      | $18256947.80   | 0.13%             | 2038-02-15      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                     | State of Nevada Department of Business and Industry, Brighline West Passenger Rail Project, Series 2025A      | CUSIP: 641455AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   13400000 | PA      | $12780300.92   | 0.09%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-159, Class AS                                                                               | CUSIP: 38384YAD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   17376332 | PA      | $1478034.25    | 0.01%             | 2054-10-20      | Floating      | 1.77%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trust                                       | CFCRE Commercial Mortgage Trust, Series 2016-C6, Class C                                                      | CUSIP: 12532ABC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     800000 | PA      | $709653.52     | 0.01%             | 2049-11-10      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                       | CSAIL Commercial Mortgage Trust, Series 2019-C16, Class XA                                                    | CUSIP: 12596WAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   71475724 | PA      | $3557032.28    | 0.03%             | 2052-06-15      | Variable      | 1.53%                 | No            |                  2 | On Loan: No      |
| Kinetik Holdings LP                                                   | Kinetik Holdings LP                                                                                           | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    8229000 | PA      | $8180099.99    | 0.06%             | 2030-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Icon Parent, Inc.                                                     | Icon Parent, Inc., 1st Lien Term Loan                                                                         | CUSIP: 45115DAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4675000 | PA      | $4668782.25    | 0.03%             | 2031-11-13      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-164                                                                                         | CUSIP: 38381DT91<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   40588311 | PA      | $2818115.42    | 0.02%             | 2063-10-16      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2020-BN30, Class D                                                                               | CUSIP: 06541UAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5231252 | PA      | $3896630.40    | 0.03%             | 2053-12-15      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                         | Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class D                                         | CUSIP: 10805NAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8430000 | PA      | $8564029.41    | 0.06%             | 2030-05-15      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                                       | Citigroup, Inc., Series T                                                                                     | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      83000 | PA      | $83828.76      | 0.00%             | 2026-08-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KBX1, Class C                                                               | CUSIP: 30307LAC4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7500000 | PA      | $7215285.00    | 0.05%             | 2026-01-25      | Variable      | 3.51%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                   | COMM Mortgage Trust, Series 2024-CBM, Class A2                                                                | CUSIP: 12674GAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5483928 | PA      | $5541369.40    | 0.04%             | 2041-12-10      | Variable      | 5.87%                 | 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        |   17550000 | PA      | $16809671.33   | 0.12%             | 2028-04-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust                            | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class C                                          | CUSIP: 46647TAZ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1550000 | PA      | $1343476.92    | 0.01%             | 2050-03-15      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K084, Class X3                               | CUSIP: 3137FJZC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   19450000 | PA      | $1360581.96    | 0.01%             | 2028-11-25      | Variable      | 2.24%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3622ADKH0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   22776010 | PA      | $23274882.52   | 0.17%             | 2054-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2011-78, Class JS                                                                         | CUSIP: 3136A0UA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1318749 | PA      | $111114.63     | 0.00%             | 2041-08-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC                                  | Prime Security Services Borrower LLC                                                                          | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4682000 | PA      | $4693665.30    | 0.03%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KW07, Class X2A                                                             | CUSIP: 30297NAN8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  127170269 | PA      | $247358.89     | 0.00%             | 2031-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KSL1, Class C                                                               | CUSIP: 30295VAN2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   15000000 | PA      | $14849064.00   | 0.11%             | 2025-11-25      | Variable      | 3.87%                 | Yes           |                  3 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1513, Class X3                             | CUSIP: 3137FPJB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   12475100 | PA      | $2471217.51    | 0.02%             | 2037-12-25      | Variable      | 2.93%                 | No            |                  2 | On Loan: No      |
| FHLMC Multi-Family ML Certificates                                    | FHLMC Multi-Family ML Certificates, Series 2021-ML09, Class XUS                                               | CUSIP: 30319NAA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   54963377 | PA      | $5933247.11    | 0.04%             | 2040-02-25      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618KFBR0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2101422 | PA      | $2175676.45    | 0.02%             | 2055-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Knife River Corp.                                                     | Knife River Corp.                                                                                             | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1500000 | PA      | $1570066.50    | 0.01%             | 2031-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-47                                                                                          | CUSIP: 38380RA75<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   17420650 | PA      | $1185522.29    | 0.01%             | 2061-03-16      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2                                               | CUSIP: 20754QAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5281033.00    | 0.04%             | 2043-05-25      | Floating      | 7.87%                 | Yes           |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                                     | GLS Auto Receivables Issuer Trust, Series 2023-1A, Class E                                                    | CUSIP: 36266XAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1111249.10    | 0.01%             | 2030-03-15      | Fixed         | 11.42%                | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                                           | Acadia Healthcare Co., Inc.                                                                                   | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    2500000 | PA      | $2463440.25    | 0.02%             | 2028-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                  | FirstKey Homes Trust, Series 2022-SFR2, Class G                                                               | CUSIP: 33767PAW8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   11400000 | PA      | $10696822.92   | 0.08%             | 2039-07-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund VII LLC                               | Bayview Opportunity Master Fund LLC, Series 2024-CAR1, Class E                                                | CUSIP: 07336QAE2<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |     852490 | PA      | $857636.09     | 0.01%             | 2031-12-26      | Floating      | 7.92%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Other                                                                                                   | CUSIP: 3140LDXF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2190000 | PA      | $1847933.80    | 0.01%             | 2031-10-01      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| Magnetite XXXIX Ltd.                                                  | Magnetite Ltd., Series 2023-39A, Class BR                                                                     | CUSIP: 559924AL9<br>LEI: 529900728SHVCI48J015 | Long             | ABS-CBDO         | CORP              | KY        |    5950000 | PA      | $5940515.70    | 0.04%             | 2037-01-25      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                             | LendingClub Loan Certificate Issuer Trust, Series 2022-P2, Class CERT                                         | CUSIP: 52604WAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     750000 | PA      | $2404627.50    | 0.02%             | 2037-04-15      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Federative Republic of Brazil                                         | Federative Republic of Brazil                                                                                 | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    2605000 | PA      | $2412230.00    | 0.02%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP                                          | Antero Midstream Partners LP                                                                                  | CUSIP: 03690AAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7214000 | PA      | $7207720.93    | 0.05%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HIN Timeshare Trust                                                   | HIN Timeshare Trust, Series 2020-A, Class D                                                                   | CUSIP: 40439HAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     704169 | PA      | $682099.33     | 0.01%             | 2039-10-09      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618JWDH5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     903338 | PA      | $920823.83     | 0.01%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J1V91<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3011675 | PA      | $3106949.55    | 0.02%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2016-COR1, Class C                                                          | CUSIP: 12594MBF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $849356.90     | 0.01%             | 2049-10-10      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                       | Sinclair Television Group, Inc.                                                                               | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    6662000 | PA      | $6665530.86    | 0.05%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HSU61<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     424183 | PA      | $438294.19     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-3                                                                                           | CUSIP: 38380RQC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   74694754 | PA      | $4765607.46    | 0.04%             | 2062-09-16      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| Commonwealth of the Bahamas                                           | Commonwealth of the Bahamas                                                                                   | CUSIP: N/A<br>LEI: 549300W13SXC7EKNJC20       | Long             | DBT              | NUSS              | BS        |    3600000 | PA      | $3481200.00    | 0.03%             | 2028-11-21      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                                            | Lamb Weston Holdings, Inc.                                                                                    | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |    2830000 | PA      | $2668813.39    | 0.02%             | 2030-01-31      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                  | NOVA Chemicals Corp.                                                                                          | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    2358000 | PA      | $2538679.39    | 0.02%             | 2030-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ROCK Trust                                                            | ROCK Trust, Series 2024-CNTR, Class E                                                                         | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   63500000 | PA      | $66329801.30   | 0.49%             | 2041-11-13      | Fixed         | 8.82%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2019-GC44, Class E                                                          | CUSIP: 12655TAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8493000 | PA      | $5462886.99    | 0.04%             | 2057-08-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                                            | Avis Budget Car Rental LLC                                                                                    | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2848000 | PA      | $2869451.22    | 0.02%             | 2032-06-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia Capital SA                                             | Telecom Italia Capital SA                                                                                     | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |      36000 | PA      | $37552.72      | 0.00%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                                  | BBCMS Mortgage Trust, Series 2017-C1, Class D                                                                 | CUSIP: 07332VAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $656788.70     | 0.00%             | 2050-02-15      | Variable      | 3.54%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                                   | Hilton Domestic Operating Co., Inc.                                                                           | CUSIP: 432833AH4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    6795000 | PA      | $6802950.15    | 0.05%             | 2028-05-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO XVI Ltd.                                                 | Symphony CLO Ltd., Series 2015-16A, Class B1RR                                                                | CUSIP: 87165VAZ2<br>LEI: 5493004PWOYFPAFQVT02 | Long             | ABS-CBDO         | CORP              | KY        |    8224000 | PA      | $8230587.42    | 0.06%             | 2031-10-15      | Floating      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                            | iHeartCommunications, Inc.                                                                                    | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    3283352 | PA      | $1605788.96    | 0.01%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN16, Class D                                                                               | CUSIP: 065405AL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8795000 | PA      | $6902819.07    | 0.05%             | 2052-02-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HMFB0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1615619 | PA      | $1654773.86    | 0.01%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2017-BNK7, Class D                                                                               | CUSIP: 06541XAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2204226.60    | 0.02%             | 2060-09-15      | Fixed         | 2.71%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                                      | Bombardier, Inc.                                                                                              | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    4595000 | PA      | $4931850.26    | 0.04%             | 2030-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                                         | Novelis Corp.                                                                                                 | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    7130000 | PA      | $6778024.70    | 0.05%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2020-B21, Class E                                                            | CUSIP: 08163LBE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $1362813.00    | 0.01%             | 2053-12-17      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                          | Islamic Republic of Pakistan                                                                                  | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    2500000 | PA      | $1958025.00    | 0.01%             | 2051-04-08      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2012-148, Class US                                                                        | CUSIP: 3136ABMF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1016040 | PA      | $818032.07     | 0.01%             | 2043-01-25      | Floating      | 0.11%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, Single Family, 30 Year                                                                               | CUSIP: 21H052660<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        | 1312338000 | PA      | $1302854297.58 | 9.58%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | GB        |   12500000 | PA      | $-2141606.99   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MGM Resorts International                                             | MGM Resorts International                                                                                     | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    1815000 | PA      | $1811464.60    | 0.01%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                        | Mariner Finance Issuance Trust, Series 2021-BA, Class E                                                       | CUSIP: 56847JAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5030000 | PA      | $4553788.27    | 0.03%             | 2036-11-20      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO Ltd.                               | Neuberger Berman Loan Advisers CLO Ltd., Series 2024-55A, Class B                                             | CUSIP: 640969AE1<br>LEI: 254900P6M7LX99MHDX34 | Long             | ABS-CBDO         | CORP              | JE        |    5250000 | PA      | $5258494.49    | 0.04%             | 2038-04-22      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                   | Newell Brands, Inc.                                                                                           | CUSIP: 651229AW6<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    1579000 | PA      | $1590150.90    | 0.01%             | 2026-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                              | Republic of South Africa                                                                                      | CUSIP: 836205AV6<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    5100000 | PA      | $3429750.00    | 0.03%             | 2046-10-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Incora Intermediate LLC                                               | Incora Intermediate II LLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      80995 | NS      | $1619090.05    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                             | LendingClub Loan Certificate Issuer Trust, Series 2022-NP2, Class CERT                                        | CUSIP: 52607WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     800000 | PA      | $3555208.00    | 0.03%             | 2037-04-15      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618K5YX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     777257 | PA      | $791521.51     | 0.01%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HSHU3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     577681 | PA      | $597749.66     | 0.00%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                            | FHLMC Gold Pools, Other                                                                                       | CUSIP: 3132XGXW1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8000000 | PA      | $8058182.72    | 0.06%             | 2028-06-01      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1518, Class X1                             | CUSIP: 3137FXQX9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   14597887 | PA      | $869536.26     | 0.01%             | 2035-10-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M2                                               | CUSIP: 20754EAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2960000 | PA      | $3061667.12    | 0.02%             | 2043-07-25      | Floating      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                | Lendmark Funding Trust, Series 2024-1A, Class A                                                               | CUSIP: 52603DAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3050000 | PA      | $3087685.50    | 0.02%             | 2032-06-21      | Fixed         | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Claire's Stores, Inc.                                                 | Claire's Stores, Inc.                                                                                         | CUSIP: N/A<br>LEI: 549300N5HNYXI6JY7625       | Long             | EC               | CORP              | US        |          9 | NS      | $0.00          | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Peru LNG Srl                                                          | Peru LNG Srl                                                                                                  | CUSIP: N/A<br>LEI: 254900F70J1LOALV5K70       | Long             | DBT              | CORP              | PE        |   12501000 | PA      | $11532172.50   | 0.08%             | 2030-03-22      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| NRM FNT1 Excess LLC                                                   | NRM FNT1 Excess LLC, Series 2024-FNT1, Class A                                                                | CUSIP: 62956YAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   48022881 | PA      | $48541917.04   | 0.36%             | 2031-11-25      | Variable      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| Accelerated LLC                                                       | Accelerated LLC, Series 2021-1H, Class A                                                                      | CUSIP: 00439KAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     995913 | PA      | $919510.97     | 0.01%             | 2040-10-20      | Fixed         | 1.35%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                   | Exeter Automobile Receivables Trust, Series 2023-2A, Class D                                                  | CUSIP: 30168CAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3000000 | PA      | $3049866.60    | 0.02%             | 2029-08-15      | Fixed         | 6.32%                 | No            |                  2 | On Loan: No      |
| Goodgreen Trust                                                       | Goodgreen Trust, Series 2017-R1                                                                               | CUSIP: 38218AAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       9401 | PA      | $9074.10       | 0.00%             | 2051-10-20      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K121, Class X3                               | CUSIP: 3137F83T8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   52191816 | PA      | $6480950.07    | 0.05%             | 2048-11-25      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| OBX Trust                                                             | OBX Trust, Series 2023-NQM6, Class A1                                                                         | CUSIP: 67117VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2543997 | PA      | $2561314.70    | 0.02%             | 2063-07-25      | Variable      | 6.52%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA                                                                                                          | CUSIP: 38381MPY0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   85000000 | PA      | $5950000.00    | 0.04%             | 2063-11-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KW09, Class B                                                               | CUSIP: 30298GAN2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   15670000 | PA      | $14423898.10   | 0.11%             | 2029-05-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K104, Class X1                               | CUSIP: 3137FREK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    6680491 | PA      | $282547.37     | 0.00%             | 2030-01-25      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| Eskom Holdings SOC Ltd.                                               | Eskom Holdings SOC Ltd.                                                                                       | CUSIP: N/A<br>LEI: 3789001900ED06F65111       | Long             | DBT              | CORP              | ZA        |    5400000 | PA      | $5578875.00    | 0.04%             | 2028-08-10      | Fixed         | 8.45%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2018-106                                                                                         | CUSIP: 38380MDA6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6564430 | PA      | $330030.67     | 0.00%             | 2060-04-16      | Variable      | 0.65%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2020-KF76, Class B                                                               | CUSIP: 30316EAE5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1396571 | PA      | $1362778.45    | 0.01%             | 2030-01-25      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                      | Multi-Family Connecticut Avenue Securities Trust, Series 2019-01, Class M10                                   | CUSIP: 62547NAB5<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |   60500944 | PA      | $60860035.48   | 0.45%             | 2049-10-25      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2017-90, Class SP                                                                         | CUSIP: 3136AYQT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1983680 | PA      | $237224.78     | 0.00%             | 2047-11-25      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| SHR Trust                                                             | SHR Trust, Series 2024-LXRY, Class B                                                                          | CUSIP: 784234AC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2998123.50    | 0.02%             | 2041-10-15      | Floating      | 6.78%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                             | Vistra Operations Co. LLC                                                                                     | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    2255000 | PA      | $2391062.10    | 0.02%             | 2031-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                                            | AMSR Trust, Series 2019-SFR1, Class F                                                                         | CUSIP: 00178XAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5310000 | PA      | $5108103.18    | 0.04%             | 2039-01-19      | Fixed         | 3.87%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2018-BN10, Class D                                                                               | CUSIP: 065404AA3<br>LEI: 549300GL0Y86051URC66 | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1282766.70    | 0.01%             | 2061-02-15      | Fixed         | 2.60%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners 43 Ltd.                                   | Octagon Investment Partners Ltd., Series 2019-1A, Class CR                                                    | CUSIP: 67573LAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   11200000 | PA      | $11229433.60   | 0.08%             | 2032-10-25      | Floating      | 6.73%                 | Yes           |                  2 | On Loan: No      |
| Venator Materials plc                                                 | Venator Materials plc                                                                                         | CUSIP: N/A<br>LEI: 549300WFXC4YL5IHX316       | Long             | EC               | CORP              | GB        |       6983 | NS      | $1309312.50    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-22                                                                                          | CUSIP: 38380RUJ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   51774209 | PA      | $3612074.31    | 0.03%             | 2063-05-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage Trust                                    | Barclays Commercial Mortgage Trust, Series 2019-C4, Class D                                                   | CUSIP: 07335CAT1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8451000 | PA      | $5114042.37    | 0.04%             | 2052-08-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                   | Petroleos Mexicanos                                                                                           | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    2950000 | PA      | $1993315.00    | 0.01%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                           | Federal Republic of Nigeria                                                                                   | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |   16000000 | PA      | $14720000.00   | 0.11%             | 2030-02-23      | Fixed         | 7.14%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HCAK7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1417474 | PA      | $1442433.06    | 0.01%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PetSmart, Inc.                                                        | PetSmart, Inc.                                                                                                | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   11927000 | PA      | $11610657.79   | 0.09%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                     | EMRLD Borrower LP, 1st Lien Term Loan                                                                         | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |    5596885 | PA      | $5565430.48    | 0.04%             | 2031-08-04      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| FREMF 2020-K105 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2020-K105, Class X2A                                                             | CUSIP: 302975BA4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  354486768 | PA      | $1219930.76    | 0.01%             | 2053-03-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                             | LendingClub Loan Certificate Issuer Trust, Series 2022-NP5, Class CERT                                        | CUSIP: 52608RAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     400000 | PA      | $3397112.00    | 0.02%             | 2037-06-15      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| TransDigm, Inc.                                                       | TransDigm, Inc., 1st Lien Term Loan J                                                                         | CUSIP: 89364MCA0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     847864 | PA      | $847584.52     | 0.01%             | 2031-02-28      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, Single Family, 30 Year                                                                               | CUSIP: 21H060671<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  473100000 | PA      | $476907939.32  | 3.51%             | 2055-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Adjustable Rate Mortgage Trust                                        | Adjustable Rate Mortgage Trust, Series 2006-2, Class 1A4                                                      | CUSIP: 007034BN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     766539 | PA      | $664602.91     | 0.00%             | 2036-05-25      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K140, Class X1                               | CUSIP: 3137H6M36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  170099244 | PA      | $2967874.60    | 0.02%             | 2032-01-25      | Variable      | 0.29%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K127, Class X3                               | CUSIP: 3137FXZ68<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8065740 | PA      | $979711.56     | 0.01%             | 2049-03-25      | Variable      | 2.65%                 | No            |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                            | Upstart Pass-Through Trust, Series 2022-PT3, Class A                                                          | CUSIP: 91681DAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1147866 | PA      | $1137653.14    | 0.01%             | 2030-04-20      | Variable      | 20.38%                | Yes           |                  3 | On Loan: No      |
| Enpro, Inc.                                                           | Enpro, Inc.                                                                                                   | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |    1206000 | PA      | $1214969.50    | 0.01%             | 2033-06-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                                                 | Range Resources Corp.                                                                                         | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |    9100000 | PA      | $9347893.10    | 0.07%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                | Mauser Packaging Solutions Holding Co.                                                                        | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    6489000 | PA      | $6392250.31    | 0.05%             | 2027-04-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Intelsat Jackson Holdings SA                                          | Intelsat Jackson Holdings SA                                                                                  | CUSIP: 45824TBC8<br>LEI: 8XJ8KF85PBKK1TLMFN29 | Long             | DBT              | CORP              | LU        |   14244000 | PA      | $14007387.22   | 0.10%             | 2030-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods LLC                                                       | Moran Foods LLC, 1st Lien PIK Term Loan                                                                       | CUSIP: 61647DAT9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2887214 | PA      | $2282631.63    | 0.02%             | 2026-06-30      | Variable      | 2.00%                 | No            |                  3 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                              | Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class C                                             | CUSIP: 05377RJA3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    2500000 | PA      | $2550029.75    | 0.02%             | 2030-06-20      | Fixed         | 6.48%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-40                                                                                          | CUSIP: 38380N8S1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   39282667 | PA      | $2335091.33    | 0.02%             | 2062-01-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Terex Corp.                                                           | Terex Corp.                                                                                                   | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    4140000 | PA      | $3989342.09    | 0.03%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Trust      | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2006-AR8, Class 2A                   | CUSIP: 93935LAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1913642 | PA      | $1638285.13    | 0.01%             | 2046-10-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| BX Mortgage Trust                                                     | BX Mortgage Trust, Series 2025-BIO3, Class D                                                                  | CUSIP: 123911AJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7900000 | PA      | $7616287.30    | 0.06%             | 2042-02-10      | Variable      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO Ltd.                             | Carlyle Global Market Strategies CLO Ltd., Series 2016-1A, Class CR3                                          | CUSIP: 14312HBL9<br>LEI: 549300N3CJKPCWZ7KX23 | Long             | ABS-CBDO         | CORP              | KY        |   12378000 | PA      | $12417003.08   | 0.09%             | 2034-04-20      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class D                                                | CUSIP: 29425AAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9000000 | PA      | $5132472.30    | 0.04%             | 2058-09-10      | Fixed         | 3.17%                 | No            |                  2 | On Loan: No      |
| Republic of El Salvador                                               | Republic of El Salvador                                                                                       | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |    4669000 | PA      | $4823077.00    | 0.04%             | 2029-02-28      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2016-C3, Class D                                                  | CUSIP: 17325GAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1148796.75    | 0.01%             | 2049-11-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2022-M2, Class X2                                                                           | CUSIP: 3136BK7C0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   65679114 | PA      | $686024.92     | 0.01%             | 2032-01-25      | Variable      | 0.20%                 | No            |                  2 | On Loan: No      |
| BX                                                                    | BX, Series 2021-MFM1, Class F                                                                                 | CUSIP: 05608VAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1400000 | PA      | $1394152.48    | 0.01%             | 2034-01-15      | Floating      | 7.44%                 | Yes           |                  2 | On Loan: No      |
| BXG Receivables Note Trust                                            | BXG Receivables Note Trust, Series 2018-A, Class C                                                            | CUSIP: 05607UAC3<br>LEI: 549300MVRSYZ837KPY83 | Long             | ABS-O            | CORP              | US        |     357717 | PA      | $355858.79     | 0.00%             | 2034-02-02      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| DataBank Issuer                                                       | DataBank Issuer, Series 2021-1A, Class C                                                                      | CUSIP: 23802WAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3800000 | PA      | $3662101.80    | 0.03%             | 2051-02-27      | Fixed         | 4.43%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618H0XZ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     373822 | PA      | $381962.96     | 0.00%             | 2045-04-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                                            | FNMA/FHLMC UMBS, Single Family, 30 Year                                                                       | CUSIP: 01F032666<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        | -131900000 | PA      | $-116899308.46 | -0.86%            | 2055-06-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XIX Ltd.                                                 | Symphony CLO Ltd., Series 2018-19A, Class C                                                                   | CUSIP: 87165YAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1001662.00    | 0.01%             | 2031-04-16      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HTT79<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7306711 | PA      | $7528713.91    | 0.06%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2021-R03, Class 1B1                                               | CUSIP: 20754AAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $6120192.60    | 0.04%             | 2041-12-25      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618K5YH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     807036 | PA      | $821846.78     | 0.01%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Rocket Software, Inc.                                                 | Rocket Software, Inc., 1st Lien Term Loan                                                                     | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |    4544400 | PA      | $4547535.64    | 0.03%             | 2028-11-28      | Variable      | 8.58%                 | No            |                  2 | On Loan: No      |
| FHLMC Multi-Family Structured Credit Risk                             | FHLMC, Multi-Family Structured Credit Risk, Series 2021-MN2, Class M2                                         | CUSIP: 35563JAB9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   14070000 | PA      | $14070102.71   | 0.10%             | 2041-07-25      | Floating      | 7.67%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-71                                                                                          | CUSIP: 38380RV49<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  158945309 | PA      | $10141235.26   | 0.07%             | 2062-10-16      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4102, Class BI                                                                           | CUSIP: 3137AUKS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     590278 | PA      | $13440.87      | 0.00%             | 2027-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                                                | Encompass Health Corp.                                                                                        | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    5697000 | PA      | $5432090.07    | 0.04%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K104, Class X3                               | CUSIP: 3137FREL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   45985000 | PA      | $3490206.32    | 0.03%             | 2047-02-25      | Variable      | 1.89%                 | No            |                  2 | On Loan: No      |
| CFIN Issuer LLC                                                       | CFIN Issuer LLC, Series 2022-RTL1, Class AB                                                                   | CUSIP: 12531CAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2260343 | PA      | $2232540.65    | 0.02%             | 2026-02-16      | Variable      | 6.50%                 | Yes           |                  3 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K126, Class X3                               | CUSIP: 3137FXYY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   39727360 | PA      | $4889035.64    | 0.04%             | 2049-01-25      | Variable      | 2.63%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-188, Class IJ                                                                               | CUSIP: 38383CUR9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   18408337 | PA      | $2909181.77    | 0.02%             | 2051-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Imola Merger Corp.                                                    | Imola Merger Corp.                                                                                            | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   20263000 | PA      | $19415789.79   | 0.14%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Wand NewCo 3, Inc.                                                    | Wand NewCo 3, Inc., 1st Lien Term Loan                                                                        | CUSIP: 93369PAM6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4075655 | PA      | $4034450.35    | 0.03%             | 2031-01-30      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                          | American Credit Acceptance Receivables Trust, Series 2024-3, Class D                                          | CUSIP: 02490BAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6350000 | PA      | $6468760.88    | 0.05%             | 2030-07-12      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                                    | Sultanate of Oman Government Bond                                                                             | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |    5400000 | PA      | $5422626.00    | 0.04%             | 2048-01-17      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | U.S. Treasury 10 Year Note                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       4708 | NC      | $5579873.49    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | GB        |    8017000 | PA      | $-1367881.63   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2015-C27, Class C                                               | CUSIP: 94989DBC2<br>LEI: 5493001SKB2HKIF64L70 | Long             | ABS-MBS          | CORP              | US        |    3494204 | PA      | $3077345.82    | 0.02%             | 2048-02-15      | Fixed         | 3.89%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K103, Class X3                               | CUSIP: 3137FQKR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   80100000 | PA      | $5679210.15    | 0.04%             | 2046-12-25      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| DT Midstream, Inc.                                                    | DT Midstream, Inc.                                                                                            | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    5485000 | PA      | $5122351.00    | 0.04%             | 2031-06-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J3D97<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1179558 | PA      | $1220534.44    | 0.01%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KC03, Class B                                                               | CUSIP: 30297UAA0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7000000 | PA      | $6881984.20    | 0.05%             | 2026-01-25      | Variable      | 4.33%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Mscr Trust Mn10                                                 | FHLMC, Series 2025-MN10, Class B1                                                                             | CUSIP: 35563UAC2<br>LEI: 529900M14O2Z3FO2N217 | Long             | ABS-MBS          | USGSE             | US        |     820000 | PA      | $813854.76     | 0.01%             | 2045-02-25      | Floating      | 9.27%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                            | JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class D1                                          | CUSIP: 46645LAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1304668.80    | 0.01%             | 2049-03-17      | Variable      | 4.20%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                                   | Iron Mountain, Inc.                                                                                           | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    3027000 | PA      | $2993802.29    | 0.02%             | 2028-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                  | LHOME Mortgage Trust, Series 2024-RTL2, Class A1                                                              | CUSIP: 50205JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3825000 | PA      | $3862715.65    | 0.03%             | 2029-03-25      | Variable      | 7.13%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2019-R04, Class 2B1                                               | CUSIP: 20753TAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9264968 | PA      | $9612403.85    | 0.07%             | 2039-06-25      | Floating      | 9.69%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-54                                                                                          | CUSIP: 38380PFX7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  159949598 | PA      | $10111565.70   | 0.07%             | 2062-04-16      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.                                  | Owens-Brockway Glass Container, Inc.                                                                          | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    4140000 | PA      | $4142082.42    | 0.03%             | 2027-05-13      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K098, Class X3                               | CUSIP: 3137FPHN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  145702259 | PA      | $10505205.73   | 0.08%             | 2047-10-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618JWDU6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     935728 | PA      | $952778.97     | 0.01%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                                         | Asbury Automotive Group, Inc.                                                                                 | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    5040000 | PA      | $4910150.45    | 0.04%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class D                                  | CUSIP: 61690QAS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4255000 | PA      | $4028895.26    | 0.03%             | 2050-07-15      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                                        | Rite Aid Corp.                                                                                                | CUSIP: 767ESCAA4<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |    7843000 | PA      | $0.08          | 0.00%             | 2025-07-01      | Fixed         | 7.50%                 | No            |                  3 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2017-KF41, Class B                                                               | CUSIP: 30306KAC7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     124656 | PA      | $110201.62     | 0.00%             | 2024-11-25      | Floating      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| Claire's Stores, Inc.                                                 | Claire's Stores, Inc., 1st Lien Term Loan B                                                                   | CUSIP: 17958DAL1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      12157 | PA      | $7739.92       | 0.00%             | 2026-12-18      | Variable      | 10.73%                | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Connecticut Avenue Securities, Series 2021-R02, Class 2M2                                               | CUSIP: 20754KAB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   14400000 | PA      | $14480870.40   | 0.11%             | 2041-11-25      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-106                                                                                         | CUSIP: 38381DMB3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   94985769 | PA      | $6250832.98    | 0.05%             | 2063-04-16      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2016-6, Class KI                                                                          | CUSIP: 3136AQ5C0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     216812 | PA      | $26035.24      | 0.00%             | 2044-02-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XXI Ltd.                                                 | Symphony CLO Ltd., Series 2019-21A, Class CR2                                                                 | CUSIP: 87166RGJ0<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |   13500000 | PA      | $13362327.00   | 0.10%             | 2032-07-15      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2019-37, Class CS                                                                         | CUSIP: 3136B4Z76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2796769 | PA      | $345847.03     | 0.00%             | 2049-07-25      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                      | NRG Energy, Inc.                                                                                              | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    1249000 | PA      | $1234294.15    | 0.01%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                     | Venture Global Calcasieu Pass LLC                                                                             | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    2465000 | PA      | $2230045.07    | 0.02%             | 2031-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| PMT Loan Trust                                                        | PMT Loan Trust, Series 2025-INV5, Class A2                                                                    | CUSIP: 729907AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18900000 | PA      | $18966444.84   | 0.14%             | 2056-05-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| American Airlines Pass-Through Trust                                  | American Airlines Pass-Through Trust, Series 2021-1, Class B                                                  | CUSIP: 02376LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3723100 | PA      | $3485568.08    | 0.03%             | 2030-07-11      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC                              | Sierra Timeshare Receivables Funding LLC, Series 2022-3A, Class D                                             | CUSIP: 826934AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2569340 | PA      | $2678233.25    | 0.02%             | 2039-07-20      | Fixed         | 10.52%                | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                                   | Sirius XM Radio LLC                                                                                           | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   14710000 | PA      | $13958813.26   | 0.10%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2024-5C3, Class A3                                                                 | CUSIP: 09660QAT1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18530000 | PA      | $19072102.56   | 0.14%             | 2057-02-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                                           | Acadia Healthcare Co., Inc.                                                                                   | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     165000 | PA      | $157965.32     | 0.00%             | 2029-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                                   | Post Holdings, Inc.                                                                                           | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    1595000 | PA      | $1454351.15    | 0.01%             | 2031-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4910, Class PI                                                                           | CUSIP: 3137FNHC7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1567177 | PA      | $346628.90     | 0.00%             | 2049-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coherent Corp.                                                        | Coherent Corp.                                                                                                | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |   12944000 | PA      | $12542264.84   | 0.09%             | 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        |    4768000 | PA      | $4452600.47    | 0.03%             | 2029-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                                             | XPO, Inc.                                                                                                     | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    3375000 | PA      | $3408719.63    | 0.03%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                                            | Dana, Inc.                                                                                                    | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    3145000 | PA      | $3134513.63    | 0.02%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Homeward Opportunities Fund Trust                                     | Homeward Opportunities Fund Trust, Series 2024-RTL1, Class A1                                                 | CUSIP: 43789FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   23720000 | PA      | $23815854.89   | 0.18%             | 2029-07-25      | Variable      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                   | Petroleos Mexicanos                                                                                           | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    5548000 | PA      | $3706064.00    | 0.03%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 38 Ltd.                            | Neuberger Berman Loan Advisers CLO Ltd., Series 2020-38A, Class BR2                                           | CUSIP: 64133RAW6<br>LEI: 549300SM4FYZ8US63U33 | Long             | ABS-CBDO         | CORP              | KY        |   21300000 | PA      | $21243022.50   | 0.16%             | 2036-10-20      | Floating      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                                   | Medline Borrower LP, 1st Lien Term Loan                                                                       | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    6722779 | PA      | $6714980.10    | 0.05%             | 2028-10-23      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| EQT Corp.                                                             | EQT Corp.                                                                                                     | CUSIP: 26884LBC2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    7648000 | PA      | $7398620.44    | 0.05%             | 2031-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CSFB Mortgage-Backed Pass-Through Certificates                        | CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-4, Class 2A5                                      | CUSIP: 225458PS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     155651 | PA      | $103691.18     | 0.00%             | 2035-06-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    7500000 | PA      | $-576764.65    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K734, Class X3                               | CUSIP: 3137FLN67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   30250000 | PA      | $506161.15     | 0.00%             | 2026-07-25      | Variable      | 2.16%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Connecticut Avenue Securities, Series 2018-C03, Class 1B1                                               | CUSIP: 30711XJ62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   16054400 | PA      | $17337878.64   | 0.13%             | 2030-10-25      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-K75, Class X2A                                                              | CUSIP: 30296PAN4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  462551541 | PA      | $923114.11     | 0.01%             | 2051-04-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                                 | WR Grace Holdings LLC                                                                                         | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    3371000 | PA      | $2970239.68    | 0.02%             | 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        |    4775000 | PA      | $4575339.11    | 0.03%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2017-GS5, Class D                                                        | CUSIP: 36252HAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5547000 | PA      | $1268124.08    | 0.01%             | 2050-03-10      | Variable      | 3.51%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS1, Class E                                              | CUSIP: 94989HBR0<br>LEI: 5493002S7XBI8CVRR075 | Long             | ABS-MBS          | CORP              | US        |    9230000 | PA      | $8569607.35    | 0.06%             | 2048-05-15      | Variable      | 2.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Connecticut Avenue Securities, Series 2021-R02, Class 2B1                                               | CUSIP: 20754KAF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    4983000 | PA      | $5103776.96    | 0.04%             | 2041-11-25      | Floating      | 7.62%                 | Yes           |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                                  | BBCMS Mortgage Trust, Series 2018-TALL, Class E                                                               | CUSIP: 05548WAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $4741834.80    | 0.03%             | 2037-03-15      | Floating      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                                            | Builders FirstSource, Inc.                                                                                    | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    3590000 | PA      | $3623595.22    | 0.03%             | 2032-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                               | Republic of El Salvador                                                                                       | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |    2900000 | PA      | $2604200.00    | 0.02%             | 2041-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KG01, Class B                                                               | CUSIP: 30298CAS0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3000000 | PA      | $2689383.90    | 0.02%             | 2029-04-25      | Variable      | 4.17%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2023-KF149, Class CS                                                             | CUSIP: 35709HAE2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    8147382 | PA      | $8314457.28    | 0.06%             | 2032-12-25      | Floating      | 10.50%                | Yes           |                  2 | On Loan: No      |
| Aimco CLO Ltd.                                                        | Aimco CLO Ltd., Series 2021-14A, Class B                                                                      | CUSIP: 00144GAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3500000 | PA      | $3505169.50    | 0.03%             | 2034-04-20      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding XLIX Ltd.                                        | Madison Park Funding Ltd., Series 2021-49A, Class B1R                                                         | CUSIP: 55820VAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   17650000 | PA      | $17602662.70   | 0.13%             | 2034-10-19      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| Affirm Asset Securitization Trust                                     | Affirm Asset Securitization Trust, Series 2024-B, Class A                                                     | CUSIP: 00835AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9600000 | PA      | $9582228.48    | 0.07%             | 2029-09-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Affirm Asset Securitization Trust                                     | Affirm Asset Securitization Trust, Series 2024-A, Class 1C                                                    | CUSIP: 00834BAH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $1002157.70    | 0.01%             | 2029-02-15      | Fixed         | 6.16%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                          | Scotts Miracle-Gro Co. (The)                                                                                  | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    1345000 | PA      | $1210567.12    | 0.01%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CHL Mortgage Pass-Through Trust                                       | CHL Mortgage Pass-Through Trust, Series 2006-OA5, Class 2A1                                                   | CUSIP: 126694M96<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     689169 | PA      | $592358.13     | 0.00%             | 2046-04-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                                       | Permian Resources Operating LLC                                                                               | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    9292000 | PA      | $10148127.71   | 0.07%             | 2031-07-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M10, Class X5                                                                          | CUSIP: 3136B9ED5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   52534999 | PA      | $1788448.97    | 0.01%             | 2028-11-25      | Variable      | 1.42%                 | No            |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust                                         | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class B                                                      | CUSIP: 811304AE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10267000 | PA      | $10116203.44   | 0.07%             | 2039-05-15      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                                        | Rite Aid Corp.                                                                                                | CUSIP: 767754CR3<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |    1225992 | PA      | $0.01          | 0.00%             | 2031-08-30      | Variable      | 11.32%                | Yes           |                  3 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust                            | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP7, Class D                                          | CUSIP: 465968AM7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     367000 | PA      | $223430.33     | 0.00%             | 2050-09-15      | Variable      | 4.42%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618GCR38<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1116736 | PA      | $1158462.05    | 0.01%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M6, Class XL                                                                           | CUSIP: 3136B8UC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   30674784 | PA      | $1636364.74    | 0.01%             | 2049-11-25      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | Forward Foreign Currency Contract                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $193928.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                                          | DaVita, Inc.                                                                                                  | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   10437000 | PA      | $9244214.76    | 0.07%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA UMBS, 30 Year                                                                                            | CUSIP: 3140QT3N7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   12761830 | PA      | $12983143.12   | 0.10%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   12500000 | PA      | $-1039918.48   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust                            | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class XB                                         | CUSIP: 46647TAV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   31917000 | PA      | $253405.02     | 0.00%             | 2050-03-15      | Variable      | 0.41%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-61                                                                                          | CUSIP: 38380RR44<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   40325600 | PA      | $3012830.39    | 0.02%             | 2063-08-16      | Variable      | 1.04%                 | No            |                  2 | On Loan: No      |
| FNMA/FHLMC                                                            | FNMA/FHLMC UMBS, Single Family, 30 Year                                                                       | CUSIP: 01F022667<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        | -132900000 | PA      | $-108223562.58 | -0.80%            | 2055-06-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 27 Ltd.                                                   | Elmwood CLO Ltd., Series 2024-3A, Class A                                                                     | CUSIP: 29003FAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   18700000 | PA      | $18755763.40   | 0.14%             | 2037-04-18      | Floating      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5154, Class ZQ                                                                           | CUSIP: 3137H2YT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   10818352 | PA      | $6785764.99    | 0.05%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CoreVest American Finance Trust                                       | CoreVest American Finance Trust, Series 2019-3, Class E                                                       | CUSIP: 21872NAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5810000 | PA      | $5294564.69    | 0.04%             | 2052-10-15      | Variable      | 4.71%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B1                                               | CUSIP: 20754RAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2600000 | PA      | $2660138.00    | 0.02%             | 2041-10-25      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust, Series 2020-1, Class M1                                                           | CUSIP: 92536PAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1990000 | PA      | $1873820.62    | 0.01%             | 2060-01-25      | Variable      | 3.02%                 | Yes           |                  2 | On Loan: No      |
| CD Mortgage Trust                                                     | CD Mortgage Trust, Series 2017-CD6, Class C                                                                   | CUSIP: 125039AK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     913793 | PA      | $855356.58     | 0.01%             | 2050-11-13      | Variable      | 4.27%                 | No            |                  2 | On Loan: No      |
| Coinbase Global, Inc.                                                 | Coinbase Global, Inc.                                                                                         | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    1440000 | PA      | $1339142.40    | 0.01%             | 2028-10-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2024-5C7, Class AS                                                                 | CUSIP: 09660WAX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1550000 | PA      | $1594780.12    | 0.01%             | 2057-11-15      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2019-M28, Class XA3                                                                         | CUSIP: 3136B7GP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   23947509 | PA      | $452090.65     | 0.00%             | 2030-02-25      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K743, Class X1                               | CUSIP: 3137H14D5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    3932619 | PA      | $91448.35      | 0.00%             | 2028-05-25      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                             | Los Angeles Community College District, Election of 2008, Series 2010E                                        | CUSIP: 54438CPA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     100000 | PA      | $109592.90     | 0.00%             | 2049-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                                          | Tallgrass Energy Partners LP                                                                                  | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2519000 | PA      | $2503336.61    | 0.02%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Transnet SOC Ltd.                                                     | Transnet SOC Ltd.                                                                                             | CUSIP: N/A<br>LEI: 378900B07CD6F01EA796       | Long             | DBT              | CORP              | ZA        |    3000000 | PA      | $3058680.00    | 0.02%             | 2028-02-06      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDI                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  541918000 | PA      | $-6794841.52   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trust                                       | CFCRE Commercial Mortgage Trust, Series 2016-C6, Class D                                                      | CUSIP: 12532AAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1900000 | PA      | $1489924.90    | 0.01%             | 2049-11-10      | Variable      | 4.17%                 | Yes           |                  2 | On Loan: No      |
| Flatiron CLO 28 Ltd.                                                  | Flatiron CLO Ltd., Series 2024-1A, Class A1                                                                   | CUSIP: 33884EAC5<br>LEI: 254900U51J2X527SRJ56 | Long             | ABS-CBDO         | CORP              | KY        |    5000000 | PA      | $5006510.00    | 0.04%             | 2036-07-15      | Floating      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618K5ZD7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     767222 | PA      | $781301.68     | 0.01%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC STACR REMIC Trust, Series 2021-DNA6, Class B2                                                           | CUSIP: 35564KLV9<br>LEI: 5493000ISONLNOUKGB71 | Long             | ABS-MBS          | CORP              | US        |    7450000 | PA      | $7935651.35    | 0.06%             | 2041-10-25      | Floating      | 11.82%                | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2019-M12, Class X                                                                           | CUSIP: 3136B5NX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  140517554 | PA      | $1870232.43    | 0.01%             | 2029-06-25      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| Terex Corp.                                                           | Terex Corp.                                                                                                   | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    2456000 | PA      | $2415215.66    | 0.02%             | 2032-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                     | Wells Fargo & Co., Series BB                                                                                  | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   11439000 | PA      | $11262892.02   | 0.08%             | 2026-03-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Precision Drilling Corp.                                              | Precision Drilling Corp.                                                                                      | CUSIP: 740212AL9<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |    1292000 | PA      | $1290559.29    | 0.01%             | 2026-01-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                             | Republic of Turkiye (The)                                                                                     | CUSIP: 900123DG2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    1741000 | PA      | $1918912.79    | 0.01%             | 2033-01-19      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                              | Angel Oak Mortgage Trust, Series 2019-5, Class B1                                                             | CUSIP: 03464KAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2470000 | PA      | $2283036.31    | 0.02%             | 2049-10-25      | Variable      | 3.96%                 | Yes           |                  2 | On Loan: No      |
| Magnetite Ltd.                                                        | Magnetite Ltd., Series 2024-38A, Class B                                                                      | CUSIP: 55952EAB7<br>LEI: 529900R1XWW85WSHQ318 | Long             | ABS-CBDO         | CORP              | KY        |   14750000 | PA      | $14771446.50   | 0.11%             | 2037-04-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| CarNow Auto Receivables Trust                                         | CarNow Auto Receivables Trust, Series 2022-1A, Class E                                                        | CUSIP: 14367LAJ0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5770000 | PA      | $1898053.04    | 0.01%             | 2028-08-15      | Fixed         | 8.29%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                              | Bausch Health Cos., Inc.                                                                                      | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    2020000 | PA      | $1146553.76    | 0.01%             | 2030-01-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                                           | Saks Global Enterprises LLC                                                                                   | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2656000 | PA      | $1188560.00    | 0.01%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| New Albertsons LP                                                     | New Albertsons LP                                                                                             | CUSIP: 013104AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     113000 | PA      | $118354.17     | 0.00%             | 2029-08-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc. (The)                                       | Goldman Sachs Group, Inc. (The), Series W                                                                     | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    6225000 | PA      | $6509930.70    | 0.05%             | 2029-02-10      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K122, Class X3                               | CUSIP: 3137F84K6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   36631000 | PA      | $4241668.33    | 0.03%             | 2049-01-25      | Variable      | 2.63%                 | No            |                  2 | On Loan: No      |
| Performance Food Group, Inc.                                          | Performance Food Group, Inc.                                                                                  | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    7047000 | PA      | $7017770.45    | 0.05%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                               | Republic of El Salvador                                                                                       | CUSIP: 283875CG5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    7327000 | PA      | $7308682.50    | 0.05%             | 2054-11-21      | Fixed         | 9.65%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-204, Class SB                                                                               | CUSIP: 38385BRT9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   34402815 | PA      | $2597749.68    | 0.02%             | 2054-12-20      | Floating      | 1.68%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                                      | Altice France SA                                                                                              | CUSIP: 02156LAE1<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     416000 | PA      | $349335.38     | 0.00%             | 2029-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                                         | CommScope LLC                                                                                                 | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    6326000 | PA      | $6309698.21    | 0.05%             | 2027-03-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                           | Caesars Entertainment, Inc.                                                                                   | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    6228000 | PA      | $6278104.26    | 0.05%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Connecticut Avenue Securities, Series 2018-C05, Class 1B1                                               | CUSIP: 30711XY32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $3273193.50    | 0.02%             | 2031-01-25      | Floating      | 8.69%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M4, Class 1X3                                                                          | CUSIP: 3136B8TZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   72317547 | PA      | $1541983.67    | 0.01%             | 2028-02-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | U.S. Treasury Ultra Bond                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -1335 | NC      | $-3568581.61   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Ballyrock CLO Ltd.                                                    | Ballyrock CLO Ltd., Series 2024-27A, Class A2                                                                 | CUSIP: 05874UAE5<br>LEI: 254900WCB773D35B5908 | Long             | ABS-CBDO         | CORP              | KY        |    3775000 | PA      | $3777702.90    | 0.03%             | 2037-10-25      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Reynolds American, Inc.                                               | Reynolds American, Inc.                                                                                       | CUSIP: 761713BB1<br>LEI: 02S2RPPVO9RP4NEU2740 | Long             | DBT              | CORP              | US        |    1360000 | PA      | $1281915.38    | 0.01%             | 2045-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HYZN6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     487649 | PA      | $502465.47     | 0.00%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                               | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Series 2024 CL A     | CUSIP: 64966TGS7<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   26666000 | PA      | $27140401.47   | 0.20%             | 2031-12-15      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| FHLMC Mscr Trust Mn10                                                 | FHLMC, Series 2025-MN10, Class M1                                                                             | CUSIP: 35563UAA6<br>LEI: 529900M14O2Z3FO2N217 | Long             | ABS-MBS          | USGSE             | US        |   11444693 | PA      | $11330401.05   | 0.08%             | 2045-02-25      | Floating      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                                           | IQVIA, Inc.                                                                                                   | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    6927000 | PA      | $6882460.08    | 0.05%             | 2027-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDS                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   15942000 | PA      | $-312021.69    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                     | Hertz Corp. (The)                                                                                             | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    1875000 | PA      | $1655798.81    | 0.01%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KHG1, Class C                                                               | CUSIP: 30309FAL5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   26000000 | PA      | $24261442.40   | 0.18%             | 2027-12-25      | Variable      | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                                                    | Chemours Co. (The)                                                                                            | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    4922000 | PA      | $4026265.89    | 0.03%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                      | Multi-Family Connecticut Avenue Securities Trust, Series 2024-01, Class M7                                    | CUSIP: 62548RAA7<br>LEI: 254900QY3MMJFMNKXA93 | Long             | ABS-MBS          | CORP              | US        |    1757757 | PA      | $1770697.61    | 0.01%             | 2054-07-25      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                | Arab Republic of Egypt                                                                                        | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    1000000 | PA      | $1008565.00    | 0.01%             | 2027-01-31      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                       | Indianapolis Local Public Improvement Bond Bank, Marion County Health and Hospital, Series 2010B-2            | CUSIP: 45528S5S1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |     240000 | PA      | $246906.10     | 0.00%             | 2040-01-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2019-R07, Class 1B1                                               | CUSIP: 20753WAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   28598177 | PA      | $29320453.00   | 0.22%             | 2039-10-25      | Floating      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| TriMas Corp.                                                          | TriMas Corp.                                                                                                  | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |    2612000 | PA      | $2458447.31    | 0.02%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2014-CR19, Class E                                                          | CUSIP: 12592GAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $5371800.00    | 0.04%             | 2047-08-10      | Variable      | 4.01%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2019-KW10 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2019-KW10, Class X2B                                                             | CUSIP: 30298XAF2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   14881889 | PA      | $49846.89      | 0.00%             | 2032-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                                              | Wynn Resorts Finance LLC                                                                                      | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2522000 | PA      | $2494365.44    | 0.02%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| RingCentral, Inc.                                                     | RingCentral, Inc.                                                                                             | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |    3625000 | PA      | $3828793.88    | 0.03%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Guatemala                                                 | Republic of Guatemala                                                                                         | CUSIP: 401494AW9<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    1420000 | PA      | $1422840.00    | 0.01%             | 2036-06-13      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust                                                | Oportun Issuance Trust, Series 2021-B, Class D                                                                | CUSIP: 68377GAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     704414 | PA      | $694126.52     | 0.01%             | 2031-05-08      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                                        | Univision Communications, Inc.                                                                                | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    1540000 | PA      | $1439699.80    | 0.01%             | 2030-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust                                        | Mariner Finance Issuance Trust, Series 2023-AA, Class E                                                       | CUSIP: 56847FAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8400000 | PA      | $8692958.40    | 0.06%             | 2035-10-22      | Fixed         | 11.12%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KC06, Class X1                               | CUSIP: 3137FQ3Q4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   35734640 | PA      | $212513.90     | 0.00%             | 2026-06-25      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                              | Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class C                                             | CUSIP: 05377RJM7<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    2450000 | PA      | $2458546.58    | 0.02%             | 2030-12-20      | Fixed         | 6.11%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                                               | Bath & Body Works, Inc.                                                                                       | CUSIP: 501797AR5<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    3724000 | PA      | $3817070.21    | 0.03%             | 2029-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR Trust                                                     | FHLMC STACR Trust, Series 2018-HQA2, Class B1                                                                 | CUSIP: 35563XBD3<br>LEI: 5493005RUXPCBST1N217 | Long             | ABS-MBS          | CORP              | US        |    3935000 | PA      | $4185220.75    | 0.03%             | 2048-10-25      | Floating      | 8.69%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1515, Class X1                             | CUSIP: 3137FTZM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   19747940 | PA      | $1952863.89    | 0.01%             | 2035-02-25      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                             | Republic of Uzbekistan International Bond                                                                     | CUSIP: 91822Q2J5<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    2000000 | PA      | $1980900.00    | 0.01%             | 2032-05-25      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                                          | Ardagh Packaging Finance plc                                                                                  | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6380000 | PA      | $5799866.60    | 0.04%             | 2026-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3622ADWC8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   47002754 | PA      | $48815357.86   | 0.36%             | 2055-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K122, Class X1                               | CUSIP: 3137F82T9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   36952805 | PA      | $1414228.18    | 0.01%             | 2030-11-25      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2023-R08, Class 1M2                                               | CUSIP: 20755CAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4495000 | PA      | $4628336.98    | 0.03%             | 2043-10-25      | Floating      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                 | Clydesdale Acquisition Holdings, Inc., 1st Lien Term Loan B                                                   | CUSIP: 18972FAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2516014 | PA      | $2495181.15    | 0.02%             | 2032-04-01      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class D                                               | CUSIP: 95001JAC1<br>LEI: 549300AGZIS1CJS4RM30 | Long             | ABS-MBS          | CORP              | US        |    1250000 | PA      | $955779.88     | 0.01%             | 2051-05-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Vital Energy, Inc.                                                    | Vital Energy, Inc.                                                                                            | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1762498.80    | 0.01%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| FHLMC, Multi-Class Certificates                                       | FHLMC, Multi-Class Certificates, Series 2021-RR16, Class X                                                    | CUSIP: 3137F9ZN4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   40000000 | PA      | $2641128.00    | 0.02%             | 2034-10-27      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                                             | IRV Trust, Series 2025-200P, Class A                                                                          | CUSIP: 45006HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   53700000 | PA      | $53300106.84   | 0.39%             | 2047-03-14      | Variable      | 5.29%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618JCCD9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4926639 | PA      | $5067151.63    | 0.04%             | 2054-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                                | Alternative Loan Trust, Series 2005-J14, Class A3                                                             | CUSIP: 12668AQ24<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     206305 | PA      | $124084.80     | 0.00%             | 2035-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2016-KF24, Class B                                                               | CUSIP: 30295TAA5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      60117 | PA      | $58664.20      | 0.00%             | 2026-10-25      | Floating      | 9.47%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2020-K115, Class D                                                               | CUSIP: 302673AG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   25000000 | PA      | $16919855.00   | 0.12%             | 2053-09-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3617FTVT2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1219721 | PA      | $1262092.90    | 0.01%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HKLT8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1720272 | PA      | $1772538.89    | 0.01%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Structured Agency Credit Risk Debt Notes                        | FHLMC STACR, Whole Loan, Series 2017-DNA3, Class B1                                                           | CUSIP: 3137G0RJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15800000 | PA      | $16928565.56   | 0.12%             | 2030-03-25      | Floating      | 8.89%                 | No            |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                                        | Anywhere Real Estate Group LLC                                                                                | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     785000 | PA      | $609682.57     | 0.00%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Centex Home Equity Loan Trust                                         | Centex Home Equity Loan Trust, Series 2004-A, Class AF4                                                       | CUSIP: 152314HY9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      70236 | PA      | $69974.08      | 0.00%             | 2032-08-25      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2019-HRP1, Class B1                                               | CUSIP: 20754PAD2<br>LEI: 549300Z5THZ1JXIHVK60 | Long             | ABS-MBS          | CORP              | US        |   17955000 | PA      | $19465239.94   | 0.14%             | 2039-11-25      | Floating      | 13.69%                | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                                      | Bombardier, Inc.                                                                                              | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     486000 | PA      | $488233.66     | 0.00%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                       | WFRBS Commercial Mortgage Trust, Series 2014-C21, Class D                                                     | CUSIP: 92939FAE9<br>LEI: 5493000F7E2NMQ4HIO61 | Long             | ABS-MBS          | CORP              | US        |    6152500 | PA      | $4891852.75    | 0.04%             | 2047-08-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Avantor Funding, Inc.                                                 | Avantor Funding, Inc.                                                                                         | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   15284000 | PA      | $14896059.98   | 0.11%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                                              | PRPM LLC, Series 2024-5, Class A1                                                                             | CUSIP: 69381KAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2029014 | PA      | $2025526.40    | 0.01%             | 2029-09-25      | Variable      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                              | Avis Budget Rental Car Funding AESOP LLC, Series 2024-3A, Class B                                             | CUSIP: 05377RJL9<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    2625000 | PA      | $2659926.41    | 0.02%             | 2030-12-20      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Accelerated Assets LLC                                                | Accelerated Assets LLC, Series 2018-1, Class C                                                                | CUSIP: 00436MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     152445 | PA      | $149113.35     | 0.00%             | 2033-12-02      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| iHeartMedia, Inc.                                                     | iHeartMedia, Inc., Class A                                                                                    | CUSIP: 45174J509<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       2360 | NS      | $3091.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K067, Class X3                               | CUSIP: 3137FAWV6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   91000000 | PA      | $3895236.80    | 0.03%             | 2044-09-25      | Variable      | 2.11%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-126, Class HS                                                                               | CUSIP: 38384UVQ9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   21526785 | PA      | $1546228.07    | 0.01%             | 2054-08-20      | Floating      | 1.62%                 | No            |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                     | Hertz Corp. (The), Escrow                                                                                     | CUSIP: 428ESCAB3<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    5875000 | PA      | $381875.00     | 0.00%             | 2024-10-15      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-90                                                                                          | CUSIP: 38381LFZ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   19815022 | PA      | $1346147.38    | 0.01%             | 2066-07-16      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                        | Cascade Funding Mortgage Trust, Series 2021-FRR1, Class BK58                                                  | CUSIP: 12529YBA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11000000 | PA      | $10322950.00   | 0.08%             | 2029-09-29      | Variable      | 2.40%                 | Yes           |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                       | CSAIL Commercial Mortgage Trust, Series 2015-C4, Class E                                                      | CUSIP: 12635RBF4<br>LEI: 54930025J96YEH8FQE77 | Long             | ABS-MBS          | CORP              | US        |    3298000 | PA      | $3105337.44    | 0.02%             | 2048-11-15      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618H4AL3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     942491 | PA      | $971124.94     | 0.01%             | 2054-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2019-M31, Class X1                                                                          | CUSIP: 3136B7S93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   38275604 | PA      | $2215793.86    | 0.02%             | 2034-04-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2022-166                                                                                         | CUSIP: 38381HUT6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   79363847 | PA      | $5109341.29    | 0.04%             | 2065-04-16      | Variable      | 0.79%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                                                   | Buckeye Partners LP                                                                                           | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    4148000 | PA      | $4281619.52    | 0.03%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                          | American Credit Acceptance Receivables Trust, Series 2023-4, Class E                                          | CUSIP: 02530CAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3000000 | PA      | $3155764.20    | 0.02%             | 2031-08-12      | Fixed         | 9.79%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2018-R07, Class 1B1                                               | CUSIP: 20753QAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6744610 | PA      | $7207700.83    | 0.05%             | 2031-04-25      | Floating      | 8.79%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                           | Hashemite Kingdom of Jordan                                                                                   | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    9200000 | PA      | $7925800.00    | 0.06%             | 2047-10-10      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2025-24, Class SC                                                                         | CUSIP: 3136BVSL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   46206194 | PA      | $3346455.91    | 0.02%             | 2055-04-25      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| Vital Energy, Inc.                                                    | Vital Energy, Inc.                                                                                            | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    2044000 | PA      | $1657944.20    | 0.01%             | 2032-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust                                              | Angel Oak Mortgage Trust, Series 2019-5, Class M1                                                             | CUSIP: 03464KAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8000000 | PA      | $7635593.60    | 0.06%             | 2049-10-25      | Variable      | 3.30%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods LLC                                                       | Moran Foods LLC, 2nd Lien PIK Term Loan                                                                       | CUSIP: 61647DAU6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      73777 | PA      | $35567.84      | 0.00%             | 2026-06-30      | Variable      | 2.00%                 | No            |                  3 | On Loan: No      |
| SCE Trust VI                                                          | SCE Trust VI                                                                                                  | CUSIP: 78410V200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     199200 | NS      | $3388392.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominican Republic                                                    | Dominican Republic Government Bond                                                                            | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |    1600000 | PA      | $1464464.00    | 0.01%             | 2049-06-05      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Republic of El Salvador                                               | Republic of El Salvador                                                                                       | CUSIP: N/A<br>LEI: 529900AKDMUSFSDOM949       | Long             | DBT              | NUSS              | SV        |    4400000 | PA      | $3570600.00    | 0.03%             | 2050-01-20      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                                         | Staples, Inc.                                                                                                 | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   11030000 | PA      | $9985254.95    | 0.07%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                | Arab Republic of Egypt                                                                                        | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    2300000 | PA      | $1758971.00    | 0.01%             | 2047-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                             | OBX Trust, Series 2025-NQM2, Class A1                                                                         | CUSIP: 67120VAA3<br>LEI: 2549006BC0G3YEF5SL09 | Long             | ABS-MBS          | CORP              | US        |    4839424 | PA      | $4859996.35    | 0.04%             | 2064-11-25      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| BHMS                                                                  | BHMS, Series 2018-ATLS, Class A                                                                               | CUSIP: 05549GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   27095000 | PA      | $27097135.09   | 0.20%             | 2035-07-15      | Floating      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2025-38                                                                                          | CUSIP: 38381L8C9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  157471452 | PA      | $6204910.62    | 0.05%             | 2062-01-16      | Variable      | 0.64%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                             | MGM Resorts International                                                                                     | CUSIP: 552953CD1<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    4489000 | PA      | $4470037.12    | 0.03%             | 2026-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NatWest Group plc                                                     | NatWest Group plc                                                                                             | CUSIP: 780097BQ3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    9349000 | PA      | $9318791.51    | 0.07%             | 2025-12-29      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                            | FHLMC UMBS, 30 Year                                                                                           | CUSIP: 3132DUFA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   13664036 | PA      | $14161647.62   | 0.10%             | 2054-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618JWD85<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2464001 | PA      | $2509201.65    | 0.02%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO                                               | Bain Capital Credit CLO, Series 2019-1A, Class BR2                                                            | CUSIP: 05683VBC7<br>LEI: 549300B0VI605XM3L529 | Long             | ABS-CBDO         | CORP              | KY        |    5000000 | PA      | $5003105.00    | 0.04%             | 2034-04-19      | Floating      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2018-B1, Class D                                                             | CUSIP: 08162PAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1031695.40    | 0.01%             | 2051-01-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Masterbrand, Inc.                                                     | Masterbrand, Inc.                                                                                             | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    6600000 | PA      | $6562851.90    | 0.05%             | 2032-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-K75, Class X2B                                                              | CUSIP: 30296PAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  114000000 | PA      | $254858.40     | 0.00%             | 2051-04-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                                     | Genesis Energy LP                                                                                             | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1081000 | PA      | $1096843.14    | 0.01%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CD&R Smokey Buyer, Inc.                                               | CD&R Smokey Buyer, Inc.                                                                                       | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    5232000 | PA      | $4342560.00    | 0.03%             | 2029-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Axon Enterprise, Inc.                                                 | Axon Enterprise, Inc.                                                                                         | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    1130000 | PA      | $1152487.19    | 0.01%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDS                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    7971000 | PA      | $-164502.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                                   | Station Casinos LLC                                                                                           | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    5375000 | PA      | $5212958.37    | 0.04%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                  | IHO Verwaltungs GmbH                                                                                          | CUSIP: 44963BAF5<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    5218000 | PA      | $5270274.81    | 0.04%             | 2030-11-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2019-65, Class ST                                                                                | CUSIP: 38381VLL2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7987687 | PA      | $786466.09     | 0.01%             | 2049-05-20      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                     | Wells Fargo & Co.                                                                                             | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    2220000 | PA      | $2281611.66    | 0.02%             | 2029-09-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                                | Alternative Loan Trust, Series 2004-24CB, Class 1A1                                                           | CUSIP: 12667FVN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      10224 | PA      | $10540.89      | 0.00%             | 2034-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3, Inc.                                                    | Wand NewCo 3, Inc.                                                                                            | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |    2983000 | PA      | $3103220.87    | 0.02%             | 2032-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN22, Class D                                                                               | CUSIP: 06540XAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4250000 | PA      | $3322391.60    | 0.02%             | 2062-11-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                        | Cascade Funding Mortgage Trust, Series 2021-FRR1, Class BK54                                                  | CUSIP: 12529YAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   20000000 | PA      | $18972140.00   | 0.14%             | 2026-02-28      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BX Mortgage Trust                                                     | BX Mortgage Trust, Series 2025-BIO3, Class C                                                                  | CUSIP: 123911AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15700000 | PA      | $15732401.66   | 0.12%             | 2042-02-10      | Variable      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| ROCK Trust                                                            | ROCK Trust, Series 2024-CNTR, Class D                                                                         | CUSIP: 74970WAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   20727000 | PA      | $21410516.35   | 0.16%             | 2041-11-13      | Fixed         | 7.11%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2015-LC23, Class E                                                          | CUSIP: 12636FAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3500000 | PA      | $2852013.85    | 0.02%             | 2048-10-10      | Variable      | 3.54%                 | Yes           |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                                              | Blue Racer Midstream LLC                                                                                      | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1935000 | PA      | $1999197.50    | 0.01%             | 2029-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3622ADHC5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   30203800 | PA      | $31269794.39   | 0.23%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                                              | PRPM LLC, Series 2024-2, Class A1                                                                             | CUSIP: 74448BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5480952 | PA      | $5481804.00    | 0.04%             | 2029-03-25      | Variable      | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                                            | Dana, Inc.                                                                                                    | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    3147000 | PA      | $3132093.61    | 0.02%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Scripps Escrow II, Inc.                                               | Scripps Escrow II, Inc.                                                                                       | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3265000 | PA      | $2791575.00    | 0.02%             | 2029-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Connecticut Avenue Securities, Series 2017-C05, Class 1B1                                               | CUSIP: 30711XNW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   11760000 | PA      | $12433602.22   | 0.09%             | 2030-01-25      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd.                                                     | CIFC Funding Ltd., Series 2022-2A, Class BR                                                                   | CUSIP: 12567MAS0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   14750000 | PA      | $14654759.25   | 0.11%             | 2035-04-19      | Floating      | 5.67%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-218                                                                                         | CUSIP: 38381EKC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   15162514 | PA      | $1112393.29    | 0.01%             | 2061-10-16      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Certificates Trust                         | WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR8, Class A                                       | CUSIP: 92922FAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      62119 | PA      | $60609.05      | 0.00%             | 2033-08-25      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                  | FirstKey Homes Trust, Series 2020-SFR1, Class F1                                                              | CUSIP: 33767MAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1902000 | PA      | $1887827.63    | 0.01%             | 2037-08-17      | Fixed         | 3.64%                 | Yes           |                  2 | On Loan: No      |
| Toronto-Dominion Bank (The)                                           | Toronto-Dominion Bank (The)                                                                                   | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    5795000 | PA      | $6069283.15    | 0.04%             | 2082-10-31      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Theorem Funding Trust                                                 | Theorem Funding Trust, Series 2022-3A, Class A                                                                | CUSIP: 882925AA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     322190 | PA      | $323037.12     | 0.00%             | 2029-04-15      | Fixed         | 7.60%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2019-B14, Class E                                                            | CUSIP: 08162YAR3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $916672.50     | 0.01%             | 2062-12-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO Ltd.                             | Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class A2RR                                         | CUSIP: 14311NAY0<br>LEI: 549300Q4PPEXLDSOKL32 | Long             | ABS-CBDO         | CORP              | KY        |    6000000 | PA      | $6013638.00    | 0.04%             | 2032-07-20      | Floating      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN24, Class D                                                                               | CUSIP: 06540VAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7380000 | PA      | $5747491.60    | 0.04%             | 2062-11-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-27, Class GB                                                                                | CUSIP: 38384JEA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2000000 | PA      | $1873262.00    | 0.01%             | 2054-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                     | Credit Acceptance Auto Loan Trust, Series 2023-5A, Class B                                                    | CUSIP: 22535PAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3866000 | PA      | $3965645.38    | 0.03%             | 2034-02-15      | Fixed         | 6.71%                 | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                | Santander Drive Auto Receivables Trust, Series 2022-7, Class C                                                | CUSIP: 80287FAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     493000 | PA      | $504146.04     | 0.00%             | 2031-03-17      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                           | Caesars Entertainment, Inc.                                                                                   | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     591000 | PA      | $591868.18     | 0.00%             | 2027-07-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class C                                                | CUSIP: 17324TAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $811250.70     | 0.01%             | 2049-02-10      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Xerox Corp.                                                           | Xerox Corp.                                                                                                   | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |    1750000 | PA      | $1798338.50    | 0.01%             | 2030-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                                        | Entegris, Inc.                                                                                                | CUSIP: 29362UAD6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     881000 | PA      | $821559.63     | 0.01%             | 2029-05-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2022-147                                                                                         | CUSIP: 38381HMW8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  130510909 | PA      | $6147298.75    | 0.05%             | 2064-09-16      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| VOLT XCV LLC                                                          | VOLT XCV LLC, Series 2021-NPL4, Class A1                                                                      | CUSIP: 92873BAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     941330 | PA      | $940165.08     | 0.01%             | 2051-03-27      | Variable      | 6.24%                 | Yes           |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                           | Federal Republic of Nigeria                                                                                   | CUSIP: 65412JAR4<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    6347000 | PA      | $5884874.93    | 0.04%             | 2028-09-28      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Purewest ABS Issuer LLC                                               | Purewest ABS Issuer LLC, Series 2025-1, Class A2                                                              | CUSIP: 74628AAB0<br>LEI: 254900N011GHBESCKS35 | Long             | ABS-O            | CORP              | US        |    5992306 | PA      | $5992306.07    | 0.04%             | 2040-04-05      | Fixed         | 6.53%                 | Yes           |                  3 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust                   | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2013-C16, Class D                                 | CUSIP: 46641BAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1996064 | PA      | $1881110.87    | 0.01%             | 2046-12-15      | Variable      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Upstart Securitization Trust                                          | Upstart Securitization Trust, Series 2021-4, Class C                                                          | CUSIP: 91682NAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4169238 | PA      | $4101321.49    | 0.03%             | 2031-09-20      | Fixed         | 3.19%                 | Yes           |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                           | Washington State Housing Finance Commission, Series 2021-1, Class X                                           | CUSIP: 93978TS67<br>LEI: 549300YL1HU59NREG764 | Long             | ABS-MBS          | MUN               | US        |   89216619 | PA      | $3520916.01    | 0.03%             | 2035-12-20      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO Ltd.                                                      | Elmwood CLO Ltd., Series 2021-1A, Class BR                                                                    | CUSIP: 29003EAU9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5000000 | PA      | $5008020.00    | 0.04%             | 2037-04-20      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                                        | Community Health Systems, Inc.                                                                                | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    6716000 | PA      | $6452613.93    | 0.05%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-180                                                                                         | CUSIP: 38381D6B1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   19083120 | PA      | $1328454.23    | 0.01%             | 2063-11-16      | Variable      | 0.91%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2018-BN15, Class E                                                                               | CUSIP: 06036FAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1499829.80    | 0.01%             | 2061-11-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                                    | United Airlines Pass-Through Trust, Series 2016-1, Class B                                                    | CUSIP: 90933HAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2290648 | PA      | $2259719.94    | 0.02%             | 2026-01-07      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Wayfair LLC                                                           | Wayfair LLC                                                                                                   | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    3773000 | PA      | $3696602.37    | 0.03%             | 2030-09-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Orange County Water District                                          | Orange County Water District, Series 2017B                                                                    | CUSIP: 68442CCA2<br>LEI: 549300KBQTX6CMJ3U708 | Long             | DBT              | MUN               | US        |     290000 | PA      | $249032.83     | 0.00%             | 2041-08-15      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                                           | Allied Universal Holdco LLC                                                                                   | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1622000 | PA      | $1549343.39    | 0.01%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                             | Republic of Cote d'Ivoire                                                                                     | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |    7067000 | PA      | $7016930.31    | 0.05%             | 2028-03-03      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                                            | Grifols SA                                                                                                    | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    6077000 | PA      | $5780807.63    | 0.04%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                                                  | Archrock Partners LP                                                                                          | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1791000 | PA      | $1793582.62    | 0.01%             | 2027-04-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K096, Class X3                               | CUSIP: 3137FNBB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   48669127 | PA      | $3407199.04    | 0.03%             | 2051-08-25      | Variable      | 2.04%                 | No            |                  2 | On Loan: No      |
| Baytex Energy Corp.                                                   | Baytex Energy Corp.                                                                                           | CUSIP: 07317QAK1<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |    2260000 | PA      | $2051532.40    | 0.02%             | 2032-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments II Trust                        | Structured Asset Mortgage Investments II Trust, Series 2007-AR7, Class 1A1                                    | CUSIP: 86364KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12273518 | PA      | $9796357.31    | 0.07%             | 2047-05-25      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1512, Class X3                             | CUSIP: 3137FMTV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    7134407 | PA      | $1525705.07    | 0.01%             | 2034-10-25      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                                              | AthenaHealth Group, Inc., 1st Lien Term Loan                                                                  | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |    6589770 | PA      | $6558007.13    | 0.05%             | 2029-02-15      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HMD55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1622501 | PA      | $1652362.25    | 0.01%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                            | Upstart Pass-Through Trust, Series 2021-PT2, Class A                                                          | CUSIP: 91683PAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1058448 | PA      | $899886.02     | 0.01%             | 2029-11-20      | Variable      | 22.57%                | Yes           |                  3 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618N5GQ6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  329509220 | PA      | $332973584.36  | 2.45%             | 2055-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J14N0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     465885 | PA      | $484049.80     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                                                 | Directv Financing LLC                                                                                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    8227000 | PA      | $8097907.02    | 0.06%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CFIN 2022-RTL1 Issuer LLC                                             | CFIN 2022-RTL1 Issuer LLC, Class B                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    3460000 | PA      | $3460000.00    | 0.03%             | 2027-08-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Lendmark Funding Trust                                                | Lendmark Funding Trust, Series 2021-2A, Class B                                                               | CUSIP: 52604DAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1000000 | PA      | $920651.40     | 0.01%             | 2032-04-20      | Fixed         | 2.37%                 | Yes           |                  2 | On Loan: No      |
| FS Luxembourg Sarl                                                    | FS Luxembourg Sarl                                                                                            | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |    2753000 | PA      | $2780530.00    | 0.02%             | 2031-02-12      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| KKR CLO 40 Ltd.                                                       | KKR CLO Ltd., Series 40A, Class BR                                                                            | CUSIP: 48254UAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5300000 | PA      | $5301171.30    | 0.04%             | 2034-10-20      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| Renew                                                                 | Renew, Series 2017-1A, Class B                                                                                | CUSIP: 75973LAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |      23551 | PA      | $23297.05      | 0.00%             | 2052-09-20      | Fixed         | 5.75%                 | Yes           |                  3 | On Loan: No      |
| FHLMC Multifamily Structured Credit Risk                              | FHLMC, Multi-Family Structured Pass-Through Certificates, Series 2024-MN9, Class M2                           | CUSIP: 355917AB1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7900000 | PA      | $7959148.09    | 0.06%             | 2044-10-25      | Floating      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                                         | NYC Commercial Mortgage Trust, Series 2021-909, Class E                                                       | CUSIP: 67076XAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $3410452.00    | 0.03%             | 2043-04-10      | Variable      | 3.21%                 | Yes           |                  2 | On Loan: No      |
| Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust    | Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust, Series 2005-8, Class 1A5                  | CUSIP: 1729734C0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      29838 | PA      | $28853.83      | 0.00%             | 2035-11-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                            | Upstart Pass-Through Trust, Series 2021-ST6, Class CERT                                                       | CUSIP: 91680VAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2900000 | PA      | $696000.00     | 0.01%             | 2027-08-20      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                      | Goodyear Tire & Rubber Co. (The)                                                                              | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    2670000 | PA      | $2491348.70    | 0.02%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                     | CD Mortgage Trust, Series 2017-CD5, Class D                                                                   | CUSIP: 12515HAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     266000 | PA      | $236798.15     | 0.00%             | 2050-08-15      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                     | Credit Acceptance Auto Loan Trust, Series 2023-2A, Class A                                                    | CUSIP: 22537EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $2006852.80    | 0.01%             | 2033-05-16      | Fixed         | 5.92%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                                            | Sensata Technologies, Inc.                                                                                    | CUSIP: 81728UAA2<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    5574000 | PA      | $5240668.67    | 0.04%             | 2030-02-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                       | Palmer Square Loan Funding Ltd., Series 2024-1A, Class B                                                      | CUSIP: 69703NAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    7000000 | PA      | $7013720.00    | 0.05%             | 2032-10-15      | Floating      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K091, Class X1                               | CUSIP: 3137FLNB6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8884580 | PA      | $167986.97     | 0.00%             | 2029-03-25      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K064, Class X3                               | CUSIP: 3137BXR38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   18830000 | PA      | $708064.49     | 0.01%             | 2027-05-25      | Variable      | 2.14%                 | No            |                  2 | On Loan: No      |
| Moran Foods LLC                                                       | Moran Foods LLC, 1st Lien Super Senior Delayed Draw Term Loan                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    3290945 | PA      | $3290944.69    | 0.02%             | 2026-06-30      | Variable      | 15.92%                | No            |                  3 | On Loan: No      |
| Islamic Republic of Pakistan                                          | Islamic Republic of Pakistan                                                                                  | CUSIP: 695847AT0<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |    5013000 | PA      | $4268519.37    | 0.03%             | 2031-04-08      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| MIWD Holdco II LLC                                                    | MIWD Holdco II LLC                                                                                            | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1950000 | PA      | $1797782.61    | 0.01%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Structured Agency Credit Risk Debt Notes                        | FHLMC STACR REMIC Trust, Series 2021-DNA2, Class B2                                                           | CUSIP: 35564KDY2<br>LEI: 5493007ZK0X40BI7UF30 | Long             | ABS-MBS          | CORP              | US        |   19500000 | PA      | $23654904.00   | 0.17%             | 2033-08-25      | Floating      | 10.32%                | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                            | JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class D                                          | CUSIP: 46644FAX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $894690.00     | 0.01%             | 2048-10-15      | Variable      | 3.74%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KF53, Class B                                                               | CUSIP: 35708AAG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     491756 | PA      | $488496.91     | 0.00%             | 2025-10-25      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                             | MGM Resorts International                                                                                     | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    2685000 | PA      | $2690294.82    | 0.02%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance BV                                        | Braskem Netherlands Finance BV                                                                                | CUSIP: 10554TAG0<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    1302000 | PA      | $1133391.00    | 0.01%             | 2033-02-13      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 36179XBV7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |         60 | PA      | $58.15         | 0.00%             | 2052-07-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2015-CR27, Class D                                                          | CUSIP: 12635QAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2072000 | PA      | $1753332.82    | 0.01%             | 2048-10-10      | Variable      | 3.45%                 | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                        | Cascade Funding Mortgage Trust, Series 2021-FRR1, Class BK98                                                  | CUSIP: 12529YBY7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6970000 | PA      | $5217477.14    | 0.04%             | 2029-08-29      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| SPX FLOW, Inc.                                                        | SPX FLOW, Inc., 1st Lien Term Loan B                                                                          | CUSIP: 78470DAV0<br>LEI: 5493003YXEKRBINIEM78 | Long             | LON              | CORP              | US        |    3200000 | PA      | $3208000.00    | 0.02%             | 2029-04-05      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5143, Class PI                                                                           | CUSIP: 3137H2HC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2600840 | PA      | $312365.85     | 0.00%             | 2051-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CITI Asset Receivables Trust I                                        | CITI Asset Receivables Trust I, Series 2025-2, Class CERT                                                     | CUSIP: 17292CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   64590525 | PA      | $66847467.79   | 0.49%             | 2031-05-20      | Fixed         | 24.76%                | Yes           |                  3 | On Loan: No      |
| PetSmart LLC                                                          | PetSmart LLC, 1st Lien Term Loan                                                                              | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6308594 | PA      | $6278375.89    | 0.05%             | 2028-02-11      | Variable      | 8.18%                 | No            |                  2 | On Loan: No      |
| Republic of Ghana                                                     | Republic of Ghana                                                                                             | CUSIP: 374422AN3<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     435930 | PA      | $354193.03     | 0.00%             | 2030-01-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KF61, Class B                                                               | CUSIP: 30311LAG9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1817176 | PA      | $1730466.55    | 0.01%             | 2029-04-25      | Floating      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2006-42, Class LI                                                                         | CUSIP: 31395DVD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     892858 | PA      | $94837.01      | 0.00%             | 2036-06-25      | Floating      | 2.12%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                         | UBS Commercial Mortgage Trust, Series 2018-C11, Class XB                                                      | CUSIP: 90276XAX3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  100000000 | PA      | $884330.00     | 0.01%             | 2051-06-15      | Variable      | 0.23%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                               | American Airlines, Inc.                                                                                       | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    9427000 | PA      | $9410893.88    | 0.07%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GSMSC Pass-Through Trust                                              | GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1                                                           | CUSIP: 3622X1AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     156176 | PA      | $17189.47      | 0.00%             | 2036-10-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multi-Family Structured Credit Risk                             | FHLMC, Multi-Family Structured Credit Risk, Series 2021-MN1, Class M2                                         | CUSIP: 35563FAB7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   14639988 | PA      | $14904545.76   | 0.11%             | 2051-01-25      | Floating      | 8.07%                 | Yes           |                  2 | On Loan: No      |
| Banc of America Funding Trust                                         | Banc of America Funding Trust, Series 2007-5, Class 4A1                                                       | CUSIP: 059523AL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     588151 | PA      | $404815.89     | 0.00%             | 2037-07-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2019-M30, Class X5                                                                          | CUSIP: 3136B7H53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  105344623 | PA      | $1302143.81    | 0.01%             | 2033-05-25      | Variable      | 0.33%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                         | SM Energy Co.                                                                                                 | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    8450000 | PA      | $8459066.85    | 0.06%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Triad Resources LLC                                                   | Triad Resources LLC                                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    1650000 | PA      | $1650000.00    | 0.01%             | 2052-04-01      | Fixed         | 10.50%                | No            |                  3 | On Loan: No      |
| EndoDesign                                                            | EndoDesign                                                                                                    | CUSIP: 292ESCB17<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     700000 | PA      | $0.01          | 0.00%             | 2024-10-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Hess Midstream Operations LP                                          | Hess Midstream Operations LP                                                                                  | CUSIP: 428104AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4010000 | PA      | $3957126.55    | 0.03%             | 2028-06-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust                               | Lendingpoint Asset Securitization Trust, Series 2021-A, Class D                                               | CUSIP: 52607FAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3764642 | PA      | $2886314.31    | 0.02%             | 2028-12-15      | Fixed         | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                | Arab Republic of Egypt                                                                                        | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    4000000 | PA      | $3591250.00    | 0.03%             | 2032-05-29      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K075, Class X3                               | CUSIP: 3137F4XA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5471000 | PA      | $281861.54     | 0.00%             | 2028-05-25      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class D                                               | CUSIP: 95001QAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2890000 | PA      | $2337644.42    | 0.02%             | 2051-08-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                                      | Gray Media, Inc.                                                                                              | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    6308000 | PA      | $4504225.51    | 0.03%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5154, Class QI                                                                           | CUSIP: 3137H2YQ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   10189919 | PA      | $1012845.30    | 0.01%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KF57, Class B                                                               | CUSIP: 30297VAA8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     765495 | PA      | $728763.13     | 0.01%             | 2029-01-25      | Floating      | 6.72%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-128                                                                                         | CUSIP: 38380P4H4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   55809089 | PA      | $3721495.19    | 0.03%             | 2062-10-16      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                             | MGM Resorts International                                                                                     | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    3369000 | PA      | $3385016.23    | 0.02%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5528, Class SA                                                                           | CUSIP: 3137HKR89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   89243339 | PA      | $6069849.99    | 0.04%             | 2055-04-25      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                               | GFL Environmental, Inc.                                                                                       | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    5233000 | PA      | $5030555.64    | 0.04%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Trust, Inc.                                              | Arbor Realty Trust, Inc.                                                                                      | CUSIP: 038923AW8<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   15000000 | PA      | $14540607.75   | 0.11%             | 2026-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2016-68, Class BI                                                                         | CUSIP: 3136ATQ80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     328502 | PA      | $17919.31      | 0.00%             | 2031-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K124, Class X1                               | CUSIP: 3137F9YZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   65359629 | PA      | $2139580.12    | 0.02%             | 2030-12-25      | Variable      | 0.72%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                          | Drive Auto Receivables Trust, Series 2025-1, Class D                                                          | CUSIP: 262102AF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7900000 | PA      | $7904181.47    | 0.06%             | 2032-09-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | U.S. Treasury 10 Year Ultra Note                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -6424 | NC      | $-8890625.03   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings, Inc.                                                   | Post Holdings, Inc.                                                                                           | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   10770000 | PA      | $10192527.68   | 0.07%             | 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        |    6188000 | PA      | $5723450.13    | 0.04%             | 2029-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Sigma Holdco BV                                                       | Sigma Holdco BV                                                                                               | CUSIP: 82660CAA0<br>LEI: 254900RAPCKVT00GAO59 | Long             | DBT              | CORP              | NL        |     800000 | PA      | $795179.36     | 0.01%             | 2026-05-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3622ADHD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   38333205 | PA      | $39536649.40   | 0.29%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-101                                                                                         | CUSIP: 38381DRX0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   82058332 | PA      | $4226931.38    | 0.03%             | 2063-04-16      | Variable      | 0.68%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618GKAX2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2968512 | PA      | $3064888.69    | 0.02%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                       | CSAIL Commercial Mortgage Trust, Series 2019-C17, Class D                                                     | CUSIP: 12597BAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5500000 | PA      | $2728940.50    | 0.02%             | 2052-09-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                               | Level 3 Financing, Inc.                                                                                       | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    6809000 | PA      | $6184162.17    | 0.05%             | 2029-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                      | Multi-Family Connecticut Avenue Securities Trust, Series 2023-01, Class M10                                   | CUSIP: 62548NAB4<br>LEI: 254900JAK6X5OPMD5925 | Long             | ABS-MBS          | CORP              | US        |    8375000 | PA      | $9358675.58    | 0.07%             | 2053-11-25      | Floating      | 10.82%                | Yes           |                  2 | On Loan: No      |
| SCF Equipment Leasing LLC                                             | SCF Equipment Leasing LLC, Series 2022-1A, Class E                                                            | CUSIP: 784033AL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2354000 | PA      | $2312643.28    | 0.02%             | 2032-07-20      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K111, Class X3                               | CUSIP: 3137FUZF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   52233991 | PA      | $6968970.28    | 0.05%             | 2048-04-25      | Variable      | 3.18%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                          | American Credit Acceptance Receivables Trust, Series 2025-2, Class C                                          | CUSIP: 024938AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5585000 | PA      | $5595217.76    | 0.04%             | 2031-03-12      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-124                                                                                         | CUSIP: 38380PU36<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8531769 | PA      | $514952.83     | 0.00%             | 2061-12-16      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HMRX9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4393276 | PA      | $4517286.02    | 0.03%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618JM5W3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     741439 | PA      | $757042.82     | 0.01%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Stanwich Mortgage Loan Co. LLC                                        | Stanwich Mortgage Loan Co. LLC, Series 2021-NPB1, Class A2                                                    | CUSIP: 85501YAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7500000 | PA      | $7397953.50    | 0.05%             | 2026-10-16      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman CLO XXII Ltd.                                        | Neuberger Berman CLO Ltd., Series 2016-22A, Class BR2                                                         | CUSIP: 64131BAQ6<br>LEI: 549300FFV1EYI8ON7P41 | Long             | ABS-CBDO         | CORP              | KY        |    4505000 | PA      | $4512135.92    | 0.03%             | 2038-04-15      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| OCP Aegis CLO Ltd.                                                    | OCP Aegis CLO Ltd., Series 2025-41A, Class B1                                                                 | CUSIP: 675953AE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   18200000 | PA      | $18256947.80   | 0.13%             | 2037-04-21      | Floating      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Other                                                                                                   | CUSIP: 3140LEXY8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2400000 | PA      | $1952312.98    | 0.01%             | 2034-01-01      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4612, Class PI                                                                           | CUSIP: 3137BRSE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      18312 | PA      | $2061.17       | 0.00%             | 2044-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HINNT LLC                                                             | HINNT LLC, Series 2022-A, Class D                                                                             | CUSIP: 40486JAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3179231 | PA      | $3083516.96    | 0.02%             | 2041-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| AmeriGas Partners LP                                                  | AmeriGas Partners LP                                                                                          | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1885000 | PA      | $1903939.50    | 0.01%             | 2030-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                             | Sunoco LP                                                                                                     | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    1615000 | PA      | $1666781.75    | 0.01%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class B                                              | CUSIP: 95003PAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1503942.75    | 0.01%             | 2035-07-15      | Variable      | 5.74%                 | Yes           |                  2 | On Loan: No      |
| Accelerated Assets LLC                                                | Accelerated Assets LLC, Series 2018-1, Class B                                                                | CUSIP: 00436MAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      70359 | PA      | $69166.62      | 0.00%             | 2033-12-02      | Fixed         | 4.51%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC STACR REMIC Trust, Series 2023-DNA1, Class M1A                                                          | CUSIP: 35564KP37<br>LEI: 5493000IRILHAKSCHN59 | Long             | ABS-MBS          | CORP              | US        |    1242743 | PA      | $1260178.33    | 0.01%             | 2043-03-25      | Floating      | 6.42%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                   | Petroleos Mexicanos                                                                                           | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    3300000 | PA      | $3269970.00    | 0.02%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises LP                                                  | Icahn Enterprises LP                                                                                          | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2626000 | PA      | $2601395.96    | 0.02%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                        | Morgan Stanley Capital I Trust, Series 2021-L6, Class E                                                       | CUSIP: 61692CAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5500000 | PA      | $3215762.55    | 0.02%             | 2054-06-15      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BlueMountain CLO Ltd.                                                 | BlueMountain CLO Ltd., Series 2019-26A, Class CR                                                              | CUSIP: 09630GAS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    6000000 | PA      | $6021918.00    | 0.04%             | 2034-10-20      | Floating      | 6.73%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K079, Class X3                               | CUSIP: 3137FGZW8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    9000000 | PA      | $542601.00     | 0.00%             | 2046-07-25      | Variable      | 2.26%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2012-133, Class HS                                                                        | CUSIP: 3136AAYZ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     148274 | PA      | $16093.45      | 0.00%             | 2042-12-25      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618GQHX2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     505051 | PA      | $520396.53     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | Audacy, Inc.                                                                                                  | CUSIP: 05070N129<br>LEI: N/A                  | N/A              | DO               |  | US        |       6661 | NS      | $103.25        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Mexico City Airport Trust                                             | Mexico City Airport Trust                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | MX        |    4500000 | PA      | $3609984.15    | 0.03%             | 2046-10-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.                                    | Nationstar Mortgage Holdings, Inc.                                                                            | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2825000 | PA      | $2818834.72    | 0.02%             | 2028-08-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods LLC                                                       | Moran Foods LLC, 1st Lien Term Loan A                                                                         | CUSIP: 61647DAX0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     334234 | PA      | $334233.66     | 0.00%             | 2029-01-02      | Variable      | 6.28%                 | No            |                  3 | On Loan: No      |
| GCAT Trust                                                            | GCAT Trust, Series 2020-NQM1, Class B1                                                                        | CUSIP: 36167FAE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2495520.00    | 0.02%             | 2060-01-25      | Variable      | 3.64%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4550, Class DI                                                                           | CUSIP: 3137BMZ33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      95927 | PA      | $6557.53       | 0.00%             | 2044-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2018-119                                                                                         | CUSIP: 38380MMF5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7646540 | PA      | $425137.66     | 0.00%             | 2060-05-16      | Variable      | 0.68%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2020-C55, Class D                                               | CUSIP: 95002EAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $2881027.35    | 0.02%             | 2053-02-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Adient US LLC                                                         | Adient US LLC, 1st Lien Term Loan B-2                                                                         | CUSIP: 00687MAH4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3641880 | PA      | $3621630.77    | 0.03%             | 2031-01-31      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                            | AMSR Trust, Series 2020-SFR2, Class H                                                                         | CUSIP: 00178UAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7500000 | PA      | $7474426.50    | 0.05%             | 2037-07-17      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                                         | Smyrna Ready Mix Concrete LLC                                                                                 | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    4630000 | PA      | $4754528.48    | 0.03%             | 2031-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                            | Democratic Socialist Republic of Sri Lanka                                                                    | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     411600 | PA      | $278318.78     | 0.00%             | 2035-06-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust                               | Lendingpoint Asset Securitization Trust, Series 2021-B, Class D                                               | CUSIP: 52607HAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $369304.00     | 0.00%             | 2029-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                                               | SS&C Technologies, Inc.                                                                                       | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   18840000 | PA      | $18818989.63   | 0.14%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| New York City Housing Development Corp.                               | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Series 2024 CL B     | CUSIP: 64966TGT5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    3200000 | PA      | $3261535.04    | 0.02%             | 2031-12-15      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                     | Clarios Global LP                                                                                             | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    1932000 | PA      | $1967761.32    | 0.01%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K736, Class X3                               | CUSIP: 3137FNX21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   89230486 | PA      | $1886858.93    | 0.01%             | 2047-09-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2014-UBS5, Class D                                                          | CUSIP: 12592KAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4760000 | PA      | $3274880.00    | 0.02%             | 2047-09-10      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KF63, Class B                                                               | CUSIP: 30311FAC1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    4071386 | PA      | $3657809.01    | 0.03%             | 2029-05-25      | Floating      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| Buttermilk Park CLO Ltd.                                              | Buttermilk Park CLO Ltd., Series 2018-1A, Class B1R                                                           | CUSIP: 124166AU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2006556 | PA      | $2005968.08    | 0.01%             | 2031-10-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust                                   | New Residential Mortgage Loan Trust, Series 2018-3A, Class A1IC                                               | CUSIP: 64830KAH0<br>LEI: 549300U48YU2VDL8N523 | Long             | ABS-MBS          | CORP              | US        |   15829483 | PA      | $681250.31     | 0.01%             | 2058-05-25      | Variable      | 1.50%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust, Series 2022-4, Class A                                                | CUSIP: 92259KAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4049052 | PA      | $4028190.34    | 0.03%             | 2052-08-25      | Variable      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings, Inc.                                                   | Herc Holdings, Inc.                                                                                           | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    9948000 | PA      | $9875618.35    | 0.07%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                     | Credit Acceptance Auto Loan Trust, Series 2022-1A, Class C                                                    | CUSIP: 22534LAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     808000 | PA      | $808919.99     | 0.01%             | 2032-10-15      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2020-C55, Class E                                               | CUSIP: 95002EAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6850000 | PA      | $3822514.41    | 0.03%             | 2053-02-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, Single Family, 30 Year                                                                               | CUSIP: 21H040665<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        | -766300000 | PA      | $-701617061.45 | -5.16%            | 2055-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN24, Class XA                                                                              | CUSIP: 06540VBC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   98135441 | PA      | $2492512.63    | 0.02%             | 2062-11-15      | Variable      | 0.63%                 | No            |                  2 | On Loan: No      |
| LL ABS Trust                                                          | LL ABS Trust, Series 2021-1A, Class C                                                                         | CUSIP: 53934QAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1946154 | PA      | $1935468.21    | 0.01%             | 2029-05-15      | Fixed         | 3.54%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-143, Class IB                                                                               | CUSIP: 38380P3R3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   46256084 | PA      | $2924762.96    | 0.02%             | 2062-03-16      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| Gap, Inc. (The)                                                       | Gap, Inc. (The)                                                                                               | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    2395000 | PA      | $2187064.90    | 0.02%             | 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        |    7644000 | PA      | $6247737.79    | 0.05%             | 2029-03-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2018-BN12, Class D                                                                               | CUSIP: 06541KAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1250000 | PA      | $942627.13     | 0.01%             | 2061-05-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                                   | Hilton Domestic Operating Co., Inc.                                                                           | CUSIP: 432833AJ0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    6329000 | PA      | $5979424.65    | 0.04%             | 2029-05-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                       | CSAIL Commercial Mortgage Trust, Series 2020-C19, Class D                                                     | CUSIP: 12597NAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4450000 | PA      | $2400366.49    | 0.02%             | 2053-03-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                     | Hertz Corp. (The), Escrow                                                                                     | CUSIP: 428ESCAA5<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     185000 | PA      | $14800.00      | 0.00%             | 2022-10-15      | Fixed         | 6.25%                 | No            |                  3 | On Loan: No      |
| FHLMC                                                                 | FHLMC STACR REMIC Trust, Series 2022-DNA4, Class M2                                                           | CUSIP: 35564KXA2<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | CORP              | US        |    3100000 | PA      | $3324118.84    | 0.02%             | 2042-05-25      | Floating      | 9.57%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Other                                                                                                   | CUSIP: 3140LDXU8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   11086168 | PA      | $9477598.29    | 0.07%             | 2031-10-01      | Fixed         | 1.69%                 | No            |                  2 | On Loan: No      |
| Government of Mongolia                                                | State of Mongolia                                                                                             | CUSIP: 60937LAJ4<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |    1600000 | PA      | $1556000.00    | 0.01%             | 2030-02-25      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Connecticut Avenue Securities, Series 2017-C06, Class 2B1                                               | CUSIP: 30711XSW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    8015000 | PA      | $8574506.31    | 0.06%             | 2030-02-25      | Floating      | 8.89%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO Ltd.                                | GoldenTree Loan Management US CLO Ltd., Series 2020-8A, Class DRR                                             | CUSIP: 38136NBE5<br>LEI: 549300LOEERRNVSKVY31 | Long             | ABS-CBDO         | CORP              | KY        |    5100000 | PA      | $5111791.20    | 0.04%             | 2034-10-20      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-170                                                                                         | CUSIP: 38381DW22<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   14240268 | PA      | $1048372.83    | 0.01%             | 2063-05-16      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HNTT4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10182417 | PA      | $10361709.84   | 0.08%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Encompass Health Corp.                                                | Encompass Health Corp.                                                                                        | CUSIP: 421924BT7<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |     558000 | PA      | $558033.48     | 0.00%             | 2025-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Rocket Mortgage LLC                                                   | Rocket Mortgage LLC                                                                                           | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7850000 | PA      | $7323909.49    | 0.05%             | 2029-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                              | Lumen Technologies, Inc.                                                                                      | CUSIP: 550241AH6<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    8720322 | PA      | $8469612.74    | 0.06%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| California Resources Corp.                                            | California Resources Corp.                                                                                    | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    1424000 | PA      | $1422779.77    | 0.01%             | 2026-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2015-LC22, Class D                                              | CUSIP: 94989TBH6<br>LEI: 549300XO83D3BDYP0P62 | Long             | ABS-MBS          | CORP              | US        |    2106986 | PA      | $1729086.68    | 0.01%             | 2058-09-15      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2019-R05, Class 1B1                                               | CUSIP: 20754HAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6929041 | PA      | $7124251.61    | 0.05%             | 2039-07-25      | Floating      | 8.54%                 | Yes           |                  2 | On Loan: No      |
| ADT Security Corp. (The)                                              | ADT Security Corp. (The)                                                                                      | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    3096000 | PA      | $2952610.00    | 0.02%             | 2029-08-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems LLC                                            | Axalta Coating Systems LLC                                                                                    | CUSIP: 05454NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   12207000 | PA      | $12079975.18   | 0.09%             | 2027-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust                             | FHLMC Seasoned Credit Risk Transfer Trust, Series 2017-3, Class A                                             | CUSIP: 35563PCH0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   17184428 | PA      | $10963.67      | 0.00%             | 2056-07-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                   | Newell Brands, Inc.                                                                                           | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    2535000 | PA      | $2622581.31    | 0.02%             | 2028-06-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| BBCMS Mortgage Trust                                                  | BBCMS Mortgage Trust, Series 2023-C22, Class A5                                                               | CUSIP: 05554FAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7100000 | PA      | $7844187.21    | 0.06%             | 2056-11-15      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-86, Class TS                                                                                | CUSIP: 38382GAP7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9498097 | PA      | $1173534.56    | 0.01%             | 2050-06-20      | Floating      | 1.16%                 | No            |                  2 | On Loan: No      |
| TEGNA, Inc.                                                           | TEGNA, Inc.                                                                                                   | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    8952000 | PA      | $8526925.02    | 0.06%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust, Series 2022-4, Class A1                                                           | CUSIP: 92538NAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     733225 | PA      | $728951.10     | 0.01%             | 2067-04-25      | Variable      | 4.47%                 | Yes           |                  2 | On Loan: No      |
| DBJPM Mortgage Trust                                                  | DBJPM Mortgage Trust, Series 2016-C3, Class E                                                                 | CUSIP: 23312VAU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1250000 | PA      | $645531.25     | 0.00%             | 2049-08-10      | Variable      | 4.23%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2017-BNK5, Class C                                                                               | CUSIP: 06541WBC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2050000 | PA      | $1959148.72    | 0.01%             | 2060-06-15      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| Deutsche Mortgage Securities, Inc. Mortgage Loan Trust                | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2004-1, Class 3A5                              | CUSIP: 251563CA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      40862 | PA      | $40220.48      | 0.00%             | 2033-12-25      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KL05, Class BHG                                                             | CUSIP: 30311NAE0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3600000 | PA      | $3296987.64    | 0.02%             | 2029-02-25      | Variable      | 4.37%                 | Yes           |                  3 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | GB        |    5500000 | PA      | $-938424.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                                              | Energizer Holdings, Inc.                                                                                      | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   10953000 | PA      | $10561653.69   | 0.08%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K738, Class X3                               | CUSIP: 3137FTFV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   71537135 | PA      | $3951425.19    | 0.03%             | 2048-05-25      | Variable      | 3.32%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                   | Medline Borrower LP                                                                                           | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4266000 | PA      | $4340927.34    | 0.03%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| United Airlines Pass-Through Trust                                    | United Airlines Pass-Through Trust, Series 2016-2, Class B                                                    | CUSIP: 90933JAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2657257 | PA      | $2631547.99    | 0.02%             | 2025-10-07      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618GUXU1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     496089 | PA      | $516577.43     | 0.00%             | 2054-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                 | Westlake Automobile Receivables Trust, Series 2023-3A, Class D                                                | CUSIP: 96041CAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3795000 | PA      | $3882935.08    | 0.03%             | 2029-03-15      | Fixed         | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                    | Republic of Angola                                                                                            | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    5266000 | PA      | $4332917.46    | 0.03%             | 2032-04-14      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| RR 12 Ltd.                                                            | RR Ltd., Series 2020-12A, Class A2R3                                                                          | CUSIP: 74989HAQ5<br>LEI: 549300RLLUH00ZYECJ34 | Long             | ABS-CBDO         | CORP              | KY        |    7469000 | PA      | $7478425.88    | 0.05%             | 2036-01-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                                            | Allison Transmission, Inc.                                                                                    | CUSIP: 019736AE7<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    3778000 | PA      | $3714699.61    | 0.03%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2019-M30, Class X1                                                                          | CUSIP: 3136B7F97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   77983652 | PA      | $506355.65     | 0.00%             | 2028-11-25      | Variable      | 0.27%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Escrow, Inc.                                            | Herc Holdings Escrow, Inc.                                                                                    | CUSIP: 42703NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1903000 | PA      | $1960519.35    | 0.01%             | 2030-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    5000000 | PA      | $-684925.54    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Other                                                                                                   | CUSIP: 3140LH3C2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   23000000 | PA      | $23249084.48   | 0.17%             | 2029-11-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-168                                                                                         | CUSIP: 38381D4F4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   75219198 | PA      | $4634849.01    | 0.03%             | 2063-05-16      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| Magnetite XXII Ltd.                                                   | Magnetite Ltd., Series 2019-22A, Class CRR                                                                    | CUSIP: 55954HBA9<br>LEI: 5493000081NBXWGGSW23 | Long             | ABS-CBDO         | CORP              | KY        |    5369000 | PA      | $5370642.91    | 0.04%             | 2036-07-15      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M21, Class XA                                                                          | CUSIP: 3136B9L62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   63552485 | PA      | $3203909.55    | 0.02%             | 2032-03-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2014-LC18, Class D                                              | CUSIP: 94989AAA3<br>LEI: 5493007CD1Q2V06I4172 | Long             | ABS-MBS          | CORP              | US        |    4952000 | PA      | $4506567.60    | 0.03%             | 2047-12-15      | Variable      | 3.96%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO Ltd.                                                      | Elmwood CLO Ltd., Series 2021-3A, Class BR                                                                    | CUSIP: 29002VAN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8847000 | PA      | $8860067.02    | 0.07%             | 2034-04-20      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                                            | AMSR Trust, Series 2020-SFR5, Class G                                                                         | CUSIP: 03217JAH4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7300000 | PA      | $7224334.77    | 0.05%             | 2037-11-17      | Fixed         | 4.11%                 | Yes           |                  2 | On Loan: No      |
| Banco del Estado de Chile                                             | Banco del Estado de Chile                                                                                     | CUSIP: N/A<br>LEI: 5493004R4EJC0W0XVQ72       | Long             | DBT              | NUSS              | CL        |    1300000 | PA      | $1347125.00    | 0.01%             | 2029-05-02      | Variable      | 7.95%                 | Yes           |                  2 | On Loan: No      |
| ADT Security Corp. (The)                                              | ADT Security Corp. (The)                                                                                      | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    5796000 | PA      | $5501489.01    | 0.04%             | 2032-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Mortgage Trust                                               | JPMorgan Mortgage Trust, Series 2006-S1, Class 1A1                                                            | CUSIP: 466247M67<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      24799 | PA      | $24799.00      | 0.00%             | 2036-04-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J6A51<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     547058 | PA      | $559493.63     | 0.00%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-162, Class Z                                                                                | CUSIP: 38383AD43<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5023094 | PA      | $3198739.31    | 0.02%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K740, Class X3                               | CUSIP: 3137F72E4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   21422537 | PA      | $1103016.44    | 0.01%             | 2047-11-25      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| Regatta Funding Ltd.                                                  | Regatta Funding Ltd., Series 2022-2A, Class BR                                                                | CUSIP: 758968AQ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    7200000 | PA      | $7220966.40    | 0.05%             | 2035-07-20      | Floating      | 5.97%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2025-7, Class SG                                                                                 | CUSIP: 38385BH37<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   89020807 | PA      | $6182717.63    | 0.05%             | 2055-01-20      | Floating      | 1.62%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K117, Class X3                               | CUSIP: 3137FX3U0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   36500000 | PA      | $4501618.00    | 0.03%             | 2048-10-25      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618K5ZF2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     508209 | PA      | $518908.79     | 0.00%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                             | Republic of Cote d'Ivoire                                                                                     | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |   16300000 | PA      | $14461156.25   | 0.11%             | 2033-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| NRZ Excess Spread-Collateralized Notes                                | NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A                                             | CUSIP: 65246QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4893718 | PA      | $4710028.96    | 0.03%             | 2026-11-25      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-192                                                                                         | CUSIP: 38380RNB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   60220612 | PA      | $4118072.11    | 0.03%             | 2062-09-16      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                              | Avis Budget Rental Car Funding AESOP LLC, Series 2023-4A, Class C                                             | CUSIP: 05377RHA5<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    3530000 | PA      | $3668528.85    | 0.03%             | 2029-06-20      | Fixed         | 7.24%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2019-132, Class KI                                                                               | CUSIP: 38381Y6X7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     207965 | PA      | $4703.56       | 0.00%             | 2047-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K090, Class X3                               | CUSIP: 3137FLMY7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  147080000 | PA      | $11770650.61   | 0.09%             | 2029-10-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                                           | Adient Global Holdings Ltd.                                                                                   | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    2810000 | PA      | $2787873.89    | 0.02%             | 2033-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| EQT Corp.                                                             | EQT Corp.                                                                                                     | CUSIP: 26884LBG3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     530000 | PA      | $539866.40     | 0.00%             | 2027-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                                | Republic of Costa Rica                                                                                        | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |    4200000 | PA      | $4296600.00    | 0.03%             | 2031-02-19      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Venator Materials LLC                                                 | Venator Materials LLC, 1st Lien Term Loan                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    1422429 | PA      | $1408204.93    | 0.01%             | 2026-01-16      | Variable      | 14.26%                | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2022-C1, Class XA                                                                  | CUSIP: 05609MCE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   78718152 | PA      | $1855386.83    | 0.01%             | 2055-02-17      | Variable      | 0.47%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-91, Class CI                                                                                | CUSIP: 38382TPA6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   14931390 | PA      | $2558530.98    | 0.02%             | 2051-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2020-BN30, Class E                                                                               | CUSIP: 06541UAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4145008 | PA      | $2869651.63    | 0.02%             | 2053-12-15      | Variable      | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2022-52                                                                                          | CUSIP: 38381EU55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  147002659 | PA      | $7437467.24    | 0.05%             | 2064-06-16      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-9, Class MI                                                                                 | CUSIP: 38382MF61<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  141546651 | PA      | $21078801.69   | 0.15%             | 2051-01-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618JWDY8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1117312 | PA      | $1137808.73    | 0.01%             | 2054-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                        | Cascade Funding Mortgage Trust, Series 2021-FRR1, Class CKW1                                                  | CUSIP: 12529YBN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8200000 | PA      | $7734707.40    | 0.06%             | 2026-01-29      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Madison IAQ LLC                                                       | Madison IAQ LLC, 1st Lien Term Loan                                                                           | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |    3241602 | PA      | $3237225.91    | 0.02%             | 2028-06-21      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| Republic of Costa Rica                                                | Republic of Costa Rica                                                                                        | CUSIP: 221597CV7<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |    4403000 | PA      | $4499866.00    | 0.03%             | 2054-11-13      | Fixed         | 7.30%                 | Yes           |                  2 | On Loan: No      |
| CSMC OA LLC                                                           | CSMC OA LLC, Series 2014-USA, Class D                                                                         | CUSIP: 12649AAN9<br>LEI: 549300818AKCJ4Q9TD76 | Long             | ABS-MBS          | CORP              | US        |   12636000 | PA      | $9648714.39    | 0.07%             | 2037-09-15      | Fixed         | 4.37%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                               | RHP Hotel Properties LP                                                                                       | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1090000 | PA      | $1052338.97    | 0.01%             | 2029-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class D                                  | CUSIP: 61764PAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1772220.00    | 0.01%             | 2047-12-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Serbia International Bond                                             | Republic of Serbia                                                                                            | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |    3400000 | PA      | $3508800.00    | 0.03%             | 2033-09-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                            | Democratic Socialist Republic of Sri Lanka                                                                    | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |    6600000 | PA      | $4462837.50    | 0.03%             | 2035-06-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Alcoa Nederland Holding BV                                            | Alcoa Nederland Holding BV                                                                                    | CUSIP: 013822AH4<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |    5709000 | PA      | $5926821.19    | 0.04%             | 2031-03-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618H4AK5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1873725 | PA      | $1930651.13    | 0.01%             | 2054-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5149, Class ZB                                                                           | CUSIP: 3137H2U77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    1177838 | PA      | $730113.75     | 0.01%             | 2051-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-23                                                                                          | CUSIP: 38380NY52<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   63240228 | PA      | $2944616.82    | 0.02%             | 2062-04-16      | Variable      | 0.66%                 | No            |                  2 | On Loan: No      |
| TPG Trust                                                             | TPG Trust, Series 2024-WLSC, Class A                                                                          | CUSIP: 872973AA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8600000 | PA      | $8575174.38    | 0.06%             | 2029-11-15      | Floating      | 6.46%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K528, Class X1                               | CUSIP: 3137HFP33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   67000000 | PA      | $2112242.00    | 0.02%             | 2029-07-25      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP                                           | Targa Resources Partners LP                                                                                   | CUSIP: 87612BBL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4573000 | PA      | $4581575.52    | 0.03%             | 2027-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618GPTL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2466332 | PA      | $2541265.93    | 0.02%             | 2054-02-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Connecticut Avenue Securities, Series 2018-C06, Class 2B1                                               | CUSIP: 30711X5V2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    2860000 | PA      | $3096657.85    | 0.02%             | 2031-03-25      | Floating      | 8.54%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-111                                                                                         | CUSIP: 38380PYF5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   16560108 | PA      | $992328.05     | 0.01%             | 2062-09-15      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2013-CR11, Class D                                                          | CUSIP: 12626LAY8<br>LEI: 549300BCCWSDWINK2593 | Long             | ABS-MBS          | CORP              | US        |    2694329 | PA      | $2576317.02    | 0.02%             | 2050-08-10      | Variable      | 4.46%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                     | Credit Acceptance Auto Loan Trust, Series 2023-5A, Class A                                                    | CUSIP: 22535PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7750000 | PA      | $7848953.55    | 0.06%             | 2033-12-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K109, Class X1                               | CUSIP: 3137FTG27<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   39147998 | PA      | $2411966.85    | 0.02%             | 2030-04-25      | Variable      | 1.57%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-195, Class IX                                                                               | CUSIP: 38381ECK2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   51601501 | PA      | $4634630.06    | 0.03%             | 2063-08-16      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| Republic of Ghana                                                     | Republic of Ghana                                                                                             | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    5750240 | PA      | $5232718.40    | 0.04%             | 2029-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                                            | Avis Budget Car Rental LLC                                                                                    | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2856000 | PA      | $2817850.69    | 0.02%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                                             | ATI, Inc.                                                                                                     | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    3085000 | PA      | $3084723.49    | 0.02%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2021-BN33, Class E                                                                               | CUSIP: 06541CAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3850000 | PA      | $2482514.27    | 0.02%             | 2064-05-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KC05, Class B                                                               | CUSIP: 30295SAN9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   16737000 | PA      | $14965291.48   | 0.11%             | 2029-07-25      | Variable      | 4.17%                 | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust                                                | Alternative Loan Trust, Series 2006-41CB, Class 2A13                                                          | CUSIP: 02149CBD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     457341 | PA      | $215153.62     | 0.00%             | 2037-01-25      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Galaxy CLO Ltd.                                                       | Galaxy CLO Ltd., Series 2018-25A, Class CR                                                                    | CUSIP: 36319XAS6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    4540000 | PA      | $4540621.98    | 0.03%             | 2036-04-25      | Floating      | 6.68%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                                              | Foundation Finance Trust, Series 2019-1A, Class B                                                             | CUSIP: 35041JAB1<br>LEI: 5493002KPTN6JUQ40J20 | Long             | ABS-O            | CORP              | US        |     283897 | PA      | $282732.98     | 0.00%             | 2034-11-15      | Fixed         | 4.22%                 | Yes           |                  2 | On Loan: No      |
| CGMS Commercial Mortgage Trust                                        | CGMS Commercial Mortgage Trust, Series 2017-B1, Class E                                                       | CUSIP: 17326CAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     809000 | PA      | $501233.91     | 0.00%             | 2050-08-15      | Variable      | 3.30%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                                    | Energy Transfer LP                                                                                            | CUSIP: 86765BAQ2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     740000 | PA      | $646745.06     | 0.00%             | 2045-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                | Arab Republic of Egypt                                                                                        | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    2100000 | PA      | $1630125.00    | 0.01%             | 2049-03-01      | Fixed         | 8.70%                 | Yes           |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                       | CSAIL Commercial Mortgage Trust, Series 2021-C20, Class E                                                     | CUSIP: 22945EAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5659000 | PA      | $3504686.61    | 0.03%             | 2054-03-15      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| NMG Parent LLC                                                        | NMG Parent LLC, Escrow                                                                                        | CUSIP: 629ESC039<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          5 | NS      | $128.50        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                                                   | Audacy, Inc.                                                                                                  | CUSIP: 05070N111<br>LEI: N/A                  | N/A              | DO               |  | US        |       5496 | NS      | $86562.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K136, Class X1                               | CUSIP: 3137H4SK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   98969144 | PA      | $1812352.65    | 0.01%             | 2031-12-25      | Variable      | 0.39%                 | No            |                  2 | On Loan: No      |
| INEOS Finance plc                                                     | INEOS Finance plc                                                                                             | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    8220000 | PA      | $8075684.75    | 0.06%             | 2029-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                       | Palmer Square Loan Funding Ltd., Series 2024-1A, Class A2                                                     | CUSIP: 69703NAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   11127000 | PA      | $11143690.50   | 0.08%             | 2032-10-15      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| LSF12 Crown US Commercial Bidco LLC                                   | LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan                                                       | CUSIP: 50221UAC5<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |    5132000 | PA      | $5039008.16    | 0.04%             | 2031-12-02      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                              | Republic of South Africa                                                                                      | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    5986000 | PA      | $4324885.00    | 0.03%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                      | Gray Media, Inc.                                                                                              | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    4469000 | PA      | $4438095.97    | 0.03%             | 2027-05-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                                              | PRPM LLC, Series 2024-7, Class A1                                                                             | CUSIP: 74448LAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5333129 | PA      | $5326409.63    | 0.04%             | 2029-11-25      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Upstart Securitization Trust                                          | Upstart Securitization Trust, Series 2021-5, Class C                                                          | CUSIP: 91679JAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8815334 | PA      | $8661188.13    | 0.06%             | 2031-11-20      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LP                                        | Hertz Vehicle Financing LP, Series 2021-2A, Class D                                                           | CUSIP: 42806MAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7000000 | PA      | $6643207.20    | 0.05%             | 2027-12-27      | Fixed         | 4.34%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Connecticut Avenue Securities Trust                      | Multi-Family Connecticut Avenue Securities Trust, Series 2020-01, Class M10                                   | CUSIP: 62548QAD3<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |   85283728 | PA      | $86522661.87   | 0.64%             | 2050-03-25      | Floating      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| LP LMS Asset Securitization Trust                                     | LP LMS Asset Securitization Trust                                                                             | CUSIP: 50214GAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    2236294 | PA      | $2213036.12    | 0.02%             | 2028-10-15      | Fixed         | 8.35%                 | No            |                  3 | On Loan: No      |
| Avis Budget Car Rental LLC                                            | Avis Budget Car Rental LLC                                                                                    | CUSIP: 053773BH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2095000 | PA      | $2120223.80    | 0.02%             | 2031-02-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                               | Level 3 Financing, Inc.                                                                                       | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    3418557 | PA      | $3878064.53    | 0.03%             | 2029-11-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                        | Morgan Stanley Capital I Trust, Series 2021-L7, Class E                                                       | CUSIP: 61772TAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8091000 | PA      | $4901543.98    | 0.04%             | 2054-10-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust I LLC                                        | Angel Oak Mortgage Trust I LLC, Series 2019-4, Class B2                                                       | CUSIP: 03463UAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4700000 | PA      | $4440698.18    | 0.03%             | 2049-07-26      | Variable      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                               | RHP Hotel Properties LP                                                                                       | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   16946000 | PA      | $16745152.62   | 0.12%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                | Arab Republic of Egypt                                                                                        | CUSIP: 03846JAG5<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    1990000 | PA      | $1928310.00    | 0.01%             | 2033-02-04      | Fixed         | 9.45%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3617G83N1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     260298 | PA      | $268071.53     | 0.00%             | 2048-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                             | Ford Motor Credit Co. LLC                                                                                     | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    6033000 | PA      | $6101616.93    | 0.04%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2019-B9, Class D                                                             | CUSIP: 08160JAY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1257631.40    | 0.01%             | 2052-03-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Escrow Rite Aid                                                       | Escrow Rite Aid                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    1155153 | PA      | $0.01          | 0.00%             | 2049-12-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Builders FirstSource, Inc.                                            | Builders FirstSource, Inc.                                                                                    | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    1572000 | PA      | $1580944.62    | 0.01%             | 2035-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                                          | Tallgrass Energy Partners LP                                                                                  | CUSIP: 87470LAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2550000 | PA      | $2430228.29    | 0.02%             | 2031-09-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Transocean, Inc.                                                      | Transocean, Inc.                                                                                              | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    2775000 | PA      | $2502472.25    | 0.02%             | 2029-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                   | American Axle & Manufacturing, Inc.                                                                           | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    5430000 | PA      | $5383912.33    | 0.04%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR Trust                                                     | FHLMC STACR Trust, Series 2018-DNA3, Class B1                                                                 | CUSIP: 35563WBD5<br>LEI: 549300BL200YC56BUV20 | Long             | ABS-MBS          | CORP              | US        |    7685000 | PA      | $8296087.38    | 0.06%             | 2048-09-25      | Floating      | 8.34%                 | Yes           |                  2 | On Loan: No      |
| Somnigroup International, Inc.                                        | Somnigroup International, Inc.                                                                                | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |   13065000 | PA      | $12305445.32   | 0.09%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Millicom International Cellular SA                                    | Millicom International Cellular SA                                                                            | CUSIP: 600814AQ0<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |     900000 | PA      | $892845.00     | 0.01%             | 2029-03-25      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| vMobo, Inc.                                                           | vMobo, Inc.                                                                                                   | CUSIP: 91834VAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9995881 | PA      | $9506083.02    | 0.07%             | 2027-07-18      | Fixed         | 7.46%                 | No            |                  3 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K119, Class X1                               | CUSIP: 3137F6GV3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   34446340 | PA      | $1369155.88    | 0.01%             | 2030-09-25      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| FHLMC, Multi-Class Certificates                                       | FHLMC, Multi-Class Certificates, Series 2020-RR11, Class BX                                                   | CUSIP: 3137FV2D3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   15008953 | PA      | $603061.24     | 0.00%             | 2028-12-27      | Variable      | 2.44%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                      | CSC Holdings LLC                                                                                              | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    3100000 | PA      | $2827253.01    | 0.02%             | 2028-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                | Cleveland-Cliffs, Inc.                                                                                        | CUSIP: 185899AH4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    2535000 | PA      | $2496761.76    | 0.02%             | 2027-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5520, Class SD                                                                           | CUSIP: 3137HK3P7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   76761319 | PA      | $5418090.27    | 0.04%             | 2055-03-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| Regional Management Issuance Trust                                    | Regional Management Issuance Trust, Series 2021-1, Class D                                                    | CUSIP: 75907VAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2600000 | PA      | $2559866.40    | 0.02%             | 2031-03-17      | Fixed         | 5.07%                 | Yes           |                  2 | On Loan: No      |
| Radnor RE Ltd.                                                        | Radnor RE Ltd., Series 2022-1, Class M1B                                                                      | CUSIP: 75049XAB8<br>LEI: 254900E0VCENS5C16U77 | Long             | ABS-MBS          | CORP              | BM        |    8725245 | PA      | $9093670.64    | 0.07%             | 2032-09-25      | Floating      | 11.07%                | Yes           |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC                                   | Ascent Resources Utica Holdings LLC                                                                           | CUSIP: 04364VAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4845000 | PA      | $4917956.01    | 0.04%             | 2028-12-31      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                              | PRET LLC, Series 2024-NPL5, Class A1                                                                          | CUSIP: 74143QAA3<br>LEI: 254900YWXIBNNDQF0Y67 | Long             | ABS-O            | CORP              | US        |    3379785 | PA      | $3375594.69    | 0.02%             | 2054-09-25      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Nautical Solutions Senior Equipment Secure Note                       | Nautical Solutions                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |   22997753 | PA      | $22997752.82   | 0.17%             | 2031-08-01      | Fixed         | 9.20%                 | No            |                  3 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M26, Class X3                                                                          | CUSIP: 3136BARE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   20600303 | PA      | $397730.04     | 0.00%             | 2028-01-25      | Variable      | 1.73%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2020-BN26, Class AS                                                                              | CUSIP: 06540JBP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7278419 | PA      | $6357870.04    | 0.05%             | 2063-03-15      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| TRTX Issuer Ltd.                                                      | TRTX Issuer Ltd., Series 2025-FL6, Class A                                                                    | CUSIP: 897764AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   12950000 | PA      | $12928412.35   | 0.10%             | 2042-09-18      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C31, Class B                                  | CUSIP: 61766RBD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1750000 | PA      | $1635113.90    | 0.01%             | 2049-11-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| New Albertsons LP                                                     | New Albertsons LP                                                                                             | CUSIP: 013104AL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     870000 | PA      | $915084.27     | 0.01%             | 2031-05-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-126, Class AS                                                                               | CUSIP: 38384UVX4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   20708754 | PA      | $1575047.74    | 0.01%             | 2054-08-20      | Floating      | 2.32%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                     | Clarios Global LP                                                                                             | CUSIP: 69867DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4480000 | PA      | $4480422.06    | 0.03%             | 2026-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                  | FirstKey Homes Trust, Series 2021-SFR1, Class F1                                                              | CUSIP: 33767WAN3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7333000 | PA      | $7078613.10    | 0.05%             | 2038-08-17      | Fixed         | 3.24%                 | Yes           |                  2 | On Loan: No      |
| Aqua Finance Trust                                                    | Aqua Finance Trust, Series 2020-AA, Class C                                                                   | CUSIP: 038413AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3466590 | PA      | $3357284.90    | 0.02%             | 2046-07-17      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Vertiv Group Corp.                                                    | Vertiv Group Corp., 1st Lien Term Loan B-3                                                                    | CUSIP: 92537EAF5<br>LEI: 549300ZT8RQ5VK10E643 | Long             | LON              | CORP              | US        |    2392975 | PA      | $2389911.99    | 0.02%             | 2027-03-02      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                                              | PRPM LLC, Series 2025-RPL2, Class A1                                                                          | CUSIP: 69392MAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5598616 | PA      | $5382729.02    | 0.04%             | 2055-04-25      | Variable      | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                                         | Staples, Inc.                                                                                                 | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    2850297 | PA      | $1834773.23    | 0.01%             | 2030-01-15      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                      | CCO Holdings LLC                                                                                              | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6225000 | PA      | $5665643.91    | 0.04%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Republic of El Salvador                                               | Republic of El Salvador                                                                                       | CUSIP: 283875CD2<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    6200000 | PA      | $111600.00     | 0.00%             | 2030-04-17      | Fixed         | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Jonah Energy ABS II LLC                                               | Jonah Energy ABS II LLC, Series 2025-1A, Class B                                                              | CUSIP: 479913AF2<br>LEI: 254900MMTK6TS4MGMV20 | Long             | ABS-O            | CORP              | US        |   24667471 | PA      | $24667470.63   | 0.18%             | 2040-12-10      | Fixed         | 11.25%                | Yes           |                  3 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-150                                                                                         | CUSIP: 38381DD56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   31753613 | PA      | $2487082.65    | 0.02%             | 2063-11-16      | Variable      | 1.04%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3622ADG93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   28953336 | PA      | $30088168.71   | 0.22%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K739, Class X3                               | CUSIP: 3137F64S3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   39674788 | PA      | $2119720.77    | 0.02%             | 2048-11-25      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                   | Exeter Automobile Receivables Trust, Series 2023-4A, Class D                                                  | CUSIP: 30166TAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5000000 | PA      | $5146196.00    | 0.04%             | 2029-12-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust, Inc.                                   | Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class 3A5                                                 | CUSIP: 17307GBU1<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |      37593 | PA      | $36835.03      | 0.00%             | 2033-09-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2017-KF40, Class B                                                               | CUSIP: 30306JAG1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     124254 | PA      | $118114.14     | 0.00%             | 2027-11-25      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multi-Family Structured Credit Risk                             | FHLMC, Multi-Family Structured Credit Risk, Series 2021-MN1, Class M1                                         | CUSIP: 35563FAA9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     396061 | PA      | $394145.24     | 0.00%             | 2051-01-25      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| DT Midstream, Inc.                                                    | DT Midstream, Inc.                                                                                            | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6149000 | PA      | $5856741.29    | 0.04%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                             | Republic of Turkiye (The)                                                                                     | CUSIP: 900123DK3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    6763000 | PA      | $6754546.25    | 0.05%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                                 | FMC GMSR Issuer Trust, Series 2021-GT1, Class A                                                               | CUSIP: 30259RAH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   25000000 | PA      | $23417387.50   | 0.17%             | 2026-07-25      | Variable      | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                            | Upstart Pass-Through Trust, Series 2022-PT4, Class A                                                          | CUSIP: 91683RAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1130809 | PA      | $1130809.21    | 0.01%             | 2030-05-20      | Variable      | 18.99%                | Yes           |                  3 | On Loan: No      |
| Antero Resources Corp.                                                | Antero Resources Corp.                                                                                        | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |    4344000 | PA      | $4446522.74    | 0.03%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618N5MS5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  239796882 | PA      | $245622991.84  | 1.81%             | 2055-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC                                   | Ascent Resources Utica Holdings LLC                                                                           | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3505000 | PA      | $3525234.37    | 0.03%             | 2032-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5164, Class J                                                                            | CUSIP: 3137H3Q47<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    9306211 | PA      | $8164880.66    | 0.06%             | 2049-05-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                 | Westlake Automobile Receivables Trust, Series 2023-1A, Class D                                                | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     438000 | PA      | $447365.67     | 0.00%             | 2028-11-15      | Fixed         | 6.79%                 | Yes           |                  2 | On Loan: No      |
| Par Pharmaceutical, Inc.                                              | Par Pharmaceutical, Inc.                                                                                      | CUSIP: 698ESCAA8<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |    7330000 | PA      | $0.07          | 0.00%             | 2027-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                         | Bridgecrest Lending Auto Securitization Trust, Series 2025-1, Class D                                         | CUSIP: 10806HAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10237000 | PA      | $10341750.10   | 0.08%             | 2030-11-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Magnetite XXII Ltd.                                                   | Magnetite Ltd., Series 2019-22A, Class BRR                                                                    | CUSIP: 55954HAY8<br>LEI: 5493000081NBXWGGSW23 | Long             | ABS-CBDO         | CORP              | KY        |    8820000 | PA      | $8828158.50    | 0.06%             | 2036-07-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                   | Petroleos Mexicanos                                                                                           | CUSIP: 71654QDP4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    6205000 | PA      | $6397292.95    | 0.05%             | 2033-02-07      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Structured Adjustable Rate Mortgage Loan Trust                        | Structured Adjustable Rate Mortgage Loan Trust, Series 2007-9, Class 1A1                                      | CUSIP: 86364JAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1494457 | PA      | $1335271.64    | 0.01%             | 2037-10-25      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2020-BN26, Class E                                                                               | CUSIP: 06540JAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5520000 | PA      | $3480983.21    | 0.03%             | 2063-03-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                            | Upstart Pass-Through Trust, Series 2021-PT1, Class A                                                          | CUSIP: 91682VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     579920 | PA      | $503824.60     | 0.00%             | 2027-09-20      | Variable      | 25.05%                | Yes           |                  3 | On Loan: No      |
| NOVA Chemicals Corp.                                                  | NOVA Chemicals Corp.                                                                                          | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    2870000 | PA      | $2743819.02    | 0.02%             | 2029-05-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Home Partners of America Trust                                        | Home Partners of America Trust, Series 2021-3, Class F                                                        | CUSIP: 43730XAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   14153118 | PA      | $12689682.57   | 0.09%             | 2041-01-17      | Fixed         | 4.24%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2018-4                                                                                           | CUSIP: 38380JLG1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4034789 | PA      | $141131.68     | 0.00%             | 2059-10-16      | Variable      | 0.57%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                                              | Republic of South Africa                                                                                      | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    1420000 | PA      | $1025950.00    | 0.01%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Republic of Ghana                                                     | Republic of Ghana                                                                                             | CUSIP: 374422AL7<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     216000 | PA      | $208980.00     | 0.00%             | 2026-07-03      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-89, Class IA                                                                                | CUSIP: 38380PTL8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   38747448 | PA      | $3077163.49    | 0.02%             | 2062-04-16      | Variable      | 1.17%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618JM5T0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     752938 | PA      | $766750.12     | 0.01%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5413, Class KS                                                                           | CUSIP: 3137HCVR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   17630392 | PA      | $1318790.33    | 0.01%             | 2054-05-25      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, Single Family, 30 Year                                                                               | CUSIP: 21H060663<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  478300000 | PA      | $482859772.61  | 3.55%             | 2055-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Accelerated LLC                                                       | Accelerated LLC, Series 2021-1H, Class B                                                                      | CUSIP: 00439KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1224822 | PA      | $1134146.79    | 0.01%             | 2040-10-20      | Fixed         | 1.90%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multi-Family Structured Credit Risk                             | FHLMC, Multi-Family Structured Credit Risk, Series 2022-MN4, Class M2                                         | CUSIP: 35563HAB3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2000000 | PA      | $2251132.20    | 0.02%             | 2052-05-25      | Floating      | 10.82%                | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2019-GSA1, Class XB                                                      | CUSIP: 36261PAW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   39035000 | PA      | $511791.79     | 0.00%             | 2052-11-10      | Variable      | 0.29%                 | No            |                  2 | On Loan: No      |
| Endo Finance Holdings, Inc.                                           | Endo Finance Holdings, Inc.                                                                                   | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1321000 | PA      | $1367342.00    | 0.01%             | 2031-04-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Citigroup, Inc.                                                       | Citigroup, Inc., Series EE                                                                                    | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    7630000 | PA      | $7548123.23    | 0.06%             | 2030-02-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2018-B2, Class XA                                                            | CUSIP: 08161CAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   33154587 | PA      | $304325.95     | 0.00%             | 2051-02-15      | Variable      | 0.45%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-11, Class IX                                                                                | CUSIP: 38380RRQ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   24377180 | PA      | $2004155.22    | 0.01%             | 2062-12-16      | Variable      | 1.16%                 | No            |                  2 | On Loan: No      |
| Petco Health & Wellness Co., Inc.                                     | Petco Health & Wellness Co., Inc., 1st Lien Term Loan                                                         | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    4150147 | PA      | $3836644.95    | 0.03%             | 2028-03-03      | Variable      | 7.81%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                                      | CCO Holdings LLC                                                                                              | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   12371000 | PA      | $12538787.87   | 0.09%             | 2029-09-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| US Auto Funding Trust                                                 | US Auto Funding Trust, Series 2022-1A, Class A                                                                | CUSIP: 90355FAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     411876 | PA      | $409607.16     | 0.00%             | 2025-04-15      | Fixed         | 3.98%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multi-Family Structured Credit Risk                             | FHLMC, Multi-Family Structured Credit Risk, Series 2021-MN1, Class B1                                         | CUSIP: 35563FAC5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2100455 | PA      | $2287340.25    | 0.02%             | 2051-01-25      | Floating      | 12.07%                | Yes           |                  2 | On Loan: No      |
| Alumina Pty. Ltd.                                                     | Alumina Pty. Ltd.                                                                                             | CUSIP: 02220AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    1526000 | PA      | $1528397.35    | 0.01%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd.                                       | Palmer Square Loan Funding Ltd., Series 2021-4A, Class D                                                      | CUSIP: 69702JAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   12000000 | PA      | $11962068.00   | 0.09%             | 2029-10-15      | Floating      | 9.52%                 | Yes           |                  2 | On Loan: No      |
| Bapco Energies BSC Closed                                             | Bapco Energies BSC Closed                                                                                     | CUSIP: 67778NAA6<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | CORP              | BH        |    2200000 | PA      | $2244176.00    | 0.02%             | 2027-10-25      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Aeropuerto Internacional de Tocumen SA                                | Aeropuerto Internacional de Tocumen SA                                                                        | CUSIP: 00787CAE2<br>LEI: 254900FO1PHX49ZIGB14 | Long             | DBT              | NUSS              | PA        |    1530000 | PA      | $1031893.20    | 0.01%             | 2061-08-11      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                                         | Organon & Co.                                                                                                 | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   11522000 | PA      | $10822906.11   | 0.08%             | 2028-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2019-GC43, Class E                                                | CUSIP: 17328HAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9287000 | PA      | $5206897.71    | 0.04%             | 2052-11-10      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Genesee & Wyoming, Inc.                                               | Genesee & Wyoming, Inc., 1st Lien Term Loan                                                                   | CUSIP: 37156QAZ9<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | LON              | CORP              | US        |    8593284 | PA      | $8548684.69    | 0.06%             | 2031-04-10      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M10, Class X6                                                                          | CUSIP: 3136B9EF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   17839831 | PA      | $582506.16     | 0.00%             | 2028-08-25      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2019-GC42, Class D                                                       | CUSIP: 36257UAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   11880000 | PA      | $8344740.10    | 0.06%             | 2052-09-10      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2020-K739 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2020-K739, Class D                                                               | CUSIP: 30289SAS6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   12500000 | PA      | $10101471.25   | 0.07%             | 2053-11-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                                      | CCO Holdings LLC                                                                                              | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   14814000 | PA      | $14609353.48   | 0.11%             | 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        |    5510000 | PA      | $5465981.55    | 0.04%             | 2026-01-08      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 42 Ltd.                            | Neuberger Berman Loan Advisers CLO Ltd., Series 2021-42A, Class CR                                            | CUSIP: 64133WAS4<br>LEI: 549300LGCRX4YI1JNS93 | Long             | ABS-CBDO         | CORP              | KY        |   19900000 | PA      | $19855145.40   | 0.15%             | 2036-07-16      | Floating      | 6.11%                 | Yes           |                  2 | On Loan: No      |
| BX                                                                    | BX, Series 2021-MFM1, Class E                                                                                 | CUSIP: 05608VAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2275000 | PA      | $2267890.63    | 0.02%             | 2034-01-15      | Floating      | 6.69%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                                          | Antero Midstream Partners LP                                                                                  | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    8884000 | PA      | $8793594.64    | 0.06%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Endo DAC                                                              | Endo DAC                                                                                                      | CUSIP: 292ESCB09<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    1520000 | PA      | $0.02          | 0.00%             | 2029-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| American Credit Acceptance Receivables Trust                          | American Credit Acceptance Receivables Trust, Series 2022-3, Class E                                          | CUSIP: 02528GAJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3000000 | PA      | $3037958.40    | 0.02%             | 2028-10-13      | Fixed         | 8.08%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2017-KL1E, Class BE                                                              | CUSIP: 35708RAN1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    9625000 | PA      | $8884423.63    | 0.07%             | 2027-02-25      | Variable      | 3.91%                 | Yes           |                  2 | On Loan: No      |
| Banco Mercantil del Norte SA                                          | Banco Mercantil del Norte SA                                                                                  | CUSIP: N/A<br>LEI: 549300QTVYRPFHS0J362       | Long             | DBT              | CORP              | MX        |    9900000 | PA      | $9801000.00    | 0.07%             | 2029-06-27      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Ballyrock CLO Ltd.                                                    | Ballyrock CLO Ltd., Series 2021-17A, Class A2                                                                 | CUSIP: 05876LAE3<br>LEI: 254900J6ILFT5YJVHO91 | Long             | ABS-CBDO         | CORP              | KY        |    9000000 | PA      | $9015084.00    | 0.07%             | 2034-10-20      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| BANK5                                                                 | BANK5, Series 2023-5YR4, Class A3                                                                             | CUSIP: 06211FAV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6665225 | PA      | $6993500.28    | 0.05%             | 2056-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                  | LHOME Mortgage Trust, Series 2024-RTL1, Class A1                                                              | CUSIP: 50205DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2925000 | PA      | $2947368.35    | 0.02%             | 2029-01-25      | Variable      | 7.02%                 | Yes           |                  2 | On Loan: No      |
| Ares XXXVII CLO Ltd.                                                  | Ares CLO Ltd., Series 2015-4A, Class BRR                                                                      | CUSIP: 04015NAS3<br>LEI: 635400YF4AHA6NB2CU53 | Long             | ABS-CBDO         | CORP              | KY        |    6233333 | PA      | $6232248.40    | 0.05%             | 2030-10-15      | Floating      | 6.01%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2025-30, Class SC                                                                                | CUSIP: 38385C7C6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   51015615 | PA      | $4344586.73    | 0.03%             | 2055-02-20      | Floating      | 2.22%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M10, Class X3                                                                          | CUSIP: 3136B9DY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   45439474 | PA      | $1389652.71    | 0.01%             | 2028-11-25      | Variable      | 1.31%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2022-134                                                                                         | CUSIP: 38381HLT6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   28845281 | PA      | $1205063.52    | 0.01%             | 2064-06-16      | Variable      | 0.51%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                     | EMRLD Borrower LP                                                                                             | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   16576000 | PA      | $16743642.87   | 0.12%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 34 Ltd.                            | Neuberger Berman Loan Advisers CLO Ltd., Series 2019-34A, Class BR                                            | CUSIP: 64132YAS1<br>LEI: 5493009EGZQAPYYVLD80 | Long             | ABS-CBDO         | CORP              | KY        |   11435000 | PA      | $11458133.01   | 0.08%             | 2035-01-20      | Floating      | 6.02%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR Trust                                                     | FHLMC STACR Trust, Series 2019-HQA2, Class B2                                                                 | CUSIP: 35564MBE4<br>LEI: 549300NKHCH87PYOHD44 | Long             | ABS-MBS          | CORP              | US        |    3500000 | PA      | $4280344.25    | 0.03%             | 2049-04-25      | Floating      | 15.69%                | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA UMBS, 30 Year                                                                                            | CUSIP: 3140XNWC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   10386766 | PA      | $10721429.71   | 0.08%             | 2053-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   12500000 | PA      | $-1931845.02   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| STReAM 2008 BV                                                        | STReAM 2008 BV                                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | NL        |    2150000 | PA      | $2150000.00    | 0.02%             | 2030-02-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Shift4 Payments LLC                                                   | Shift4 Payments LLC                                                                                           | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7546000 | PA      | $7699158.90    | 0.06%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K095, Class X3                               | CUSIP: 3137FNAH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   91253142 | PA      | $6918749.35    | 0.05%             | 2047-08-25      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| Alternative Loan Trust                                                | Alternative Loan Trust, Series 2005-23CB, Class A7                                                            | CUSIP: 12667GLH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      14189 | PA      | $11350.50      | 0.00%             | 2035-07-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2016-C32, Class D                                               | CUSIP: 94989YAJ2<br>LEI: 549300VOKB4Z9J8DIM89 | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $3820473.60    | 0.03%             | 2059-01-15      | Variable      | 3.79%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    8000000 | PA      | $-862828.78    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                                           | Adient Global Holdings Ltd.                                                                                   | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    3375000 | PA      | $3444771.38    | 0.03%             | 2031-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                                       | Live Nation Entertainment, Inc.                                                                               | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    2650000 | PA      | $2544251.22    | 0.02%             | 2028-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                           | Hashemite Kingdom of Jordan                                                                                   | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    8800000 | PA      | $8228264.00    | 0.06%             | 2030-07-07      | Fixed         | 5.85%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                | Tenet Healthcare Corp.                                                                                        | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   14007000 | PA      | $14016958.98   | 0.10%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United Airlines, Inc.                                                 | United Airlines, Inc.                                                                                         | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    8142000 | PA      | $8045515.18    | 0.06%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                   | Exeter Automobile Receivables Trust, Series 2022-4A, Class E                                                  | CUSIP: 30166BAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1138000 | PA      | $1160313.90    | 0.01%             | 2030-03-15      | Fixed         | 8.23%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd.                                             | Madison Park Funding Ltd., Series 2020-45A, Class BRR                                                         | CUSIP: 55820BAU1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   16950000 | PA      | $16962187.05   | 0.12%             | 2034-07-15      | Floating      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KC04, Class X1                               | CUSIP: 3137FMCG5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   42353930 | PA      | $523947.77     | 0.00%             | 2026-12-25      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KF73, Class B                                                               | CUSIP: 30313BAA2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    5666890 | PA      | $5217848.30    | 0.04%             | 2029-11-25      | Floating      | 6.92%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN18, Class E                                                                               | CUSIP: 065402AL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2150000 | PA      | $1126148.50    | 0.01%             | 2062-05-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FTF Funding II LLC                                                    | FTF Funding II LLC                                                                                            | CUSIP: N/A<br>LEI: 549300881VLD4ANNI662       | Long             | ABS-MBS          | CORP              | US        |    2434056 | PA      | $1874222.86    | 0.01%             | 2025-08-15      | Fixed         | 3.00%                 | No            |                  3 | On Loan: No      |
| CCO Holdings LLC                                                      | CCO Holdings LLC                                                                                              | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   39998000 | PA      | $37504156.70   | 0.28%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                     | Credit Acceptance Auto Loan Trust, Series 2024-1A, Class A                                                    | CUSIP: 22537GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6805000 | PA      | $6882964.89    | 0.05%             | 2034-03-15      | Fixed         | 5.68%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class E                                                | CUSIP: 29425AAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4330000 | PA      | $2073094.45    | 0.02%             | 2058-09-10      | Variable      | 4.57%                 | Yes           |                  2 | On Loan: No      |
| Bastion Funding I LLC                                                 | Bastion Funding I LLC, Series 2023-1A, Class C                                                                | CUSIP: 07030UAE2<br>LEI: 549300NX3WVP5ASDEU57 | Long             | ABS-O            | CORP              | US        |    3904706 | PA      | $3900800.80    | 0.03%             | 2038-04-25      | Fixed         | 11.73%                | Yes           |                  3 | On Loan: No      |
| Hertz Corp. (The)                                                     | Hertz Corp. (The)                                                                                             | CUSIP: 428ESCAD9<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    1450000 | PA      | $297250.00     | 0.00%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K093, Class X3                               | CUSIP: 3137FMCU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  136527499 | PA      | $10370956.49   | 0.08%             | 2047-05-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                             | Ford Motor Credit Co. LLC                                                                                     | CUSIP: 345397ZW6<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    5460000 | PA      | $5382010.34    | 0.04%             | 2026-08-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| AI Candelaria -spain- SA                                              | AI Candelaria -spain- SA                                                                                      | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |    3974000 | PA      | $3319521.94    | 0.02%             | 2033-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                            | Democratic Socialist Republic of Sri Lanka                                                                    | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     285660 | PA      | $221743.58     | 0.00%             | 2036-05-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-56                                                                                          | CUSIP: 38381LCC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10923237 | PA      | $820047.80     | 0.01%             | 2065-11-16      | Variable      | 1.04%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                   | Petroleos Mexicanos                                                                                           | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |   14950000 | PA      | $12922780.00   | 0.10%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Identity Digital Ltd.                                                 | Identity Digital Ltd.                                                                                         | CUSIP: N/A<br>LEI: 5493005BN677T7KORE19       | Long             | DBT              | CORP              | IE        |   13000000 | PA      | $13000000.00   | 0.10%             | 2065-03-20      | Fixed         | 6.79%                 | No            |                  3 | On Loan: No      |
| Neuberger Berman Loan Advisers CLO 50 Ltd.                            | Neuberger Berman Loan Advisers CLO Ltd., Series 2022-50A, Class CR                                            | CUSIP: 64134VAU0<br>LEI: 549300UMYON6L2REF246 | Long             | ABS-CBDO         | CORP              | JE        |    5971928 | PA      | $5970351.41    | 0.04%             | 2036-07-23      | Floating      | 6.18%                 | Yes           |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                       | CSAIL Commercial Mortgage Trust, Series 2015-C2, Class B                                                      | CUSIP: 12634NAY4<br>LEI: 549300D5DIOOMKWXVZ20 | Long             | ABS-MBS          | CORP              | US        |    4067647 | PA      | $3915780.23    | 0.03%             | 2057-06-15      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 43 Ltd.                                   | Octagon Investment Partners Ltd., Series 2019-1A, Class BR                                                    | CUSIP: 67573LAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    9332000 | PA      | $9356935.10    | 0.07%             | 2032-10-25      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-152, Class X3                              | CUSIP: 3137H9MB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    2625000 | PA      | $648322.50     | 0.00%             | 2055-11-25      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| Greenko Wind Projects Mauritius Ltd.                                  | Greenko Wind Projects Mauritius Ltd.                                                                          | CUSIP: N/A<br>LEI: 254900MSUXE1FF83DP82       | Long             | DBT              | CORP              | MU        |    1400000 | PA      | $1384600.00    | 0.01%             | 2028-09-27      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                                          | Antero Midstream Partners LP                                                                                  | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4604000 | PA      | $4586246.06    | 0.03%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2020-K1517                                                      | FREMF, Series 20K-1517, Class C                                                                               | CUSIP: 30315VAN8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   18000000 | PA      | $7929289.80    | 0.06%             | 2035-08-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust                            | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class B                                          | CUSIP: 46647TAY4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $937946.60     | 0.01%             | 2050-03-15      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                        | Morgan Stanley Capital I Trust, Series 2021-L5, Class E                                                       | CUSIP: 61691YBQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4234285 | PA      | $2848144.80    | 0.02%             | 2054-05-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | Forward Foreign Currency Contract                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $275712.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KF72, Class B                                                               | CUSIP: 30314JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2706383 | PA      | $2619017.24    | 0.02%             | 2026-11-25      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | Audacy, Inc.                                                                                                  | CUSIP: 05070N137<br>LEI: N/A                  | N/A              | DO               |  | US        |       1110 | NS      | $17.21         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Anchor Mortgage Trust                                                 | Anchor Mortgage Trust                                                                                         | CUSIP: 03332JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5070653.00    | 0.04%             | 2031-03-25      | Variable      | 8.23%                 | No            |                  3 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 19K-1510, Class X2B                                                              | CUSIP: 30265DAC2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   81410434 | PA      | $494373.00     | 0.00%             | 2034-01-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN20, Class XA                                                                              | CUSIP: 06540AAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   48755330 | PA      | $1448715.87    | 0.01%             | 2062-09-15      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2012-89                                                                                          | CUSIP: 38378BXV6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6091624 | PA      | $60.92         | 0.00%             | 2053-12-16      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2018-M15, Class X                                                                           | CUSIP: 3136B3YT1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    6424573 | PA      | $153071.88     | 0.00%             | 2036-01-25      | Variable      | 0.64%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                                      | Gray Media, Inc.                                                                                              | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    6940000 | PA      | $5022825.00    | 0.04%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K730, Class X3                               | CUSIP: 3137FEUD0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4019744 | PA      | $339.27        | 0.00%             | 2045-02-25      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                       | Republic Finance Issuance Trust, Series 2024-B, Class A                                                       | CUSIP: 76042GAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   17753000 | PA      | $17916384.41   | 0.13%             | 2037-11-20      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| Berry Global, Inc.                                                    | Berry Global, Inc.                                                                                            | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    5576000 | PA      | $5558743.40    | 0.04%             | 2026-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                                    | Banco Bilbao Vizcaya Argentaria SA                                                                            | CUSIP: 05946KAM3<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    4345000 | PA      | $4768902.55    | 0.04%             | 2029-03-19      | Variable      | 9.38%                 | No            |                  2 | On Loan: No      |
| Great Ajax Operating Partnership LP                                   | Great Ajax Operating Partnership LP, Series QIB                                                               | CUSIP: 38982GAA4<br>LEI: 549300IMX0KE8QJMZ613 | Long             | DBT              | CORP              | US        |   11000000 | PA      | $10762189.13   | 0.08%             | 2027-09-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5520, Class SE                                                                           | CUSIP: 3137HK3Q5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   38940805 | PA      | $2789337.65    | 0.02%             | 2055-03-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3622ADHB7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   36562780 | PA      | $37733677.19   | 0.28%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Entegris, Inc.                                                        | Entegris, Inc.                                                                                                | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    3513000 | PA      | $3391686.62    | 0.02%             | 2028-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KW07, Class C                                                               | CUSIP: 30297NAG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   12089138 | PA      | $9017052.30    | 0.07%             | 2031-10-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| HUB International Ltd.                                                | HUB International Ltd., 1st Lien Term Loan                                                                    | CUSIP: 44332EAZ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    7187354 | PA      | $7184695.04    | 0.05%             | 2030-06-20      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                                       | Gulfport Energy Operating Corp.                                                                               | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    3459000 | PA      | $3509001.75    | 0.03%             | 2029-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                               | RHP Hotel Properties LP                                                                                       | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1012000 | PA      | $1029218.40    | 0.01%             | 2033-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HMFD6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8202482 | PA      | $8346908.99    | 0.06%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Endo, Inc.                                                            | Endo, Inc.                                                                                                    | CUSIP: 29290D117<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     143185 | NS      | $3006885.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CD Mortgage Trust                                                     | CD Mortgage Trust, Series 2019-CD8, Class E                                                                   | CUSIP: 12515BAT5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1910000 | PA      | $1019039.05    | 0.01%             | 2057-08-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K082, Class X3                               | CUSIP: 3137FJKH1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   49000000 | PA      | $3362051.70    | 0.02%             | 2046-10-25      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| Shutterfly Finance LLC                                                | Shutterfly Finance LLC                                                                                        | CUSIP: 82568NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    8435564 | PA      | $7431773.89    | 0.05%             | 2027-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-181                                                                                         | CUSIP: 38381EBB3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  135763615 | PA      | $9429380.40    | 0.07%             | 2063-07-16      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Trinidad Generation UnLtd                                             | Trinidad Generation UnLtd                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | TT        |     833333 | PA      | $807454.17     | 0.01%             | 2027-11-04      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CARS-DB4 LP                                                           | CARS-DB4 LP, Series 2020-1A, Class B3                                                                         | CUSIP: 12510HAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4510000 | PA      | $4037868.85    | 0.03%             | 2050-02-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust                                                | Alternative Loan Trust, Series 2004-18CB, Class 5A1                                                           | CUSIP: 12667FQU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      14807 | PA      | $15383.36      | 0.00%             | 2034-09-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C21, Class B                                  | CUSIP: 61764XBM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $2358884.00    | 0.02%             | 2048-03-15      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                  | NOVA Chemicals Corp.                                                                                          | CUSIP: 66977WAT6<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    2835000 | PA      | $2986230.24    | 0.02%             | 2028-11-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies BV                                               | Sensata Technologies BV                                                                                       | CUSIP: 81725WAK9<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |   10312000 | PA      | $9679888.84    | 0.07%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2016-C2, Class D                                                  | CUSIP: 17291CAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1372828.20    | 0.01%             | 2049-08-10      | Variable      | 3.25%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2020-GSA2, Class D                                                       | CUSIP: 36264KBD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18158167 | PA      | $12307304.17   | 0.09%             | 2053-12-12      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Goat Holdco LLC                                                       | Goat Holdco LLC                                                                                               | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2414000 | PA      | $2404694.03    | 0.02%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Armenia                                                   | Republic of Armenia                                                                                           | CUSIP: 042207AD2<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |    2760000 | PA      | $2341694.40    | 0.02%             | 2031-02-02      | Fixed         | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                               | Civitas Resources, Inc.                                                                                       | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    5077000 | PA      | $4963812.55    | 0.04%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KW09, Class X2B                                                             | CUSIP: 30298GAL6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   20000000 | PA      | $63620.00      | 0.00%             | 2029-06-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Trust, Inc.                                              | Arbor Realty Trust, Inc., Series QIB                                                                          | CUSIP: 038923AX6<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   14500000 | PA      | $13785363.59   | 0.10%             | 2026-09-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K109, Class X3                               | CUSIP: 3137FTG35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   13770000 | PA      | $1917714.85    | 0.01%             | 2048-05-25      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| AMSR Trust                                                            | AMSR Trust, Series 2022-SFR1, Class E2                                                                        | CUSIP: 00179WAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9913000 | PA      | $9709212.51    | 0.07%             | 2039-03-17      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN20, Class D                                                                               | CUSIP: 06540AAM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6721000 | PA      | $4146226.57    | 0.03%             | 2062-09-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC                              | Sierra Timeshare Receivables Funding LLC, Series 2021-2A, Class D                                             | CUSIP: 82652RAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     591771 | PA      | $574847.07     | 0.00%             | 2038-09-20      | Fixed         | 3.23%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2020-K115, Class X2B                                                             | CUSIP: 302673AL2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   60800000 | PA      | $251499.20     | 0.00%             | 2053-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                       | CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class AS                                                   | CUSIP: 12595JAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7000000 | PA      | $6619214.70    | 0.05%             | 2050-11-15      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K759, Class X3                               | CUSIP: 3137HJZV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4588679 | PA      | $1283234.64    | 0.01%             | 2057-02-25      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K130, Class X1                               | CUSIP: 3137H1YX8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   29853198 | PA      | $1500430.70    | 0.01%             | 2031-06-25      | Variable      | 1.04%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2015-C29, Class D                                               | CUSIP: 94989KBC6<br>LEI: 549300NYO16WLNMVJJ46 | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $4289291.55    | 0.03%             | 2048-06-15      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2019-M28, Class XA2                                                                         | CUSIP: 3136B7GF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   13409264 | PA      | $97222.53      | 0.00%             | 2030-02-25      | Variable      | 0.22%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                                             | IRV Trust, Series 2025-200P, Class D                                                                          | CUSIP: 45006HAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $3871711.20    | 0.03%             | 2047-03-14      | Variable      | 6.17%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                   | Petroleos Mexicanos                                                                                           | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    3200000 | PA      | $3020800.00    | 0.02%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Grene 2023senrs5.5                                                    | Grene 2023-Senior                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    3026007 | PA      | $2843841.68    | 0.02%             | 2061-01-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class C                                  | CUSIP: 61764PBZ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1315349 | PA      | $1271166.28    | 0.01%             | 2047-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                                 | WR Grace Holdings LLC                                                                                         | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |   11757000 | PA      | $11591908.21   | 0.09%             | 2027-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Service Corp. International                                           | Service Corp. International                                                                                   | CUSIP: 817565BT0<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     535000 | PA      | $552307.08     | 0.00%             | 2027-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                                 | WR Grace Holdings LLC, 1st Lien Term Loan                                                                     | CUSIP: 92943HAB5<br>LEI: 549300WNOVFRGYOAEB12 | Long             | LON              | CORP              | US        |    3356921 | PA      | $3343493.66    | 0.02%             | 2028-09-22      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd.                                             | Madison Park Funding Ltd., Series 2020-45A, Class CRR                                                         | CUSIP: 55820BAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5100000 | PA      | $5101091.40    | 0.04%             | 2034-07-15      | Floating      | 6.16%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K743, Class X3                               | CUSIP: 3137H14E3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5000000 | PA      | $383889.00     | 0.00%             | 2049-06-25      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2016-56, Class ST                                                                         | CUSIP: 3136ATAH7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    4061204 | PA      | $450533.37     | 0.00%             | 2046-08-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J6CG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     912055 | PA      | $928114.36     | 0.01%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                | OCP SA                                                                                                        | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |    2160000 | PA      | $2105222.40    | 0.02%             | 2054-05-02      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                                             | First Student Bidco, Inc.                                                                                     | CUSIP: 337120AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2655000 | PA      | $2482188.97    | 0.02%             | 2029-07-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                | Lendmark Funding Trust, Series 2021-2A, Class C                                                               | CUSIP: 52604DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1100000 | PA      | $1012977.57    | 0.01%             | 2032-04-20      | Fixed         | 3.09%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, STRIPS, Series 421, Class 7                                                                             | CUSIP: 31397VEB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      22132 | PA      | $729.34        | 0.00%             | 2030-05-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chemours Co. (The)                                                    | Chemours Co. (The)                                                                                            | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    7871000 | PA      | $7047739.05    | 0.05%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2017-36, Class SL                                                                                | CUSIP: 38376MNL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5537340 | PA      | $755535.16     | 0.01%             | 2047-03-16      | Floating      | 1.76%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-148                                                                                         | CUSIP: 38381DQ86<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   65071119 | PA      | $5413663.35    | 0.04%             | 2063-10-16      | Variable      | 1.07%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618H3JE2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1364192 | PA      | $1405640.83    | 0.01%             | 2054-04-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                                           | Allied Universal Holdco LLC                                                                                   | CUSIP: 019579AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3817000 | PA      | $3653925.16    | 0.03%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                        | Morgan Stanley Capital I Trust, Series 2020-L4, Class D                                                       | CUSIP: 61770KAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7175000 | PA      | $5150310.43    | 0.04%             | 2053-02-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Republic of Ecuador                                                   | Republic of Ecuador                                                                                           | CUSIP: N/A<br>LEI: 5299003Y2U5XK0A35H71       | Long             | DBT              | NUSS              | EC        |    4300000 | PA      | $3333575.00    | 0.02%             | 2030-07-31      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC STACR REMIC Trust, Series 2023-DNA2, Class B1                                                           | CUSIP: 35564KW70<br>LEI: 5493000IRI80KQJUNK40 | Long             | ABS-MBS          | CORP              | US        |    3350000 | PA      | $3790347.79    | 0.03%             | 2043-04-25      | Floating      | 11.92%                | Yes           |                  2 | On Loan: No      |
| RR Ltd.                                                               | RR Ltd., Series 2024-35A, Class A2                                                                            | CUSIP: 74988DAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    4000000 | PA      | $4020876.00    | 0.03%             | 2040-01-15      | Floating      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2020-K113 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2020-K113, Class D                                                               | CUSIP: 30315KAE2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   26843404 | PA      | $17212650.99   | 0.13%             | 2053-05-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-10                                                                                          | CUSIP: 38380RQU7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   34844378 | PA      | $2559591.36    | 0.02%             | 2063-05-16      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Mariner Finance issuance Trust                                        | Mariner Finance issuance Trust, Series 2024-BA, Class C                                                       | CUSIP: 56847GAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3246000 | PA      | $3265835.98    | 0.02%             | 2038-11-20      | Fixed         | 5.73%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                    | Republic of Angola                                                                                            | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |   11400000 | PA      | $9735600.00    | 0.07%             | 2029-11-26      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2014-88, Class AJ                                                                                | CUSIP: 38378N7C1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4902998 | PA      | $4321228.30    | 0.03%             | 2055-03-16      | Variable      | 2.99%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-165, Class ZJ                                                                               | CUSIP: 38383AAH7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5014213 | PA      | $2973920.29    | 0.02%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PRPM LLC                                                              | PRPM LLC, Series 2024-8, Class A2                                                                             | CUSIP: 74448KAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1990914.00    | 0.01%             | 2029-12-25      | Variable      | 8.84%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                               | FHLMC STACR REMIC Trust, Series 2021-DNA5, Class B2                                                           | CUSIP: 35564KJB6<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |   17900000 | PA      | $20394160.94   | 0.15%             | 2034-01-25      | Floating      | 9.82%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                                        | Carnival Corp.                                                                                                | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    5250000 | PA      | $5263132.35    | 0.04%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                            | JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class E                                          | CUSIP: 46640NAR9<br>LEI: 549300UOGMFS1M8XVM16 | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $1596630.00    | 0.01%             | 2045-11-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                              | PRET LLC, Series 2025-NPL4, Class A1                                                                          | CUSIP: 74136UAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   23300000 | PA      | $23343892.54   | 0.17%             | 2055-04-25      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KF60, Class B                                                               | CUSIP: 30308HAG3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     402161 | PA      | $397341.51     | 0.00%             | 2026-02-25      | Floating      | 6.82%                 | Yes           |                  2 | On Loan: No      |
| SES GLOBAL Americas Holdings, Inc.                                    | SES GLOBAL Americas Holdings, Inc.                                                                            | CUSIP: 78413KAB8<br>LEI: 5299000YGN3VJ3R60481 | Long             | DBT              | CORP              | US        |     110000 | PA      | $78517.01      | 0.00%             | 2044-03-25      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2015-GC30, Class D                                                       | CUSIP: 36250GAX3<br>LEI: 549300L45M7638EL0H21 | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $2897280.00    | 0.02%             | 2050-05-10      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| 20 Times Square Trust                                                 | 20 Times Square Trust, Series 2018-20TS, Class F                                                              | CUSIP: 90137LAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     600000 | PA      | $480000.00     | 0.00%             | 2035-05-15      | Variable      | 3.10%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, Single Family, 30 Year                                                                               | CUSIP: 21H052678<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  244390000 | PA      | $242394782.93  | 1.78%             | 2055-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KL05, Class CHG                                                             | CUSIP: 30311NAG5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   10000000 | PA      | $8837203.00    | 0.06%             | 2029-02-25      | Fixed         | 4.37%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                                        | Univision Communications, Inc.                                                                                | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   12339000 | PA      | $12346896.96   | 0.09%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                                    | United Rentals North America, Inc.                                                                            | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    3110000 | PA      | $3152323.99    | 0.02%             | 2034-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                      | NRG Energy, Inc.                                                                                              | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    7165000 | PA      | $6497287.92    | 0.05%             | 2031-02-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2019-B15, Class E                                                            | CUSIP: 08160KAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9150000 | PA      | $4834191.14    | 0.04%             | 2072-12-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Barings CLO Ltd.                                                      | Barings CLO Ltd., Series 2022-3A, Class A2R                                                                   | CUSIP: 06762VAH9<br>LEI: 549300P3XUH38MXFT836 | Long             | ABS-CBDO         | CORP              | KY        |    5250000 | PA      | $5254746.00    | 0.04%             | 2037-10-20      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| EchoStar Corp.                                                        | EchoStar Corp.                                                                                                | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    9760000 | PA      | $9807824.00    | 0.07%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                                   | COMM Mortgage Trust, Series 2024-CBM, Class B                                                                 | CUSIP: 12674GAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5976000 | PA      | $6027394.20    | 0.04%             | 2041-12-10      | Variable      | 6.51%                 | Yes           |                  2 | On Loan: No      |
| James Hardie International Finance DAC                                | James Hardie International Finance DAC                                                                        | CUSIP: 47032FAB5<br>LEI: 635400G32A4Q1LVQ8M88 | Long             | DBT              | CORP              | IE        |    2000000 | PA      | $1958340.00    | 0.01%             | 2028-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2014-LC17, Class D                                                          | CUSIP: 12592MAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   12677993 | PA      | $12091129.06   | 0.09%             | 2047-10-10      | Fixed         | 3.69%                 | Yes           |                  2 | On Loan: No      |
| University of California                                              | University of California, Taxable Limited Project, Series 2015J                                               | CUSIP: 91412GXY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     100000 | PA      | $86249.09      | 0.00%             | 2045-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Republic of Angola                                                    | Republic of Angola                                                                                            | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    3620000 | PA      | $3091480.00    | 0.02%             | 2029-11-26      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-167                                                                                         | CUSIP: 38381D2W9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   63264844 | PA      | $4508607.06    | 0.03%             | 2063-12-16      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                  | Republic of Colombia                                                                                          | CUSIP: 195325EF8<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    2010000 | PA      | $2060752.50    | 0.02%             | 2033-04-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Outfront Media Capital LLC                                            | Outfront Media Capital LLC                                                                                    | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3055000 | PA      | $2889295.27    | 0.02%             | 2029-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5148, Class PZ                                                                           | CUSIP: 3137H2V35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    6456133 | PA      | $3968601.89    | 0.03%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                                     | GLS Auto Receivables Issuer Trust, Series 2022-2A, Class E                                                    | CUSIP: 36265NAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10680000 | PA      | $10587043.42   | 0.08%             | 2029-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                                     | Hertz Corp. (The)                                                                                             | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    8226000 | PA      | $8375984.66    | 0.06%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KG02, Class X1                               | CUSIP: 3137FPHS7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   23809825 | PA      | $773264.56     | 0.01%             | 2029-08-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                                                    | Seagate HDD Cayman                                                                                            | CUSIP: 81180WBF7<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    5160000 | PA      | $4644000.00    | 0.03%             | 2029-07-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Anchor Mortgage Trust                                                 | Anchor Mortgage Trust                                                                                         | CUSIP: 03332JAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7500000 | PA      | $7734573.75    | 0.06%             | 2031-03-25      | Variable      | 10.14%                | No            |                  3 | On Loan: No      |
| Sirius XM Radio LLC                                                   | Sirius XM Radio LLC                                                                                           | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    7805000 | PA      | $7724230.74    | 0.06%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K147, Class X3                               | CUSIP: 3137H8C74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   15000000 | PA      | $3102330.00    | 0.02%             | 2050-06-25      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust, Inc.                                   | Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 3CB2                                             | CUSIP: 17307GHE1<br>LEI: 549300R1KUK063S4I339 | Long             | ABS-MBS          | CORP              | US        |       5599 | PA      | $5584.70       | 0.00%             | 2019-08-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J7B74<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    5972487 | PA      | $6077651.98    | 0.04%             | 2054-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lamar Media Corp.                                                     | Lamar Media Corp.                                                                                             | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2406000 | PA      | $2362532.72    | 0.02%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Moran Foods LLC                                                       | Moran Foods LLC, 1st Lien Term Loan                                                                           | CUSIP: 61647DAY8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     291897 | PA      | $291896.66     | 0.00%             | 2029-01-02      | Variable      | 12.70%                | No            |                  3 | On Loan: No      |
| GNMA                                                                  | GNMA II, Other                                                                                                | CUSIP: 3618FUSR5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     320191 | PA      | $327657.50     | 0.00%             | 2063-10-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KC06, Class B                                                               | CUSIP: 30312MAL5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7609000 | PA      | $7297638.96    | 0.05%             | 2026-09-25      | Variable      | 3.82%                 | Yes           |                  2 | On Loan: No      |
| J.P. Morgan Chase Commercial Mortgage Securities Trust                | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class B                              | CUSIP: 46590RAK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1844597.20    | 0.01%             | 2049-08-15      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                              | Comstock Resources, Inc.                                                                                      | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |   12256000 | PA      | $12079833.48   | 0.09%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2023-46                                                                                          | CUSIP: 38381H5Y3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   19753208 | PA      | $1524084.44    | 0.01%             | 2065-07-16      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-110, Class AS                                                                               | CUSIP: 38384QUB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   19258488 | PA      | $1898274.54    | 0.01%             | 2054-07-20      | Floating      | 2.32%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K740, Class X1                               | CUSIP: 3137F72D6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  114195769 | PA      | $1606723.05    | 0.01%             | 2027-09-25      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| Banque Ouest Africaine de Developpement                               | Banque Ouest Africaine de Developpement                                                                       | CUSIP: 06675QAE3<br>LEI: 529900LIZJABE4JJS826 | Long             | DBT              | NUSS              | US        |    4800000 | PA      | $4752000.00    | 0.03%             | 2055-02-13      | Variable      | 8.20%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-40                                                                                          | CUSIP: 38380RE71<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   47469817 | PA      | $2917509.22    | 0.02%             | 2063-02-16      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| FHLMC Seasoned Credit Risk Transfer Trust                             | FHLMC Seasoned Credit Risk Transfer Trust, Series 2021-2, Class BXS                                           | CUSIP: 35563P4Q9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4912543 | PA      | $3330441.52    | 0.02%             | 2060-11-25      | Variable      | 15.44%                | Yes           |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust                                | Santander Drive Auto Receivables Trust, Series 2024-3, Class D                                                | CUSIP: 80287LAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12824000 | PA      | $13062207.08   | 0.10%             | 2031-10-15      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| MV24 Capital BV                                                       | MV24 Capital BV                                                                                               | CUSIP: 55388RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    3316761 | PA      | $3175201.64    | 0.02%             | 2034-06-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                              | PRET LLC, Series 2024-NPL7, Class A1                                                                          | CUSIP: 74136TAA6<br>LEI: 254900640HC5OZKI7J87 | Long             | ABS-MBS          | CORP              | US        |   10953229 | PA      | $10899216.25   | 0.08%             | 2054-10-25      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| Lendingpoint Asset Securitization Trust                               | Lendingpoint Asset Securitization Trust, Series 2022-A, Class D                                               | CUSIP: 52605AAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   21217372 | PA      | $13006410.47   | 0.10%             | 2029-06-15      | Fixed         | 4.54%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                            | iHeartCommunications, Inc.                                                                                    | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    8679804 | PA      | $7182409.35    | 0.05%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| OnDeck Asset Securitization Trust IV LLC                              | OnDeck Asset Securitization Trust LLC, Series 2024-2A, Class A                                                | CUSIP: 67108SAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3100000 | PA      | $3069685.41    | 0.02%             | 2031-10-17      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2017-C38, Class D                                               | CUSIP: 95001MAP5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4500000 | PA      | $3146659.65    | 0.02%             | 2050-07-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 19K-1514, Class C                                                                | CUSIP: 30315AAB0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   13000000 | PA      | $5979291.50    | 0.04%             | 2034-10-25      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Bain Capital Credit CLO Ltd.                                          | Bain Capital Credit CLO Ltd., Series 2022-3A, Class B                                                         | CUSIP: 05684NAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    6505000 | PA      | $6523773.43    | 0.05%             | 2035-07-17      | Floating      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| Magnetite XXVII Ltd.                                                  | Magnetite Ltd., Series 2020-27A, Class ER                                                                     | CUSIP: 55955FAE5<br>LEI: 5493003N6WY184N72D84 | Long             | ABS-CBDO         | CORP              | KY        |    7000000 | PA      | $6972980.00    | 0.05%             | 2034-10-20      | Floating      | 10.53%                | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2025-23, Class SE                                                                                | CUSIP: 38385DZN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   31663021 | PA      | $2193192.99    | 0.02%             | 2055-02-20      | Floating      | 1.62%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                | Cleveland-Cliffs, Inc.                                                                                        | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    1832000 | PA      | $1647399.62    | 0.01%             | 2031-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Altar Bidco, Inc.                                                     | Altar Bidco, Inc., 1st Lien Term Loan B                                                                       | CUSIP: 02090CAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2785678 | PA      | $2748071.11    | 0.02%             | 2029-02-01      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-6                                                                                           | CUSIP: 38380NP78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   12878606 | PA      | $738353.65     | 0.01%             | 2062-10-16      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                              | WESCO Distribution, Inc.                                                                                      | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    5249000 | PA      | $5357927.25    | 0.04%             | 2029-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-120                                                                                         | CUSIP: 38380PV76<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    8053085 | PA      | $476244.15     | 0.00%             | 2062-05-16      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| Jaguar Land Rover Automotive plc                                      | Jaguar Land Rover Automotive plc                                                                              | CUSIP: 47010BAF1<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    1000000 | PA      | $977352.00     | 0.01%             | 2027-10-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Coinbase Global, Inc.                                                 | Coinbase Global, Inc.                                                                                         | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |     982000 | PA      | $854655.32     | 0.01%             | 2031-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| CoreCivic, Inc.                                                       | CoreCivic, Inc.                                                                                               | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    4965000 | PA      | $5247676.57    | 0.04%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-169                                                                                         | CUSIP: 38380RFW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  351442997 | PA      | $22091636.51   | 0.16%             | 2062-07-16      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| Republic of Colombia                                                  | Republic of Colombia                                                                                          | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     860000 | PA      | $853120.00     | 0.01%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2011-79, Class SD                                                                         | CUSIP: 3136A0WN3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    2634428 | PA      | $296133.39     | 0.00%             | 2041-08-25      | Floating      | 1.46%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    7500000 | PA      | $-769568.99    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2021-BN33, Class D                                                                               | CUSIP: 06541CAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3700000 | PA      | $2666904.50    | 0.02%             | 2064-05-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Chord Energy Corp.                                                    | Chord Energy Corp.                                                                                            | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    3081000 | PA      | $3059680.71    | 0.02%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-28                                                                                          | CUSIP: 38380N3R8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   16980552 | PA      | $960279.08     | 0.01%             | 2061-11-16      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KW09, Class C                                                               | CUSIP: 30298GAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   22210000 | PA      | $15786095.09   | 0.12%             | 2029-06-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2020-K105 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2020-K105, Class D                                                               | CUSIP: 302975BJ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   33000000 | PA      | $21010859.10   | 0.15%             | 2053-03-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                                        | Rite Aid Corp.                                                                                                | CUSIP: 767ESCAC0<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |    3890000 | PA      | $0.04          | 0.00%             | 2026-11-15      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2019-53, Class IA                                                                                | CUSIP: 38380M4K4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4386580 | PA      | $222872.89     | 0.00%             | 2061-06-16      | Variable      | 0.77%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618H4BF5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1384855 | PA      | $1426928.59    | 0.01%             | 2054-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bausch Health Americas, Inc.                                          | Bausch Health Americas, Inc.                                                                                  | CUSIP: 91911XAV6<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |   20927000 | PA      | $20617280.40   | 0.15%             | 2026-04-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2024-5C7, Class A3                                                                 | CUSIP: 09660WAU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7000000 | PA      | $7188529.60    | 0.05%             | 2057-11-15      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| LendingPoint Asset Securitization Trust                               | LendingPoint Asset Securitization Trust, Series 2020-REV1, Class D                                            | CUSIP: 52606YAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6500000 | PA      | $1414011.95    | 0.01%             | 2028-10-15      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 21K-F116, Class CS                                                               | CUSIP: 30320XAE7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   22993349 | PA      | $22865126.96   | 0.17%             | 2028-06-25      | Floating      | 10.75%                | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HKLD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3358652 | PA      | $3460697.75    | 0.03%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                             | LendingClub Loan Certificate Issuer Trust, Series 2022-P4, Class CERT                                         | CUSIP: 52608CAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     400000 | PA      | $1709368.00    | 0.01%             | 2037-06-15      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2020-K118, Class X2A                                                             | CUSIP: 30316TAN2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  249404764 | PA      | $992780.60     | 0.01%             | 2053-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust                       | Multi-Family Connecticut Avenue Securities Trust, Series 2025-01, Class M1                                    | CUSIP: 62549CAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   17200000 | PA      | $17200000.00   | 0.13%             | 2055-05-25      | Floating      | 6.71%                 | Yes           |                  3 | On Loan: No      |
| Ecopetrol SA                                                          | Ecopetrol SA                                                                                                  | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |     855000 | PA      | $575500.50     | 0.00%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                            | Democratic Socialist Republic of Sri Lanka                                                                    | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     310770 | PA      | $269695.53     | 0.00%             | 2030-01-15      | Variable      | 3.10%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2013-182, Class MS                                                                               | CUSIP: 38378PFB9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6645796 | PA      | $712001.96     | 0.01%             | 2043-12-20      | Floating      | 1.70%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2020-KF74, Class B                                                               | CUSIP: 30313MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     742375 | PA      | $722689.83     | 0.01%             | 2027-01-25      | Floating      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3622ADUJ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   88126777 | PA      | $89679102.37   | 0.66%             | 2055-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                            | JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class C                                          | CUSIP: 46645JAH5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3350000 | PA      | $3163793.27    | 0.02%             | 2048-12-15      | Variable      | 4.63%                 | No            |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                                       | 1261229 BC Ltd., 1st Lien Term Loan                                                                           | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    4535000 | PA      | $4297547.40    | 0.03%             | 2030-10-08      | Variable      | 10.59%                | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2024-C9, Class XA                                                                  | CUSIP: 05593MAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   80083268 | PA      | $5202457.33    | 0.04%             | 2057-07-15      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                      | CSC Holdings LLC, 1st Lien Term Loan                                                                          | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    3440960 | PA      | $3393647.15    | 0.02%             | 2028-01-18      | Variable      | 8.83%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                           | Crescent Energy Finance LLC                                                                                   | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   12557000 | PA      | $12965222.67   | 0.10%             | 2028-02-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2017-BNK6, Class D                                                                               | CUSIP: 060352AV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3195000 | PA      | $2595407.13    | 0.02%             | 2060-07-15      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Venator Materials LLC                                                 | Venator Materials LLC, 1st Lien Term Loan                                                                     | CUSIP: L9632YAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2326144 | PA      | $1889991.71    | 0.01%             | 2028-10-12      | Variable      | 14.32%                | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2025-11, Class SB                                                                         | CUSIP: 3136BUZ52<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   32437723 | PA      | $2634588.63    | 0.02%             | 2055-03-25      | Floating      | 1.58%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618H03N5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     442525 | PA      | $456543.12     | 0.00%             | 2054-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                                  | Frontier Communications Holdings LLC                                                                          | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    9233000 | PA      | $9257070.43    | 0.07%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C21, Class XA                                 | CUSIP: 61764XBK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      59353 | PA      | $0.43          | 0.00%             | 2048-03-15      | Variable      | 0.18%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KW06, Class B                                                               | CUSIP: 30306WAN7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    6326000 | PA      | $6030003.30    | 0.04%             | 2028-06-25      | Variable      | 4.28%                 | Yes           |                  2 | On Loan: No      |
| SBALR Commercial Mortgage Trust                                       | SBALR Commercial Mortgage Trust, Series 2020-RR1, Class XA                                                    | CUSIP: 78397EAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   78175973 | PA      | $3362786.37    | 0.02%             | 2053-02-13      | Variable      | 1.22%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                               | Civitas Resources, Inc.                                                                                       | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    1450000 | PA      | $1452157.82    | 0.01%             | 2033-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                                        | Anywhere Real Estate Group LLC                                                                                | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2452000 | PA      | $2010662.31    | 0.01%             | 2029-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                     | Credit Acceptance Auto Loan Trust, Series 2023-3A, Class B                                                    | CUSIP: 224936AC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2295000 | PA      | $2356322.63    | 0.02%             | 2033-10-17      | Fixed         | 7.09%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3617HX4Y0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      73337 | PA      | $69421.05      | 0.00%             | 2049-04-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OneMain Direct Auto Receivables Trust                                 | OneMain Direct Auto Receivables Trust, Series 2025-1A, Class D                                                | CUSIP: 682684AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7104000 | PA      | $7146224.04    | 0.05%             | 2037-07-14      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                                      | Gray Media, Inc.                                                                                              | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   13176000 | PA      | $14012952.70   | 0.10%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   20000000 | PA      | $-1897957.88   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA UMBS, 30 Year                                                                                            | CUSIP: 3140QS4W8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   20875665 | PA      | $21635073.74   | 0.16%             | 2053-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                            | FHLMC UMBS, 30 Year                                                                                           | CUSIP: 3132DTUC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   39921801 | PA      | $40490064.25   | 0.30%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                 | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025A | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    9900000 | PA      | $9589903.29    | 0.07%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Termocandelaria Power SA                                              | Termocandelaria Power SA                                                                                      | CUSIP: 88087AAA6<br>LEI: 549300YDORW43JL6G659 | Long             | DBT              | CORP              | ES        |    3440000 | PA      | $3422800.00    | 0.03%             | 2031-09-17      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                         | UBS Commercial Mortgage Trust, Series 2017-C3, Class AS                                                       | CUSIP: 90276GAW2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $3846502.40    | 0.03%             | 2050-08-15      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                   | Exeter Automobile Receivables Trust, Series 2022-1A, Class E                                                  | CUSIP: 30167JAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1330000 | PA      | $1288999.16    | 0.01%             | 2029-10-15      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.                                 | Clydesdale Acquisition Holdings, Inc.                                                                         | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    7167000 | PA      | $7242813.67    | 0.05%             | 2032-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| HIN Timeshare Trust                                                   | HIN Timeshare Trust, Series 2020-A, Class B                                                                   | CUSIP: 40439HAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     809514 | PA      | $776115.98     | 0.01%             | 2039-10-09      | Fixed         | 2.23%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                              | Lumen Technologies, Inc.                                                                                      | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    1064365 | PA      | $1091612.74    | 0.01%             | 2032-10-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd.                                             | Madison Park Funding Ltd., Series 2019-37A, Class D1A                                                         | CUSIP: 55817EBC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2000000 | PA      | $2003784.00    | 0.01%             | 2037-04-15      | Floating      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| ReadyCap Holdings LLC                                                 | ReadyCap Holdings LLC, Series QIB                                                                             | CUSIP: 755763AC3<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |   20000000 | PA      | $18936208.40   | 0.14%             | 2026-10-20      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Venator Materials LLC                                                 | Venator Materials LLC, 1st Lien Term Loan B                                                                   | CUSIP: L9632YAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    1419633 | PA      | $1405436.43    | 0.01%             | 2026-07-16      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                        | EchoStar Corp.                                                                                                | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    4635000 | PA      | $3986100.00    | 0.03%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5151, Class KZ                                                                           | CUSIP: 3137H3G97<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    4527054 | PA      | $2813259.04    | 0.02%             | 2051-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-88                                                                                          | CUSIP: 38381DET3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   91113326 | PA      | $5572782.61    | 0.04%             | 2062-09-16      | Variable      | 0.79%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                         | SM Energy Co.                                                                                                 | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    2864000 | PA      | $2859146.09    | 0.02%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2019-GC40, Class E                                                       | CUSIP: 36257HAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4950000 | PA      | $3096158.67    | 0.02%             | 2052-07-10      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KL3W, Class CW                                                              | CUSIP: 30307VAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   15000000 | PA      | $14820411.00   | 0.11%             | 2025-08-25      | Variable      | 4.10%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2020-K739 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2020-K739, Class X2B                                                             | CUSIP: 30289SAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   31000000 | PA      | $58977.50      | 0.00%             | 2053-11-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multi-Family Structured Credit Risk                             | FHLMC, Multi-Family Structured Credit Risk, Series 2021-MN2, Class B1                                         | CUSIP: 35563JAC7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2000000 | PA      | $2004914.40    | 0.01%             | 2041-07-25      | Floating      | 9.82%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                          | American Credit Acceptance Receivables Trust, Series 2024-1, Class D                                          | CUSIP: 02531AAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4810000 | PA      | $4844284.72    | 0.04%             | 2030-05-13      | Fixed         | 5.86%                 | Yes           |                  2 | On Loan: No      |
| Seagate HDD Cayman                                                    | Seagate HDD Cayman                                                                                            | CUSIP: 81180WBN0<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    3490000 | PA      | $3719868.85    | 0.03%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PRM5 Trust                                                            | PRM5 Trust, Series 2025-PRM5, Class A                                                                         | CUSIP: 693980AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8695000 | PA      | $8610017.68    | 0.06%             | 2033-03-10      | Variable      | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2015-LC23, Class D                                                          | CUSIP: 12636FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1717922.20    | 0.01%             | 2048-10-10      | Variable      | 3.54%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media, Inc.                                                   | Nexstar Media, Inc.                                                                                           | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    9786000 | PA      | $9414995.13    | 0.07%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Republic of Honduras                                                  | Republic of Honduras                                                                                          | CUSIP: 438180AK7<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |    3660000 | PA      | $3709995.60    | 0.03%             | 2034-11-27      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Raven Acquisition Holdings LLC                                        | Raven Acquisition Holdings LLC                                                                                | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2936000 | PA      | $2922675.84    | 0.02%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| IRV Trust                                                             | IRV Trust, Series 2025-200P, Class B                                                                          | CUSIP: 45006HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   24650000 | PA      | $23918935.23   | 0.18%             | 2047-03-14      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                     | Credit Acceptance Auto Loan Trust, Series 2024-1A, Class C                                                    | CUSIP: 22537GAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7860000 | PA      | $8092331.38    | 0.06%             | 2034-07-17      | Fixed         | 6.71%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                            | Upstart Pass-Through Trust, Series 2021-PT4, Class A                                                          | CUSIP: 91683GAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     452960 | PA      | $395337.98     | 0.00%             | 2030-01-20      | Variable      | 20.47%                | Yes           |                  3 | On Loan: No      |
| CARS-DB4 LP                                                           | CARS-DB4 LP, Series 2020-1A, Class B2                                                                         | CUSIP: 12510HAH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4290000 | PA      | $4126912.65    | 0.03%             | 2050-02-15      | Fixed         | 4.52%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                                        | Carnival Corp.                                                                                                | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    9648000 | PA      | $9671825.06    | 0.07%             | 2033-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K095, Class XAM                              | CUSIP: 3137FNAJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    9000000 | PA      | $411272.10     | 0.00%             | 2029-06-25      | Variable      | 1.24%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-128, Class SA                                                                               | CUSIP: 38384UML0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   32688833 | PA      | $2770898.38    | 0.02%             | 2054-08-20      | Floating      | 2.32%                 | No            |                  2 | On Loan: No      |
| BMARK                                                                 | BMARK, Series 2023-V4, Class A3                                                                               | CUSIP: 081926AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   28900000 | PA      | $30521917.13   | 0.22%             | 2056-11-15      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential Trust                                   | Starwood Mortgage Residential Trust, Series 2020-INV1, Class B2                                               | CUSIP: 85573EAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1150000 | PA      | $927956.16     | 0.01%             | 2055-11-25      | Fixed         | 4.26%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2016-P6, Class D                                                  | CUSIP: 17291EAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1456883.40    | 0.01%             | 2049-12-10      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J6BD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     866472 | PA      | $893919.93     | 0.01%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                     | CD Mortgage Trust, Series 2016-CD1, Class C                                                                   | CUSIP: 12514MBG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $1971111.30    | 0.01%             | 2049-08-10      | Variable      | 3.63%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CDS                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    7721000 | PA      | $-200659.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Esab Corp.                                                            | Esab Corp.                                                                                                    | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |    2590000 | PA      | $2633641.50    | 0.02%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Oman Government International Bond                                    | Sultanate of Oman Government Bond                                                                             | CUSIP: N/A<br>LEI: 549300SZ20F0QTKNQC75       | Long             | DBT              | NUSS              | OM        |    6200000 | PA      | $6382156.00    | 0.05%             | 2051-01-25      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-161, Class X3                              | CUSIP: 3137HB3A0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8038000 | PA      | $2707672.64    | 0.02%             | 2033-11-25      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | Foreign Exchange USD/CNH                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | GB        |  638005000 | PA      | $610302.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K092, Class X3                               | CUSIP: 3137FLYY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  103000000 | PA      | $7984055.30    | 0.06%             | 2047-05-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-5                                                                                           | CUSIP: 38380RSG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6125059 | PA      | $486678.23     | 0.00%             | 2061-01-16      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| ACC Trust                                                             | ACC Trust, Series 2022-1, Class D                                                                             | CUSIP: 00091HAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9131000 | PA      | $91.31         | 0.00%             | 2028-10-20      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4212, Class MI                                                                           | CUSIP: 3137B2RB8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     780967 | PA      | $67757.52      | 0.00%             | 2033-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2025-23, Class SL                                                                                | CUSIP: 38385DYZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   58032357 | PA      | $4150479.95    | 0.03%             | 2055-02-20      | Floating      | 1.62%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2012-GC8, Class D                                                 | CUSIP: 17318UAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1875000 | PA      | $1125018.75    | 0.01%             | 2045-09-10      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CFIN 2022-RTL1 Issuer LLC                                             | CFIN 2022-RTL1 Issuer LLC, Class A                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    1520000 | PA      | $1520000.00    | 0.01%             | 2027-08-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2022-210                                                                                         | CUSIP: 38381HL25<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   34045311 | PA      | $2127368.90    | 0.02%             | 2064-07-16      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                               | FHLMC STACR REMIC Trust, Series 2021-DNA1, Class B2                                                           | CUSIP: 35564KBE8<br>LEI: 5493000IT1PBTE7DAT80 | Long             | ABS-MBS          | CORP              | US        |    9000000 | PA      | $9910033.20    | 0.07%             | 2051-01-25      | Floating      | 9.07%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-145                                                                                         | CUSIP: 38380P2T0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   34171374 | PA      | $1805762.31    | 0.01%             | 2063-03-16      | Variable      | 0.73%                 | No            |                  2 | On Loan: No      |
| CD Mortgage Trust                                                     | CD Mortgage Trust, Series 2017-CD4, Class D                                                                   | CUSIP: 12515DAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3550000 | PA      | $2923415.42    | 0.02%             | 2050-05-10      | Fixed         | 3.30%                 | Yes           |                  2 | On Loan: No      |
| Shackleton CLO Ltd.                                                   | Shackleton CLO Ltd., Series 2019-15A, Class BR                                                                | CUSIP: 81883MAN3<br>LEI: 549300O6RVX5OXLL7335 | Long             | ABS-CBDO         | CORP              | KY        |    3650623 | PA      | $3654507.26    | 0.03%             | 2032-01-15      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| New Evhc Physical Equity                                              | New Evhc Physical Equity                                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        982 | NS      | $14269.93      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BANK                                                                  | BANK, Series 2018-BN14, Class XB                                                                              | CUSIP: 06035RAT3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  132263000 | PA      | $383179.14     | 0.00%             | 2060-09-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| BCPE Pequod Buyer, Inc.                                               | BCPE Pequod Buyer, Inc., 1st Lien Term Loan                                                                   | CUSIP: 05624AAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4936000 | PA      | $4945872.00    | 0.04%             | 2031-11-25      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC STACR REMIC Trust, Series 2022-DNA5, Class M2                                                           | CUSIP: 35564KYW3<br>LEI: 5493000IS349P4O9HR58 | Long             | ABS-MBS          | CORP              | US        |   12000000 | PA      | $13250640.00   | 0.10%             | 2042-06-25      | Floating      | 11.07%                | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                          | American Credit Acceptance Receivables Trust, Series 2024-2, Class D                                          | CUSIP: 02531BAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9856000 | PA      | $10070595.67   | 0.07%             | 2030-04-12      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| MIWD Holdco II LLC                                                    | MIWD Holdco II LLC, 1st Lien Term Loan                                                                        | CUSIP: 55336CAK8<br>LEI: 254900X3SPV5RVFJEY72 | Long             | LON              | CORP              | US        |    2984962 | PA      | $2976097.07    | 0.02%             | 2031-03-28      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HTWN0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     546484 | PA      | $563655.60     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                        | Cascade Funding Mortgage Trust, Series 2021-FRR1, Class AK99                                                  | CUSIP: 12529YCG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8000000 | PA      | $6234840.00    | 0.05%             | 2029-09-29      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Lehman Mortgage Trust                                                 | Lehman Mortgage Trust, Series 2007-7, Class 5A7                                                               | CUSIP: 52519BBP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10984822 | PA      | $4812119.77    | 0.04%             | 2037-08-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Securities Trust                            | JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class C                                          | CUSIP: 46644YBB5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $4000018.00    | 0.03%             | 2048-08-15      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                         | Six Flags Entertainment Corp.                                                                                 | CUSIP: 83001WAC8<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    1042000 | PA      | $1043016.99    | 0.01%             | 2025-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HAJS5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3340130 | PA      | $3445704.60    | 0.03%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                                       | Madison IAQ LLC                                                                                               | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |   11246000 | PA      | $10824485.30   | 0.08%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-K156, Class X2A                                                             | CUSIP: 302957AL9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  147609867 | PA      | $757681.45     | 0.01%             | 2036-07-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2016-90, Class IN                                                                         | CUSIP: 3136AUMX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     253848 | PA      | $40356.02      | 0.00%             | 2046-12-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-150                                                                                         | CUSIP: 38380RBL3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   81689067 | PA      | $5706226.41    | 0.04%             | 2062-12-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                     | Credit Acceptance Auto Loan Trust, Series 2024-3A, Class A                                                    | CUSIP: 22535LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10398000 | PA      | $10408802.48   | 0.08%             | 2034-09-15      | Fixed         | 4.68%                 | Yes           |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2023-C7, Class A5                                                                  | CUSIP: 05593FAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10900000 | PA      | $11570776.19   | 0.09%             | 2056-12-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                             | Republic of Cote d'Ivoire                                                                                     | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    1488000 | PA      | $1396860.00    | 0.01%             | 2037-01-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Grene Energy Senio                                                    | Grene Energy Senio                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |     260385 | PA      | $220545.71     | 0.00%             | 2061-01-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Republic of Kenya                                                     | Republic of Kenya                                                                                             | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |    3500000 | PA      | $3186120.00    | 0.02%             | 2032-05-22      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                | Arab Republic of Egypt                                                                                        | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    6200000 | PA      | $6079627.00    | 0.04%             | 2029-03-01      | Fixed         | 7.60%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4919, Class SH                                                                           | CUSIP: 3137FPA39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    8551232 | PA      | $883332.03     | 0.01%             | 2049-09-25      | Floating      | 1.56%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K070, Class X3                               | CUSIP: 3137FCJN5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   42244907 | PA      | $1977593.93    | 0.01%             | 2044-12-25      | Variable      | 2.04%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                  | LHOME Mortgage Trust, Series 2025-RTL1, Class A1                                                              | CUSIP: 50205UAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4975000 | PA      | $4976649.21    | 0.04%             | 2040-01-25      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Vodafone Group plc                                                    | Vodafone Group plc                                                                                            | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    3300000 | PA      | $3394479.00    | 0.02%             | 2079-04-04      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2025-42                                                                                          | CUSIP: 38381MBQ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  156957801 | PA      | $7417166.47    | 0.05%             | 2065-11-16      | Variable      | 0.54%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618JSF82<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10435023 | PA      | $10618767.20   | 0.08%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                  | LHOME Mortgage Trust, Series 2024-RTL3, Class A1                                                              | CUSIP: 50205GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   13810000 | PA      | $13955375.11   | 0.10%             | 2029-05-25      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| Transocean, Inc.                                                      | Transocean, Inc.                                                                                              | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    1220000 | PA      | $1236781.10    | 0.01%             | 2030-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   10000000 | PA      | $-883777.31    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                                           | INEOS Quattro Finance 2 plc                                                                                   | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    2005000 | PA      | $1995015.10    | 0.01%             | 2029-03-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Ballyrock CLO Ltd.                                                    | Ballyrock CLO Ltd., Series 2020-2A, Class A2R                                                                 | CUSIP: 05875DAL6<br>LEI: 254900Y6C4AXEAZ9T124 | Long             | ABS-CBDO         | CORP              | KY        |    4420000 | PA      | $4429100.78    | 0.03%             | 2031-10-20      | Floating      | 6.08%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C16, Class C                                  | CUSIP: 61763MAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     523848 | PA      | $497399.10     | 0.00%             | 2047-06-15      | Variable      | 4.58%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5052, Class EI                                                                           | CUSIP: 3137F7HC2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   24857200 | PA      | $4192338.29    | 0.03%             | 2050-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M4, Class 1X2                                                                          | CUSIP: 3136B8TR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   13189608 | PA      | $208321.95     | 0.00%             | 2028-02-25      | Variable      | 0.74%                 | No            |                  2 | On Loan: No      |
| Telenet Finance Luxembourg Notes SARL                                 | Telenet Finance Luxembourg Notes SARL                                                                         | CUSIP: N/A<br>LEI: 2138007RI9GLJPCC3E25       | Long             | DBT              | CORP              | LU        |    2400000 | PA      | $2364000.00    | 0.02%             | 2028-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2020-GC45, Class XA                                                      | CUSIP: 36258YBJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   69621494 | PA      | $1595188.55    | 0.01%             | 2053-02-13      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Issuer Trust                                     | GLS Auto Receivables Issuer Trust, Series 2024-4A, Class D                                                    | CUSIP: 36270YAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12035000 | PA      | $12120467.76   | 0.09%             | 2030-07-15      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                       | Hertz Vehicle Financing LLC, Series 2023-4A, Class D                                                          | CUSIP: 42806MCH0<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    3200000 | PA      | $3251076.48    | 0.02%             | 2030-03-25      | Fixed         | 9.44%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-23, Class IA                                                                                | CUSIP: 38382NVT1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   70082119 | PA      | $10317636.72   | 0.08%             | 2051-02-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ACC Trust                                                             | ACC Trust, Series 2021-1, Class D                                                                             | CUSIP: 00091KAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5760536 | PA      | $2467636.76    | 0.02%             | 2027-03-22      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SREIT Trust                                                           | SREIT Trust, Series 2021-MFP, Class G                                                                         | CUSIP: 78472UAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10904940 | PA      | $10861795.26   | 0.08%             | 2038-11-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| JPMDB Commercial Mortgage Securities Trust                            | JPMDB Commercial Mortgage Securities Trust, Series 2019-COR6, Class D                                         | CUSIP: 48129RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9875000 | PA      | $4756736.15    | 0.03%             | 2052-11-13      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Foundation Finance Trust                                              | Foundation Finance Trust, Series 2019-1A, Class C                                                             | CUSIP: 35041JAC9<br>LEI: 5493002KPTN6JUQ40J20 | Long             | ABS-O            | CORP              | US        |    3055000 | PA      | $3048082.26    | 0.02%             | 2034-11-15      | Fixed         | 5.66%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K120, Class X3                               | CUSIP: 3137F72S3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   38372365 | PA      | $4575186.96    | 0.03%             | 2048-11-25      | Variable      | 2.74%                 | No            |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                | Lendmark Funding Trust, Series 2024-2A, Class A                                                               | CUSIP: 52590AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4646000 | PA      | $4603304.19    | 0.03%             | 2034-02-21      | Fixed         | 4.47%                 | Yes           |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                             | Republic of Turkiye (The)                                                                                     | CUSIP: 900123DH0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    2000000 | PA      | $2165330.00    | 0.02%             | 2029-03-14      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-162, Class NZ                                                                               | CUSIP: 38383AD76<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    4896821 | PA      | $3094861.82    | 0.02%             | 2051-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NuStar Logistics LP                                                   | NuStar Logistics LP                                                                                           | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    6397000 | PA      | $6412922.13    | 0.05%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FHLMC MSCR Trust                                                      | FHLMC, Series 2023-MN7, Class M2                                                                              | CUSIP: 35563QAB3<br>LEI: 529900NYZHC090WEXH18 | Long             | ABS-MBS          | USGSE             | US        |   10000000 | PA      | $10389444.00   | 0.08%             | 2043-09-25      | Floating      | 10.02%                | Yes           |                  2 | On Loan: No      |
| FHLMC Pool                                                            | FHLMC UMBS, 30 Year                                                                                           | CUSIP: 3132E0ZE5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   16210171 | PA      | $16796029.65   | 0.12%             | 2053-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2017-RB1, Class D                                               | CUSIP: 95000TAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $828062.25     | 0.01%             | 2050-03-15      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| OCP SA                                                                | OCP SA                                                                                                        | CUSIP: N/A<br>LEI: 213800D26TAPVTCVWG40       | Long             | DBT              | NUSS              | MA        |    2500000 | PA      | $1830468.75    | 0.01%             | 2051-06-23      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M33, Class X                                                                           | CUSIP: 3136BBAL6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   28507308 | PA      | $712808.14     | 0.01%             | 2028-06-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                                | Cascade MH Asset Trust, Series 2022-MH1, Class A                                                              | CUSIP: 14732KAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8397235 | PA      | $8111002.48    | 0.06%             | 2054-08-25      | Variable      | 4.25%                 | Yes           |                  3 | On Loan: No      |
| Matador Resources Co.                                                 | Matador Resources Co.                                                                                         | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |    7038000 | PA      | $6779262.71    | 0.05%             | 2033-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO Ltd.                                                      | Elmwood CLO Ltd., Series 2021-3A, Class CR                                                                    | CUSIP: 29002VAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    5420000 | PA      | $5417658.56    | 0.04%             | 2034-04-20      | Floating      | 6.47%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                              | Lumen Technologies, Inc.                                                                                      | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    2412040 | PA      | $2342693.85    | 0.02%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                          | BX Commercial Mortgage Trust, Series 2024-MF, Class A                                                         | CUSIP: 05612EAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7942527 | PA      | $7952455.44    | 0.06%             | 2039-02-15      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                  | LHOME Mortgage Trust, Series 2023-RTL2, Class A1                                                              | CUSIP: 50205BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2750000 | PA      | $2761136.40    | 0.02%             | 2028-06-25      | Variable      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 19K-1511, Class C                                                                | CUSIP: 30309KAN0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   18000000 | PA      | $8410649.40    | 0.06%             | 2034-04-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Affirm Asset Securitization Trust                                     | Affirm Asset Securitization Trust, Series 2024-B, Class D                                                     | CUSIP: 00835AAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5300000 | PA      | $5262926.50    | 0.04%             | 2029-09-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                            | Upstart Pass-Through Trust, Series 2021-ST9, Class CERT                                                       | CUSIP: 91683MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2830000 | PA      | $1009687.40    | 0.01%             | 2029-11-20      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KF58, Class B                                                               | CUSIP: 302986AC8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     337716 | PA      | $334688.61     | 0.00%             | 2026-01-25      | Floating      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Epobuyeritrus3.06                                                     | Repo Buyer RRI Trust                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    4372024 | PA      | $3814590.85    | 0.03%             | 2055-04-14      | Fixed         | 3.06%                 | No            |                  3 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-110, Class SC                                                                               | CUSIP: 38384QTR9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   21491844 | PA      | $1741587.25    | 0.01%             | 2054-07-20      | Floating      | 1.67%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-144                                                                                         | CUSIP: 38381DP87<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   29488372 | PA      | $1812010.31    | 0.01%             | 2063-04-16      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HPG30<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     404293 | PA      | $411412.02     | 0.00%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2015-CR25, Class D                                                          | CUSIP: 12593PBB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $935325.00     | 0.01%             | 2048-08-10      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                             | Ford Motor Credit Co. LLC                                                                                     | CUSIP: 345397D42<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    2816000 | PA      | $2922800.04    | 0.02%             | 2030-06-10      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Barings CLO Ltd.                                                      | Barings CLO Ltd., Series 2022-1A, Class B                                                                     | CUSIP: 06760DAC2<br>LEI: 54930077KYY3RXLTEG63 | Long             | ABS-CBDO         | CORP              | KY        |    2600000 | PA      | $2605860.40    | 0.02%             | 2035-04-15      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| International Game Technology plc                                     | International Game Technology plc                                                                             | CUSIP: 460599AD5<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    3480000 | PA      | $3517497.00    | 0.03%             | 2027-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                             | Ford Motor Credit Co. LLC                                                                                     | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2042682.36    | 0.02%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Serbia International Bond                                             | Republic of Serbia                                                                                            | CUSIP: N/A<br>LEI: 254900W94OCY91V32O78       | Long             | DBT              | NUSS              | RS        |    1300000 | PA      | $1287819.00    | 0.01%             | 2034-06-12      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1510, Class X3                             | CUSIP: 3137FL2P8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     200000 | PA      | $43346.22      | 0.00%             | 2037-01-25      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                                       | Permian Resources Operating LLC                                                                               | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    2265000 | PA      | $2237163.38    | 0.02%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                       | Hertz Vehicle Financing LLC, Series 2023-2A, Class D                                                          | CUSIP: 42806MBZ1<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    4600000 | PA      | $4668624.64    | 0.03%             | 2029-09-25      | Fixed         | 9.40%                 | Yes           |                  2 | On Loan: No      |
| DBGS Mortgage Trust                                                   | DBGS Mortgage Trust, Series 2018-C1, Class D                                                                  | CUSIP: 23307DAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $682933.00     | 0.01%             | 2051-10-15      | Variable      | 2.89%                 | Yes           |                  2 | On Loan: No      |
| Republic of Costa Rica                                                | Republic of Costa Rica                                                                                        | CUSIP: N/A<br>LEI: 549300S1EK2VN6XVJP58       | Long             | DBT              | NUSS              | CR        |    1000000 | PA      | $1014000.00    | 0.01%             | 2044-04-04      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                     | Credit Acceptance Auto Loan Trust, Series 2024-1A, Class B                                                    | CUSIP: 22537GAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5988000 | PA      | $6097343.87    | 0.04%             | 2034-05-15      | Fixed         | 6.03%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multi-Family Structured Credit Risk                             | FHLMC, Multi-Family Structured Credit Risk, Series 2021-MN3, Class B1                                         | CUSIP: 35563GAC3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3500000 | PA      | $3707389.35    | 0.03%             | 2051-11-25      | Floating      | 11.17%                | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                                               | RHP Hotel Properties LP                                                                                       | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1850000 | PA      | $1907366.65    | 0.01%             | 2028-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618H96T0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     898677 | PA      | $915602.47     | 0.01%             | 2054-06-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                                                | Marlette Funding Trust, Series 2023-3A, Class D                                                               | CUSIP: 57109RAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3590000 | PA      | $3651935.40    | 0.03%             | 2033-09-15      | Fixed         | 8.04%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                                   | Expand Energy Corp.                                                                                           | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    1124000 | PA      | $1059621.44    | 0.01%             | 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        |    9465000 | PA      | $8604411.72    | 0.06%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Republic of Paraguay                                                  | Republic of Paraguay                                                                                          | CUSIP: N/A<br>LEI: 529900UXKJTJPCU0HK83       | Long             | DBT              | NUSS              | PY        |    5475000 | PA      | $5113978.50    | 0.04%             | 2044-08-11      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                                              | Boost Newco Borrower LLC, 1st Lien Term Loan B-2                                                              | CUSIP: 92943EAG1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2399985 | PA      | $2401496.99    | 0.02%             | 2031-01-31      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                           | Federal Republic of Nigeria                                                                                   | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    5400000 | PA      | $5229576.00    | 0.04%             | 2027-11-28      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M3                                               | CUSIP: 92259BAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     139678 | PA      | $128557.95     | 0.00%             | 2048-10-26      | Variable      | 4.72%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2019-C52, Class XA                                              | CUSIP: 95002MAY5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   14029098 | PA      | $706133.62     | 0.01%             | 2052-08-15      | Variable      | 1.56%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KF67, Class B                                                               | CUSIP: 30298NAG2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2360632 | PA      | $2234375.40    | 0.02%             | 2029-08-25      | Floating      | 6.72%                 | Yes           |                  2 | On Loan: No      |
| BMD2 Re-Remic Trust                                                   | BMD2 Re-REMIC Trust, Series 2019-FRR1, Class 3AB                                                              | CUSIP: 055631EU5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10499000 | PA      | $8775669.99    | 0.06%             | 2052-05-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 5387, Class KB                                                                           | CUSIP: 3137HBSQ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    9906690 | PA      | $10305324.31   | 0.08%             | 2054-03-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618K5XX5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1167215 | PA      | $1188627.33    | 0.01%             | 2054-12-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4149                                                                                     | CUSIP: 3137AXRF2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     171207 | PA      | $11356.39      | 0.00%             | 2033-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IQVIA, Inc.                                                           | IQVIA, Inc.                                                                                                   | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    2203000 | PA      | $2195826.37    | 0.02%             | 2026-10-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series Q014, Class X                                | CUSIP: 3137F72J3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    5187763 | PA      | $756310.95     | 0.01%             | 2055-10-25      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                       | TransDigm, Inc.                                                                                               | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   17742000 | PA      | $18031141.37   | 0.13%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618F9X88<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     988844 | PA      | $1018887.77    | 0.01%             | 2053-12-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HSHV1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     831145 | PA      | $860018.38     | 0.01%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                  | FirstKey Homes Trust, Series 2022-SFR2, Class F1                                                              | CUSIP: 33767PAQ1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $9569507.00    | 0.07%             | 2039-07-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple      | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple                                              | CUSIP: 05974EAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    2533350 | PA      | $2492499.60    | 0.02%             | 2041-01-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618H96M5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     602957 | PA      | $623901.54     | 0.00%             | 2054-05-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                             | Vistra Operations Co. LLC                                                                                     | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   13626000 | PA      | $13586285.66   | 0.10%             | 2027-07-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618GREW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1663661 | PA      | $1714207.16    | 0.01%             | 2054-02-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Terex Corp.                                                           | Terex Corp., 1st Lien Term Loan                                                                               | CUSIP: 88078FBM9<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | LON              | CORP              | US        |    2800000 | PA      | $2801176.00    | 0.02%             | 2031-10-08      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| Fibercop SpA                                                          | Fibercop SpA, Series 2033                                                                                     | CUSIP: 683879AB6<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    3705000 | PA      | $3575325.00    | 0.03%             | 2033-11-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                                         | SM Energy Co.                                                                                                 | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    2385000 | PA      | $2289619.80    | 0.02%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| HCFT                                                                  | HCFT                                                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    7000000 | PA      | $6902000.00    | 0.05%             | 2025-06-13      | Fixed         | 7.25%                 | No            |                  3 | On Loan: No      |
| Visio Trust                                                           | Visio Trust, Series 2019-2, Class B1                                                                          | CUSIP: 92837DAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     820000 | PA      | $722727.09     | 0.01%             | 2054-11-25      | Variable      | 3.91%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                                            | Outfront Media Capital LLC                                                                                    | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4833000 | PA      | $4770602.59    | 0.04%             | 2027-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Mscr Trust Mn10                                                 | FHLMC, Series 2025-MN10, Class M2                                                                             | CUSIP: 35563UAB4<br>LEI: 529900M14O2Z3FO2N217 | Long             | ABS-MBS          | USGSE             | US        |    6900000 | PA      | $6857129.61    | 0.05%             | 2045-02-25      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | U.S. Treasury 5 Year Note                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -313 | NC      | $-203420.90    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K116, Class X3                               | CUSIP: 3137FWHW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   23000000 | PA      | $2935906.30    | 0.02%             | 2047-09-25      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| Xerox Holdings Corp.                                                  | Xerox Holdings Corp.                                                                                          | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |    4240000 | PA      | $2968271.78    | 0.02%             | 2028-08-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HAN76<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     543783 | PA      | $560305.15     | 0.00%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                               | FHLMC STACR REMIC Trust, Series 2022-DNA4, Class M1B                                                          | CUSIP: 35564KWT2<br>LEI: 5493000IS4CDPWRMWB65 | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $4157305.20    | 0.03%             | 2042-05-25      | Floating      | 7.67%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618N5EX3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   11817558 | PA      | $12093029.46   | 0.09%             | 2055-01-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Miter Brands Acquisition Holdco, Inc.                                 | Miter Brands Acquisition Holdco, Inc.                                                                         | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3455000 | PA      | $3481005.79    | 0.03%             | 2032-04-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J92E5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2072766 | PA      | $2109263.84    | 0.02%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital Loan Trust                                | Velocity Commercial Capital Loan Trust, Series 2019-1, Class A                                                | CUSIP: 92257CAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     992051 | PA      | $945157.07     | 0.01%             | 2049-03-25      | Variable      | 3.76%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K088, Class X3                               | CUSIP: 3137FL6H2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   94986525 | PA      | $7184685.76    | 0.05%             | 2047-02-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                              | Venture Global LNG, Inc.                                                                                      | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    2300000 | PA      | $2459035.80    | 0.02%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Stagwell Global LLC                                                   | Stagwell Global LLC                                                                                           | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    6910000 | PA      | $6497041.82    | 0.05%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2023-5C1, Class A3                                                                 | CUSIP: 055986AC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   39786000 | PA      | $41673356.33   | 0.31%             | 2056-08-15      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| Dryden 53 CLO Ltd.                                                    | Dryden CLO Ltd., Series 2017-53A, Class C                                                                     | CUSIP: 26243EAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    1000000 | PA      | $1000352.00    | 0.01%             | 2031-01-15      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| HSBC Holdings plc                                                     | HSBC Holdings plc                                                                                             | CUSIP: 404280CN7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    6831000 | PA      | $6147337.81    | 0.05%             | 2030-12-17      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| Republic of Angola                                                    | Republic of Angola                                                                                            | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |    3200000 | PA      | $2877600.00    | 0.02%             | 2028-05-09      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Cantor Commercial Real Estate Lending                                 | Cantor Commercial Real Estate Lending, Series 2019-CF2, Class E                                               | CUSIP: 12528YAV5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2300000 | PA      | $1737481.41    | 0.01%             | 2052-11-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-56                                                                                          | CUSIP: 38380PGL2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   44463900 | PA      | $2928877.14    | 0.02%             | 2061-11-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| Upstart Securitization Trust                                          | Upstart Securitization Trust, Series 2022-1, Class C                                                          | CUSIP: 91679WAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6474000 | PA      | $3667149.39    | 0.03%             | 2032-03-20      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| FHLMC MSCR Trust                                                      | FHLMC, Series 2023-MN7, Class B1                                                                              | CUSIP: 35563QAC1<br>LEI: 529900NYZHC090WEXH18 | Long             | ABS-MBS          | USGSE             | US        |   11000000 | PA      | $12266303.50   | 0.09%             | 2043-09-25      | Floating      | 13.17%                | Yes           |                  2 | On Loan: No      |
| Octagon 64 Ltd.                                                       | Octagon Ltd., Series 2022-1A, Class DR                                                                        | CUSIP: 67579ABE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   14900000 | PA      | $14900000.00   | 0.11%             | 2037-07-21      | Floating      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                          | Royal Caribbean Cruises Ltd.                                                                                  | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   10377000 | PA      | $10517089.50   | 0.08%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618JWEK7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     696925 | PA      | $711591.22     | 0.01%             | 2054-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mariner Finance issuance Trust                                        | Mariner Finance issuance Trust, Series 2024-BA, Class A                                                       | CUSIP: 56847GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $10001507.00   | 0.07%             | 2038-11-20      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Westlake Automobile Receivables Trust                                 | Westlake Automobile Receivables Trust, Series 2024-1A, Class D                                                | CUSIP: 96043RAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2304000 | PA      | $2338034.00    | 0.02%             | 2029-10-15      | Fixed         | 6.02%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2018-COR3, Class D                                                          | CUSIP: 12595VAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3250000 | PA      | $1209899.60    | 0.01%             | 2051-05-10      | Variable      | 2.81%                 | Yes           |                  2 | On Loan: No      |
| Marlette Funding Trust                                                | Marlette Funding Trust, Series 2022-2A, Class D                                                               | CUSIP: 57107LAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3823000 | PA      | $3846373.82    | 0.03%             | 2032-08-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN16, Class F                                                                               | CUSIP: 065405AQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $1330099.50    | 0.01%             | 2052-02-15      | Variable      | 3.68%                 | Yes           |                  2 | On Loan: No      |
| Sasol Financing USA LLC                                               | Sasol Financing USA LLC                                                                                       | CUSIP: 80386WAD7<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    1100000 | PA      | $899250.00     | 0.01%             | 2031-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Republic of Kenya                                                     | Republic of Kenya                                                                                             | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    8350000 | PA      | $7615200.00    | 0.06%             | 2036-03-05      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K101, Class X3                               | CUSIP: 3137FQ4C4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   81000000 | PA      | $5886261.90    | 0.04%             | 2029-10-25      | Variable      | 1.89%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                  | FirstKey Homes Trust, Series 2022-SFR1, Class F2                                                              | CUSIP: 33768NAQ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5559000 | PA      | $4756532.78    | 0.03%             | 2039-05-19      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FNMA                                                                  | FNMA, Connecticut Avenue Securities, Series 2018-C04, Class 2B1                                               | CUSIP: 30711XR30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    4250000 | PA      | $4665907.98    | 0.03%             | 2030-12-25      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2024-5C7, Class XA                                                                 | CUSIP: 09660WAV3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   91979614 | PA      | $3392842.84    | 0.02%             | 2057-11-15      | Variable      | 0.93%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                     | Republic of Kenya                                                                                             | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |    2200000 | PA      | $2195182.00    | 0.02%             | 2031-02-16      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-70                                                                                          | CUSIP: 38380PLS1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   47544882 | PA      | $2618144.48    | 0.02%             | 2062-04-16      | Variable      | 0.76%                 | No            |                  2 | On Loan: No      |
| Citi Asset Receivables Trust I                                        | Citi Asset Receivables Trust I, Series 2025-3, Class CERT                                                     | CUSIP: 17302FAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   71731320 | PA      | $74163295.80   | 0.55%             | 2031-06-20      | Fixed         | 25.33%                | Yes           |                  3 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    7500000 | PA      | $-573074.38    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2023-108                                                                                         | CUSIP: 38381JMN4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  216313633 | PA      | $8144186.64    | 0.06%             | 2059-08-16      | Variable      | 0.69%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2013-CR13, Class E                                                          | CUSIP: 12630BAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $165450.00     | 0.00%             | 2046-11-10      | Variable      | 4.94%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                                                    | Energy Transfer LP                                                                                            | CUSIP: 29273RBL2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     430000 | PA      | $365482.32     | 0.00%             | 2047-04-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                             | Towd Point Mortgage Trust, Series 2021-R1, Class A2C                                                          | CUSIP: 89179TAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   30000000 | PA      | $25082070.00   | 0.18%             | 2060-11-30      | Fixed         | 3.31%                 | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                                              | EquipmentShare.com, Inc.                                                                                      | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     905000 | PA      | $949029.69     | 0.01%             | 2032-05-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Republic of Uzbekistan International Bond                             | Republic of Uzbekistan International Bond                                                                     | CUSIP: 91822QVX2<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |    1494000 | PA      | $1568670.12    | 0.01%             | 2028-10-12      | Fixed         | 7.85%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2025-1, Class SV                                                                                 | CUSIP: 38385CJT6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   45031433 | PA      | $2343174.60    | 0.02%             | 2055-01-20      | Floating      | 1.57%                 | No            |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                                      | Cooper-Standard Automotive, Inc.                                                                              | CUSIP: 216762AJ3<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |     968879 | PA      | $820031.57     | 0.01%             | 2027-05-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                       | Nordstrom, Inc.                                                                                               | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    2665000 | PA      | $2306359.89    | 0.02%             | 2031-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FHLMC STACR Trust                                                     | FHLMC STACR Trust, Series 2019-DNA4, Class B2                                                                 | CUSIP: 35565ABE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5000000 | PA      | $5570408.50    | 0.04%             | 2049-10-25      | Floating      | 10.69%                | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618GSHU4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2091061 | PA      | $2157156.00    | 0.02%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J14Q3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     365996 | PA      | $377115.74     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Connecticut Avenue Securities, Series 2017-C03, Class 1B1                                               | CUSIP: 30711XJW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    7377000 | PA      | $7913071.10    | 0.06%             | 2029-10-25      | Floating      | 9.29%                 | No            |                  2 | On Loan: No      |
| WaMu Mortgage Pass-Through Certificates Trust                         | WaMu Mortgage Pass-Through Certificates Trust, Series 2004-S2, Class 2A4                                      | CUSIP: 92922FQK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      38321 | PA      | $38364.60      | 0.00%             | 2034-06-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-150, Class X1                              | CUSIP: 3137H9CB3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   24945790 | PA      | $534852.72     | 0.00%             | 2032-09-25      | Variable      | 0.31%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618H8UB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     540477 | PA      | $552248.88     | 0.00%             | 2044-04-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2019-B9, Class F                                                             | CUSIP: 08160JBC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6000000 | PA      | $2302894.20    | 0.02%             | 2052-03-15      | Variable      | 3.74%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2025-1, Class SL                                                                                 | CUSIP: 38385CGD4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   23254688 | PA      | $2174713.34    | 0.02%             | 2055-01-20      | Floating      | 2.27%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                                            | Builders FirstSource, Inc.                                                                                    | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    3868000 | PA      | $3509454.19    | 0.03%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Series RR Trust                                                       | Series RR Trust, Series 2015-1, Class B                                                                       | CUSIP: 81753VAC4<br>LEI: 54930042MWG761INJ863 | Long             | ABS-MBS          | CORP              | US        |     893835 | PA      | $889488.00     | 0.01%             | 2048-04-26      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Senegal                                                   | Republic of Senegal                                                                                           | CUSIP: N/A<br>LEI: 549300NP14ZLQGWIUZ97       | Long             | DBT              | NUSS              | SN        |   16000000 | PA      | $11470080.00   | 0.08%             | 2033-05-23      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                                          | Islamic Republic of Pakistan                                                                                  | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    3100000 | PA      | $3090700.00    | 0.02%             | 2025-09-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BNP Paribas SA                                                        | BNP Paribas SA                                                                                                | CUSIP: 09659W2W3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    5030000 | PA      | $5125411.81    | 0.04%             | 2030-05-20      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FREMF 2023-K752 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2023-K752, Class X2A                                                             | CUSIP: 30333RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  216840001 | PA      | $837956.50     | 0.01%             | 2060-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Millicom International Cellular SA                                    | Millicom International Cellular SA                                                                            | CUSIP: N/A<br>LEI: 549300CTHC1CP86P2G96       | Long             | DBT              | CORP              | LU        |    3240000 | PA      | $3171150.00    | 0.02%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| WEC US Holdings, Inc.                                                 | WEC US Holdings, Inc., 1st Lien Term Loan                                                                     | CUSIP: 92943LAC4<br>LEI: 5493002M6GRSU1IWMG57 | Long             | LON              | CORP              | US        |    2736216 | PA      | $2729785.43    | 0.02%             | 2031-01-27      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Connecticut Avenue Securities, Series 2017-C06, Class 1B1                                               | CUSIP: 30711XQW7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |    7255000 | PA      | $7775679.74    | 0.06%             | 2030-02-25      | Floating      | 8.59%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-142, Class XI                                                                               | CUSIP: 38382XTB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   57711167 | PA      | $9033482.76    | 0.07%             | 2051-08-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                                              | Venture Global LNG, Inc.                                                                                      | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    7668000 | PA      | $7847431.20    | 0.06%             | 2028-06-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                       | CSAIL Commercial Mortgage Trust, Series 2019-C18, Class XB                                                    | CUSIP: 12597DAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   61932000 | PA      | $426996.37     | 0.00%             | 2052-12-15      | Variable      | 0.16%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2015-LC21, Class D                                                          | CUSIP: 12593FBJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4200000 | PA      | $3759110.88    | 0.03%             | 2048-07-10      | Variable      | 4.31%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2024-V7, Class A3                                                            | CUSIP: 08163YAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   27131000 | PA      | $28472736.47   | 0.21%             | 2056-05-15      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| Republic of Ghana                                                     | Republic of Ghana                                                                                             | CUSIP: 374422AM5<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    2178000 | PA      | $1981980.00    | 0.01%             | 2029-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                                        | JELD-WEN, Inc.                                                                                                | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    2803000 | PA      | $2447338.54    | 0.02%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KW07, Class B                                                               | CUSIP: 30297NAE8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1000000 | PA      | $889140.20     | 0.01%             | 2031-10-25      | Variable      | 4.11%                 | Yes           |                  2 | On Loan: No      |
| Lendmark Funding Trust                                                | Lendmark Funding Trust, Series 2025-1A, Class A                                                               | CUSIP: 52604QAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    7615000 | PA      | $7668370.49    | 0.06%             | 2034-09-20      | Fixed         | 4.94%                 | Yes           |                  3 | On Loan: No      |
| SS&C Technologies, Inc.                                               | SS&C Technologies, Inc.                                                                                       | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    1395000 | PA      | $1432374.84    | 0.01%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Arab Republic of Egypt                                                | Arab Republic of Egypt                                                                                        | CUSIP: N/A<br>LEI: 529900GFIVH4086NMH82       | Long             | DBT              | NUSS              | EG        |    1700000 | PA      | $1338750.00    | 0.01%             | 2050-05-29      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                                    | Vail Resorts, Inc.                                                                                            | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |    6657000 | PA      | $6819424.14    | 0.05%             | 2032-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M47, Class X1                                                                          | CUSIP: 3136BCHA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   52071793 | PA      | $649236.32     | 0.00%             | 2032-10-25      | Variable      | 0.57%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                                       | Madison IAQ LLC                                                                                               | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    4104000 | PA      | $3969842.29    | 0.03%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                  | FirstKey Homes Trust, Series 2020-SFR1, Class F2                                                              | CUSIP: 33767MAN5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9000000 | PA      | $8941881.60    | 0.07%             | 2037-08-17      | Fixed         | 4.28%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-158                                                                                         | CUSIP: 38380RCM0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   52827380 | PA      | $3052445.26    | 0.02%             | 2062-09-16      | Variable      | 0.78%                 | No            |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                            | Democratic Socialist Republic of Sri Lanka                                                                    | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |    1020416 | PA      | $950262.31     | 0.01%             | 2028-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.                                   | Hilton Domestic Operating Co., Inc.                                                                           | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    8062000 | PA      | $8116458.81    | 0.06%             | 2033-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2014-CR21, Class D                                                          | CUSIP: 12592RAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      62097 | PA      | $61165.88      | 0.00%             | 2047-12-10      | Variable      | 4.16%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2016-43, Class MI                                                                         | CUSIP: 3136ASWZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     234182 | PA      | $38549.08      | 0.00%             | 2045-10-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MV24 Capital BV                                                       | MV24 Capital BV                                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | NL        |    2256300 | PA      | $2160001.12    | 0.02%             | 2034-06-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                          | American Credit Acceptance Receivables Trust, Series 2022-2, Class E                                          | CUSIP: 02530BAJ9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12853000 | PA      | $12856557.71   | 0.09%             | 2028-06-13      | Fixed         | 6.57%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp.                                                 | JetBlue Airways Corp.                                                                                         | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7178000 | PA      | $7100231.54    | 0.05%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2020-K115, Class X2A                                                             | CUSIP: 302673AJ7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  269423239 | PA      | $1059991.85    | 0.01%             | 2053-09-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                                        | US Foods, Inc.                                                                                                | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    1473000 | PA      | $1514585.74    | 0.01%             | 2028-09-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                                                   | Expand Energy Corp.                                                                                           | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    5996000 | PA      | $5963422.47    | 0.04%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2014-CR20, Class D                                                          | CUSIP: 12592LAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3700000 | PA      | $2786470.00    | 0.02%             | 2047-11-10      | Fixed         | 3.22%                 | Yes           |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                          | American Credit Acceptance Receivables Trust, Series 2024-4, Class D                                          | CUSIP: 024945AG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   11581000 | PA      | $11561835.76   | 0.09%             | 2031-08-12      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2022-149                                                                                         | CUSIP: 38381HNW7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   48137876 | PA      | $1917697.43    | 0.01%             | 2064-06-16      | Variable      | 0.46%                 | No            |                  2 | On Loan: No      |
| Queen MergerCo, Inc.                                                  | Queen MergerCo, Inc., 1st Lien Term Loan B                                                                    | CUSIP: 07368RAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     848111 | PA      | $850409.49     | 0.01%             | 2032-04-30      | Variable      | 7.28%                 | No            |                  2 | On Loan: No      |
| Phoenix Newco, Inc.                                                   | Phoenix Newco, Inc., 1st Lien Term Loan                                                                       | CUSIP: 71911KAE4<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |    4005819 | PA      | $4004897.89    | 0.03%             | 2028-11-15      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Centrais Eletricas Brasileiras SA                                     | Centrais Eletricas Brasileiras SA                                                                             | CUSIP: 15234VAA5<br>LEI: 254900I8KYDELP4B4Z08 | Long             | DBT              | CORP              | BR        |    4730000 | PA      | $4625467.00    | 0.03%             | 2035-01-11      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                   | Petroleos Mexicanos                                                                                           | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |    7100000 | PA      | $6702400.00    | 0.05%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Ecopetrol SA                                                          | Ecopetrol SA                                                                                                  | CUSIP: 279158AT6<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |    2480000 | PA      | $2601520.00    | 0.02%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Democratic Socialist Republic of Sri Lanka                            | Democratic Socialist Republic of Sri Lanka                                                                    | CUSIP: N/A<br>LEI: 254900IG6Y30I2QE2R92       | Long             | DBT              | NUSS              | LK        |     571560 | PA      | $445816.80     | 0.00%             | 2038-02-15      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-117, Class NI                                                                               | CUSIP: 38382WFH5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   49186723 | PA      | $7696285.96    | 0.06%             | 2051-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC                                              | NGL Energy Operating LLC                                                                                      | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2368000 | PA      | $2314676.22    | 0.02%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HAK95<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3039563 | PA      | $3093084.39    | 0.02%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2021-KHG3, Class BFX                                                             | CUSIP: 30323AAN4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   11071000 | PA      | $9820790.72    | 0.07%             | 2028-09-25      | Variable      | 2.40%                 | Yes           |                  2 | On Loan: No      |
| Jetblue Airways Corp.                                                 | Jetblue Airways Corp., 1st Lien Term Loan                                                                     | CUSIP: G5112TAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    3753650 | PA      | $3645732.56    | 0.03%             | 2029-08-13      | Variable      | 9.05%                 | No            |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2021-BN35, Class XB                                                                              | CUSIP: 06540CBM8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   40000000 | PA      | $1307064.00    | 0.01%             | 2064-06-15      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| NYMT Loan Trust                                                       | NYMT Loan Trust, Series 2024-BPL3, Class A1                                                                   | CUSIP: 67119RAA5<br>LEI: 254900Q6RDCV3HGA6340 | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2977246.80    | 0.02%             | 2039-09-25      | Variable      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | U.S. Treasury Ultra Bond                                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         53 | NC      | $163273.36     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ReadyCap Lending Small Business Loan Trust                            | ReadyCap Lending Small Business Loan Trust, Series 2019-2, Class A                                            | CUSIP: 75576QAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1565217 | PA      | $1564116.66    | 0.01%             | 2044-12-27      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                             | Republic of Cote d'Ivoire                                                                                     | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   10750000 | PA      | $10132466.25   | 0.07%             | 2036-04-01      | Fixed         | 8.07%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K724, Class X3                               | CUSIP: 3137BTU58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      95480 | PA      | $8.56          | 0.00%             | 2044-12-25      | Variable      | 3.82%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HSJB3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     435904 | PA      | $451047.26     | 0.00%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                  | FirstKey Homes Trust, Series 2022-SFR3, Class F1                                                              | CUSIP: 33768EAQ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9500000 | PA      | $8760972.20    | 0.06%             | 2038-07-17      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Cleveland-Cliffs, Inc.                                                | Cleveland-Cliffs, Inc.                                                                                        | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    1497000 | PA      | $1291233.61    | 0.01%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| DaVita, Inc.                                                          | DaVita, Inc.                                                                                                  | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    2040000 | PA      | $1906259.44    | 0.01%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                                                | Shutterfly Finance LLC                                                                                        | CUSIP: 82568NAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     961040 | PA      | $958637.40     | 0.01%             | 2027-10-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C31, Class C                                  | CUSIP: 61766RBE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $870283.80     | 0.01%             | 2049-11-15      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K094, Class X3                               | CUSIP: 3137FMU34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   35331062 | PA      | $2730857.91    | 0.02%             | 2047-07-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| FREMF 2019-KW10 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2019-KW10, Class X2A                                                             | CUSIP: 30298XAE5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  123549042 | PA      | $391267.46     | 0.00%             | 2032-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2023-28                                                                                          | CUSIP: 38381HX48<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   24663342 | PA      | $1661956.60    | 0.01%             | 2065-02-16      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K091, Class X3                               | CUSIP: 3137FLNC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   81933000 | PA      | $6618383.87    | 0.05%             | 2046-04-25      | Variable      | 2.28%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618K5ZE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2290839 | PA      | $2332879.40    | 0.02%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2023-26                                                                                          | CUSIP: 38381JBM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   58626724 | PA      | $3903021.37    | 0.03%             | 2065-04-16      | Variable      | 0.97%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HKKT9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2834603 | PA      | $2924199.75    | 0.02%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-133                                                                                         | CUSIP: 38381DXB1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   85818158 | PA      | $5680475.49    | 0.04%             | 2063-07-16      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                                            | iHeartCommunications, Inc.                                                                                    | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   12798120 | PA      | $9856178.02    | 0.07%             | 2030-08-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K053, Class X1                               | CUSIP: 3137BN6H2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   54155602 | PA      | $191153.03     | 0.00%             | 2025-12-25      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2020-K118, Class X2B                                                             | CUSIP: 30316TAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   50947305 | PA      | $213005.59     | 0.00%             | 2053-10-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                                   | Iron Mountain, Inc.                                                                                           | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    2955000 | PA      | $2883524.76    | 0.02%             | 2030-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Republic of Angola                                                    | Republic of Angola                                                                                            | CUSIP: N/A<br>LEI: 549300QHR2R3J8JSGK83       | Long             | DBT              | NUSS              | AO        |     800000 | PA      | $658248.00     | 0.00%             | 2032-04-14      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2015-CR22, Class D                                                          | CUSIP: 12592XAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4173500 | PA      | $3151005.86    | 0.02%             | 2048-03-10      | Variable      | 3.89%                 | Yes           |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                       | Republic Finance Issuance Trust, Series 2024-A, Class A                                                       | CUSIP: 76041RAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9326000 | PA      | $9430267.48    | 0.07%             | 2032-08-20      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| ACCO Brands Corp.                                                     | ACCO Brands Corp.                                                                                             | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |   10192000 | PA      | $9003034.91    | 0.07%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, STRIPS, Series 3, Class 23                                                                              | CUSIP: 38381GBR3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   30941595 | PA      | $1787310.31    | 0.01%             | 2045-09-16      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Comstock Resources, Inc.                                              | Comstock Resources, Inc.                                                                                      | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    5300000 | PA      | $5011596.26    | 0.04%             | 2030-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Toorak Mortgage Trust                                                 | Toorak Mortgage Trust, Series 2024-2, Class A1                                                                | CUSIP: 89055KAA0<br>LEI: 254900ZRJRVK75Z6JJ57 | Long             | ABS-MBS          | CORP              | US        |    9500000 | PA      | $9462239.40    | 0.07%             | 2031-10-25      | Variable      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                                            | Edgewell Personal Care Co.                                                                                    | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |   15000000 | PA      | $14747326.65   | 0.11%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Acrc                                                                  | Acrc                                                                                                          | CUSIP: N/A<br>LEI: 549300VGHLH24T0B8529       | Long             | DBT              | CORP              | GB        |   25666667 | PA      | $24640000.00   | 0.18%             | 2026-11-15      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| CoreVest American Finance Trust                                       | CoreVest American Finance Trust, Series 2019-3, Class XA                                                      | CUSIP: 21872NAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4621884 | PA      | $23362.24      | 0.00%             | 2052-10-15      | Variable      | 2.00%                 | Yes           |                  2 | On Loan: No      |
| MH Sub I LLC                                                          | MH Sub I LLC, 1st Lien Term Loan                                                                              | CUSIP: 45567YAP0<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    1981840 | PA      | $1801988.23    | 0.01%             | 2031-12-31      | Variable      | 8.58%                 | No            |                  2 | On Loan: No      |
| RAAC Trust                                                            | RAAC Trust, Series 2005-SP1, Class 4A1                                                                        | CUSIP: 76112BQY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      23024 | PA      | $22885.91      | 0.00%             | 2034-09-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2020-GC47, Class XA                                                      | CUSIP: 36258RBC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   80359039 | PA      | $3571372.67    | 0.03%             | 2053-05-12      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| CoreWeave, Inc.                                                       | CoreWeave, Inc.                                                                                               | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    3848000 | PA      | $3843682.89    | 0.03%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | U.S. Treasury 10 Year Ultra Note                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       6327 | NC      | $8922491.58    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope LLC                                                         | CommScope LLC                                                                                                 | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    5432000 | PA      | $5201308.88    | 0.04%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue | Regents of the University of California, Medical Center Pooled, Series 2009F                                  | CUSIP: 913366DF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     255000 | PA      | $268512.81     | 0.00%             | 2049-05-15      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Republic Finance Issuance Trust                                       | Republic Finance Issuance Trust, Series 2021-A, Class D                                                       | CUSIP: 76042UAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     930000 | PA      | $893710.84     | 0.01%             | 2031-12-22      | Fixed         | 5.23%                 | Yes           |                  2 | On Loan: No      |
| Cascade MH Asset Trust                                                | Cascade MH Asset Trust, Series 2019-MH1, Class A                                                              | CUSIP: 14732FAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4586669 | PA      | $4351132.77    | 0.03%             | 2044-11-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K097, Class X3                               | CUSIP: 3137FNX88<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   93876048 | PA      | $6869370.42    | 0.05%             | 2046-09-25      | Variable      | 2.02%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                                      | Altice France SA                                                                                              | CUSIP: 02156LAC5<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    3500000 | PA      | $3012845.50    | 0.02%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J3DT3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1180886 | PA      | $1201679.33    | 0.01%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pike Corp.                                                            | Pike Corp.                                                                                                    | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |    1198000 | PA      | $1290341.84    | 0.01%             | 2031-01-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-190, Class CS                                                                               | CUSIP: 38385AFC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   23875161 | PA      | $1792267.75    | 0.01%             | 2054-11-20      | Floating      | 1.67%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corp.                                                      | Fair Isaac Corp.                                                                                              | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    1989000 | PA      | $1985245.01    | 0.01%             | 2033-05-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2015-104                                                                                         | CUSIP: 38379KXU7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    6092037 | PA      | $7619.92       | 0.00%             | 2055-05-16      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2017-39, Class ST                                                                         | CUSIP: 3136AWHF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1038340 | PA      | $117450.49     | 0.00%             | 2047-05-25      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| Transocean Poseidon Ltd.                                              | Transocean Poseidon Ltd.                                                                                      | CUSIP: 89383JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     135975 | PA      | $136133.68     | 0.00%             | 2027-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Verus Securitization Trust                                            | Verus Securitization Trust, Series 2023-1, Class A1                                                           | CUSIP: 92539BAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     902582 | PA      | $901141.70     | 0.01%             | 2067-12-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, Single Family, 30 Year                                                                               | CUSIP: 21H032662<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        | -341200000 | PA      | $-303515650.79 | -2.23%            | 2055-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                      | Goodyear Tire & Rubber Co. (The)                                                                              | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    1337000 | PA      | $1338294.22    | 0.01%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Carlyle US CLO Ltd.                                                   | Carlyle US CLO Ltd., Series 2021-7A, Class CR                                                                 | CUSIP: 14316WAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    7500000 | PA      | $7524457.50    | 0.06%             | 2040-04-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                                        | DISH DBS Corp.                                                                                                | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   19231000 | PA      | $16534217.25   | 0.12%             | 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        |    4670000 | PA      | $4294847.27    | 0.03%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Kingdom of Morocco                                                    | Kingdom of Morocco                                                                                            | CUSIP: N/A<br>LEI: 529900F3MBW9XY5K1X07       | Long             | DBT              | NUSS              | MA        |     900000 | PA      | $931086.00     | 0.01%             | 2033-09-08      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                  | Clear Channel Outdoor Holdings, Inc.                                                                          | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    8129000 | PA      | $7427873.75    | 0.05%             | 2028-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2018-BN13, Class D                                                                               | CUSIP: 06539LAJ9<br>LEI: 549300664283JRAXM588 | Long             | ABS-MBS          | CORP              | US        |    2000000 | PA      | $1424605.20    | 0.01%             | 2061-08-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| CD Mortgage Trust                                                     | CD Mortgage Trust, Series 2019-CD8, Class XB                                                                  | CUSIP: 12515BAK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   78512000 | PA      | $2018975.34    | 0.01%             | 2057-08-15      | Variable      | 0.70%                 | Yes           |                  2 | On Loan: No      |
| NRZ FHT Excess LLC                                                    | NRZ FHT Excess LLC, Series 2020-FHT1, Class A                                                                 | CUSIP: 62955MAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1956230 | PA      | $1936731.27    | 0.01%             | 2025-11-25      | Fixed         | 4.21%                 | Yes           |                  2 | On Loan: No      |
| Vallourec SACA                                                        | Vallourec SACA                                                                                                | CUSIP: 92023RAA8<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |    2000000 | PA      | $2086862.00    | 0.02%             | 2032-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KW09, Class X2A                                                             | CUSIP: 30298GAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |  242601041 | PA      | $633601.14     | 0.00%             | 2029-05-25      | Fixed         | 0.10%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                | Tenet Healthcare Corp.                                                                                        | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    4809000 | PA      | $4856120.12    | 0.04%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                                        | Rite Aid Corp., Escrow                                                                                        | CUSIP: 767ESCAG1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |    3300955 | PA      | $0.03          | 0.00%             | 2024-10-18      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2018-B8, Class D                                                             | CUSIP: 08162UAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3050000 | PA      | $2125004.85    | 0.02%             | 2052-01-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Republic of Kenya                                                     | Republic of Kenya                                                                                             | CUSIP: N/A<br>LEI: 549300VVURQQYU45PR87       | Long             | DBT              | NUSS              | KE        |    3200000 | PA      | $3095264.00    | 0.02%             | 2028-02-28      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2021-C59, Class D                                               | CUSIP: 95003CBE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $1769720.75    | 0.01%             | 2054-04-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| STACR Trust                                                           | STACR Trust, Series 2018-HRP2, Class B1                                                                       | CUSIP: 35564ACB5<br>LEI: 549300YG8OJES76WL398 | Long             | ABS-MBS          | CORP              | US        |    2825000 | PA      | $3051487.88    | 0.02%             | 2047-02-25      | Floating      | 8.64%                 | Yes           |                  2 | On Loan: No      |
| Central Parent LLC                                                    | Central Parent LLC, 1st Lien Term Loan                                                                        | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    2786000 | PA      | $2475054.54    | 0.02%             | 2029-07-06      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                            | Upstart Pass-Through Trust, Series 2022-PT2, Class A                                                          | CUSIP: 91679YAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1321076 | PA      | $1321076.01    | 0.01%             | 2030-02-20      | Variable      | 20.19%                | Yes           |                  3 | On Loan: No      |
| Community Health Systems, Inc.                                        | Community Health Systems, Inc.                                                                                | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    4360000 | PA      | $3731964.11    | 0.03%             | 2031-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SBALR Commercial Mortgage Trust                                       | SBALR Commercial Mortgage Trust, Series 2020-RR1, Class D                                                     | CUSIP: 78397EAU0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    9750000 | PA      | $3830293.35    | 0.03%             | 2053-02-13      | Variable      | 4.06%                 | Yes           |                  2 | On Loan: No      |
| Republic of Namibia                                                   | Republic of Namibia                                                                                           | CUSIP: N/A<br>LEI: 549300T6Y4CWK77SML15       | Long             | DBT              | NUSS              | NA        |    4900000 | PA      | $4858644.00    | 0.04%             | 2025-10-29      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| LHOME Mortgage Trust                                                  | LHOME Mortgage Trust, Series 2023-RTL3, Class A1                                                              | CUSIP: 50205TAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10070979.00   | 0.07%             | 2028-08-25      | Variable      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CoreVest American Finance Trust                                       | CoreVest American Finance Trust, Series 2019-3, Class XB                                                      | CUSIP: 21872NAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   53875000 | PA      | $2661710.54    | 0.02%             | 2052-10-15      | Variable      | 1.36%                 | Yes           |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust                                         | UBS Commercial Mortgage Trust, Series 2017-C2, Class C                                                        | CUSIP: 90276CAK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7250000 | PA      | $6740103.88    | 0.05%             | 2050-08-15      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2024-V9, Class A3                                                            | CUSIP: 081919AN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15500000 | PA      | $15929487.95   | 0.12%             | 2057-08-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618K52C5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     468177 | PA      | $480246.15     | 0.00%             | 2055-01-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Spectrum Brands, Inc.                                                 | Spectrum Brands, Inc.                                                                                         | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |     783000 | PA      | $625083.70     | 0.00%             | 2031-03-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                                    | Dominican Republic Government Bond                                                                            | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    1300000 | PA      | $1304550.00    | 0.01%             | 2037-03-15      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                              | PRET LLC, Series 2024-NPL9, Class A1                                                                          | CUSIP: 74143TAA7<br>LEI: 25490072TKR6YZ7BOH19 | Long             | ABS-MBS          | CORP              | US        |   10144165 | PA      | $10133698.37   | 0.07%             | 2054-12-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| CWABS, Inc. Asset-Backed Certificates Trust                           | CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-4, Class M1                                          | CUSIP: 1266715K8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     137607 | PA      | $142544.89     | 0.00%             | 2034-07-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| MASTR Alternative Loan Trust                                          | MASTR Alternative Loan Trust, Series 2003-5, Class 30B1                                                       | CUSIP: 576434FU3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      20888 | PA      | $11259.19      | 0.00%             | 2033-08-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KX04, Class XFX                              | CUSIP: 3137FWHN3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   69889530 | PA      | $3148649.15    | 0.02%             | 2034-01-25      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-91, Class IU                                                                                | CUSIP: 38380PSK1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   18686275 | PA      | $1053147.26    | 0.01%             | 2062-05-16      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KG06, Class X1                               | CUSIP: 3137H4C73<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   56062418 | PA      | $1522414.22    | 0.01%             | 2031-10-25      | Variable      | 0.53%                 | No            |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                                      | Cooper-Standard Automotive, Inc.                                                                              | CUSIP: 216762AH7<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |    4608989 | PA      | $4833677.21    | 0.04%             | 2027-03-31      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| FREMF 2019-KF67 Mortgage Trust                                        | FREMF Mortgage Trust, Series 2019-KF67, Class C                                                               | CUSIP: 30298NAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    7081896 | PA      | $6120709.08    | 0.04%             | 2029-08-25      | Floating      | 10.47%                | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K081, Class X3                               | CUSIP: 3137FJEL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   29425000 | PA      | $1934228.84    | 0.01%             | 2046-09-25      | Variable      | 2.23%                 | No            |                  2 | On Loan: No      |
| Bombardier, Inc.                                                      | Bombardier, Inc.                                                                                              | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    2112000 | PA      | $2159974.08    | 0.02%             | 2032-06-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2019-BN21, Class E                                                                               | CUSIP: 06540BAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    8600000 | PA      | $5511508.66    | 0.04%             | 2052-10-17      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.                                    | United Rentals North America, Inc.                                                                            | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    9900000 | PA      | $9794954.57    | 0.07%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                     | Credit Acceptance Auto Loan Trust, Series 2024-3A, Class C                                                    | CUSIP: 22535LAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    5320000 | PA      | $5356235.05    | 0.04%             | 2035-01-16      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| Penske Automotive Group, Inc.                                         | Penske Automotive Group, Inc.                                                                                 | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |    6411000 | PA      | $6009511.77    | 0.04%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Tierra Mojada Luxembourg II SARL                                      | Tierra Mojada Luxembourg II SARL                                                                              | CUSIP: 30260LAA3<br>LEI: 254900H2U8PBIY32VI94 | Long             | DBT              | CORP              | LU        |    8437674 | PA      | $7812442.13    | 0.06%             | 2040-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | Forward Foreign Currency Contract                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-1839424.38   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Magnetite Ltd.                                                        | Magnetite Ltd., Series 2016-17A, Class BR2                                                                    | CUSIP: 55954EBA6<br>LEI: 5493003SVWF9GG13MZ22 | Long             | ABS-CBDO         | CORP              | KY        |    6164000 | PA      | $6197149.99    | 0.05%             | 2037-04-20      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| BX Commercial Mortgage Trust                                          | BX Commercial Mortgage Trust, Series 2024-AIR2, Class A                                                       | CUSIP: 05613QAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3357130 | PA      | $3360277.81    | 0.02%             | 2041-10-15      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| OnDeck Asset Securitization Trust IV LLC                              | OnDeck Asset Securitization Trust LLC, Series 2024-2A, Class B                                                | CUSIP: 67108SAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1900000 | PA      | $1881534.85    | 0.01%             | 2031-10-17      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K087, Class X3                               | CUSIP: 3137FKUS3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   87707499 | PA      | $6176967.28    | 0.05%             | 2046-01-25      | Variable      | 2.28%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2020-KF75, Class B                                                               | CUSIP: 30294SAA8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    1855293 | PA      | $1717080.01    | 0.01%             | 2029-12-25      | Floating      | 6.72%                 | Yes           |                  2 | On Loan: No      |
| FHLMC MSCR Trust                                                      | FHLMC, Series 2023-MN7, Class M1                                                                              | CUSIP: 35563QAA5<br>LEI: 529900NYZHC090WEXH18 | Long             | ABS-MBS          | USGSE             | US        |    3591175 | PA      | $3671947.01    | 0.03%             | 2043-09-25      | Floating      | 7.92%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2019-120, Class DS                                                                               | CUSIP: 38381YSU9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    7256698 | PA      | $870254.45     | 0.01%             | 2049-09-20      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                                                    | BMO Mortgage Trust, Series 2024-5C6, Class A3                                                                 | CUSIP: 05593QAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10200000 | PA      | $10367878.74   | 0.08%             | 2057-09-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| BSPRT Issuer Ltd.                                                     | BSPRT Issuer Ltd., Series 2021-FL7, Class D                                                                   | CUSIP: 05602CAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8700000 | PA      | $8543930.70    | 0.06%             | 2038-12-15      | Floating      | 7.19%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2016-DC2, Class C                                                           | CUSIP: 12594CBK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $2444585.50    | 0.02%             | 2049-02-10      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    5000000 | PA      | $-404595.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                             | LendingClub Loan Certificate Issuer Trust, Series 2022-P5, Class CERT                                         | CUSIP: 52606UAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     800000 | PA      | $6462328.00    | 0.05%             | 2037-07-15      | Fixed         | 12.86%                | Yes           |                  3 | On Loan: No      |
| 1261229 BC Ltd.                                                       | 1261229 BC Ltd.                                                                                               | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    8633000 | PA      | $8546816.07    | 0.06%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Cascade Funding Mortgage Trust                                        | Cascade Funding Mortgage Trust, Series 2021-FRR1, Class DKW1                                                  | CUSIP: 12529YBQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $2323742.50    | 0.02%             | 2026-02-28      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| JPMorgan Alternative Loan Trust                                       | JPMorgan Alternative Loan Trust, Series 2006-S3, Class A4                                                     | CUSIP: 46628VAG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     875563 | PA      | $854758.48     | 0.01%             | 2036-08-25      | Variable      | 6.81%                 | No            |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC                              | Sierra Timeshare Receivables Funding LLC, Series 2022-2A, Class D                                             | CUSIP: 82650TAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1467019 | PA      | $1504353.35    | 0.01%             | 2040-06-20      | Fixed         | 9.22%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2016-CR28, Class E                                                          | CUSIP: 12593YAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3587500 | PA      | $2870747.64    | 0.02%             | 2049-02-10      | Variable      | 4.09%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                               | GFL Environmental, Inc.                                                                                       | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    3780000 | PA      | $3687870.82    | 0.03%             | 2029-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FGI Operating Co. LLC                                                 | FGI Operating Co. LLC, 1st Lien Term Loan                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      37418 | PA      | $374.18        | 0.00%             | 2025-12-31      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                                   | CDS                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   31878000 | PA      | $-772989.83    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC, Multi-Class Certificates                                       | FHLMC, Multi-Class Certificates, Series 2020-RR05, Class X                                                    | CUSIP: 3137FRV24<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   38620000 | PA      | $2387171.72    | 0.02%             | 2029-01-27      | Fixed         | 2.01%                 | No            |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                                          | Scotts Miracle-Gro Co. (The)                                                                                  | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    3125000 | PA      | $3113247.19    | 0.02%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Republic of Turkiye (The)                                             | Republic of Turkiye (The)                                                                                     | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    1600000 | PA      | $1565648.00    | 0.01%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-114                                                                                         | CUSIP: 38380PT20<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   73383936 | PA      | $4125791.67    | 0.03%             | 2062-09-16      | Variable      | 0.80%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-K75, Class D                                                                | CUSIP: 30296PAW4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   30000000 | PA      | $23049705.00   | 0.17%             | 2051-04-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA UMBS, 30 Year                                                                                            | CUSIP: 3140XQ3V7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   25669369 | PA      | $26628916.75   | 0.20%             | 2054-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LFT CRE Ltd.                                                          | LFT CRE Ltd., Series 2021-FL1, Class D                                                                        | CUSIP: 50203JAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   22600000 | PA      | $22287961.80   | 0.16%             | 2039-06-15      | Floating      | 6.89%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2017-C4, Class D                                                  | CUSIP: 17326FAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5452500 | PA      | $4561956.26    | 0.03%             | 2050-10-12      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                        | Morgan Stanley Capital I Trust, Series 2018-MP, Class D                                                       | CUSIP: 61691DAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $755585.00     | 0.01%             | 2040-07-11      | Variable      | 4.28%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                                              | WESCO Distribution, Inc.                                                                                      | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    6396000 | PA      | $6471600.72    | 0.05%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| OCP SA                                                                | OCP SA                                                                                                        | CUSIP: 67091TAJ4<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | NUSS              | MA        |    2130000 | PA      | $2092325.63    | 0.02%             | 2036-03-01      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Capital I                                              | Morgan Stanley Capital I, Series 2017-HR2, Class C                                                            | CUSIP: 61691NAK1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1200000 | PA      | $1142736.36    | 0.01%             | 2050-12-15      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                     | Credit Acceptance Auto Loan Trust, Series 2024-2A, Class A                                                    | CUSIP: 22536VAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    9942000 | PA      | $10088029.09   | 0.07%             | 2034-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| AmeriGas Partners LP                                                  | AmeriGas Partners LP                                                                                          | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2398000 | PA      | $2421697.04    | 0.02%             | 2028-06-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| RCO X Mortgage LLC                                                    | RCO X Mortgage LLC, Series 2025-1, Class A1                                                                   | CUSIP: 75523XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   18636142 | PA      | $18527038.35   | 0.14%             | 2030-01-25      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Azule Energy Finance plc                                              | Azule Energy Finance plc                                                                                      | CUSIP: N/A<br>LEI: 2138006X6O82RJSQDB63       | Long             | DBT              | CORP              | GB        |    2300000 | PA      | $2238912.00    | 0.02%             | 2030-01-23      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| CFIN Issuer LLC                                                       | CFIN Issuer LLC, Series 2022-RTL1, Class AA                                                                   | CUSIP: 12531CAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2260343 | PA      | $2242260.11    | 0.02%             | 2026-02-16      | Variable      | 4.75%                 | Yes           |                  3 | On Loan: No      |
| Angel Oak Mortgage Trust                                              | Angel Oak Mortgage Trust, Series 2020-1, Class B1                                                             | CUSIP: 03464RAE3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1550000 | PA      | $1385645.44    | 0.01%             | 2059-12-25      | Variable      | 3.76%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4657, Class QI                                                                           | CUSIP: 3137BVPS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     168198 | PA      | $10243.71      | 0.00%             | 2044-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2024-25, Class ZB                                                                         | CUSIP: 3136BRTR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   10294122 | PA      | $10166323.94   | 0.07%             | 2054-03-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust                                         | SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A                                                      | CUSIP: 811304AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   15540000 | PA      | $15428306.25   | 0.11%             | 2039-05-15      | Floating      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HAJP1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    3250818 | PA      | $3349584.95    | 0.02%             | 2054-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                             | Vistra Operations Co. LLC                                                                                     | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    2426000 | PA      | $2345270.00    | 0.02%             | 2029-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                                                   | Sirius XM Radio LLC                                                                                           | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   18429000 | PA      | $18127595.55   | 0.13%             | 2029-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2019-R06, Class 2B1                                               | CUSIP: 20754JAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   24447449 | PA      | $25066213.43   | 0.18%             | 2039-09-25      | Floating      | 8.19%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K735, Class X3                               | CUSIP: 3137FMU91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   40000000 | PA      | $788104.00     | 0.01%             | 2047-05-25      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund VII LLC                               | Bayview Opportunity Master Fund LLC, Series 2024-CAR1, Class C                                                | CUSIP: 07336QAC6<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |    1122910 | PA      | $1127495.16    | 0.01%             | 2031-12-26      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2020-GSA2, Class E                                                       | CUSIP: 36264KAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4000000 | PA      | $2319140.00    | 0.02%             | 2053-12-12      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| First Advantage Holdings LLC                                          | First Advantage Holdings LLC, 1st Lien Term Loan B-2                                                          | CUSIP: 78477MAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    4457858 | PA      | $4452285.23    | 0.03%             | 2031-10-31      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                                           | Block, Inc.                                                                                                   | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    8260000 | PA      | $7463587.32    | 0.05%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Securitization Trust                         | Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class D                                         | CUSIP: 10806EAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   17000000 | PA      | $16897921.80   | 0.12%             | 2030-08-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Credit Risk                              | FHLMC, Multi-Family Structured Pass-Through Certificates, Series 2024-MN9, Class B1                           | CUSIP: 355917AC9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2000000 | PA      | $2065565.80    | 0.02%             | 2044-10-25      | Floating      | 10.32%                | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust                                                | Alternative Loan Trust, Series 2005-64CB, Class 1A15                                                          | CUSIP: 12668AA21<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     247546 | PA      | $219193.13     | 0.00%             | 2035-12-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Republic of Cote d'Ivoire                                             | Republic of Cote d'Ivoire                                                                                     | CUSIP: N/A<br>LEI: 254900ICW11T82O6H590       | Long             | DBT              | NUSS              | CI        |    1700000 | PA      | $1638443.00    | 0.01%             | 2033-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618J6A85<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     492928 | PA      | $510052.58     | 0.00%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                                                       | MYT Holding LLC, Series A                                                                                     | CUSIP: 55406N202<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      13909 | NS      | $17733.98      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CoreVest American Finance Trust                                       | CoreVest American Finance Trust, Series 2019-1, Class E                                                       | CUSIP: 21872FAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1493000 | PA      | $1458285.21    | 0.01%             | 2052-03-15      | Variable      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                                     | Clarios Global LP                                                                                             | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    6810000 | PA      | $6839412.39    | 0.05%             | 2027-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   10000000 | PA      | $-941722.66    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Amer Sports Co.                                                       | Amer Sports Co.                                                                                               | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |    3975000 | PA      | $4104267.00    | 0.03%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDI                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  227611000 | PA      | $-3259313.09   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M31, Class X1                                                                          | CUSIP: 3136BASF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   90762107 | PA      | $1543455.00    | 0.01%             | 2032-10-25      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                | Tenet Healthcare Corp.                                                                                        | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    5821000 | PA      | $5995932.69    | 0.04%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing III LLC                                       | Hertz Vehicle Financing LLC, Series 2023-1A, Class C                                                          | CUSIP: 42806MBU2<br>LEI: 549300MNOMKDMDFI8J66 | Long             | ABS-O            | CORP              | US        |    3990000 | PA      | $4013405.74    | 0.03%             | 2027-06-25      | Fixed         | 6.91%                 | Yes           |                  2 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                             | LendingClub Loan Certificate Issuer Trust, Series 2022-NP6, Class CERT                                        | CUSIP: 52607PAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     700000 | PA      | $5934236.00    | 0.04%             | 2037-07-15      | Fixed         | 25.46%                | Yes           |                  3 | On Loan: No      |
| RAMP Trust                                                            | RAMP Trust, Series 2002-RS2, Class AI5                                                                        | CUSIP: 760985JL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      29623 | PA      | $29311.04      | 0.00%             | 2032-03-25      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4612, Class QI                                                                           | CUSIP: 3137BRSR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     190487 | PA      | $19622.52      | 0.00%             | 2044-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US Auto Funding                                                       | US Auto Funding, Series 2021-1A, Class C                                                                      | CUSIP: 90355EAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2758151 | PA      | $2573617.92    | 0.02%             | 2026-05-15      | Fixed         | 2.20%                 | Yes           |                  2 | On Loan: No      |
| Republic of South Africa                                              | Republic of South Africa                                                                                      | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    3478000 | PA      | $3366808.34    | 0.02%             | 2036-11-19      | Fixed         | 7.10%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M19, Class X1                                                                          | CUSIP: 3136B9G76<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   29020849 | PA      | $447002.33     | 0.00%             | 2030-05-25      | Variable      | 0.42%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                  | NOVA Chemicals Corp.                                                                                          | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |   16155000 | PA      | $16129513.87   | 0.12%             | 2027-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series KC05, Class X1                               | CUSIP: 3137FPJQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  143117910 | PA      | $2143677.30    | 0.02%             | 2027-06-25      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| Novelis Corp.                                                         | Novelis Corp.                                                                                                 | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    2745000 | PA      | $2440396.13    | 0.02%             | 2031-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| New Albertsons LP                                                     | New Albertsons LP                                                                                             | CUSIP: 01310QDB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       8000 | PA      | $8371.30       | 0.00%             | 2028-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2019-144                                                                                         | CUSIP: 38380NSZ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   13903423 | PA      | $809179.22     | 0.01%             | 2062-01-16      | Variable      | 0.79%                 | No            |                  2 | On Loan: No      |
| FHLMC MSCR Trust                                                      | FHLMC, Series 2024-MN8, Class M2                                                                              | CUSIP: 35563RAB1<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGSE             | US        |   12025000 | PA      | $12576668.52   | 0.09%             | 2044-05-25      | Floating      | 8.57%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class C                                               | CUSIP: 95003MBX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $2121427.00    | 0.02%             | 2055-04-15      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K108, Class X3                               | CUSIP: 3137FTBQ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   63492000 | PA      | $8677984.97    | 0.06%             | 2048-04-25      | Variable      | 3.49%                 | No            |                  2 | On Loan: No      |
| Dryden CLO Ltd.                                                       | Dryden CLO Ltd., Series 2019-80A, Class BR                                                                    | CUSIP: 26245JAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    2540000 | PA      | $2547985.76    | 0.02%             | 2033-01-17      | Floating      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-195                                                                                         | CUSIP: 38381LR46<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  283078374 | PA      | $11392291.00   | 0.08%             | 2061-07-16      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                                          | Rockies Express Pipeline LLC                                                                                  | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |    2243000 | PA      | $2310171.12    | 0.02%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Empresas Publicas de Medellin ESP                                     | Empresas Publicas de Medellin ESP                                                                             | CUSIP: N/A<br>LEI: 549300SU25TO8EMXB434       | Long             | DBT              | NUSS              | CO        |    2800000 | PA      | $2543800.00    | 0.02%             | 2029-07-18      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2014-UBS2, Class D                                                          | CUSIP: 12591UAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1865355 | PA      | $1309087.51    | 0.01%             | 2047-03-10      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                                                   | Newell Brands, Inc.                                                                                           | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    3286000 | PA      | $3031953.10    | 0.02%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP                                                  | AmeriGas Partners LP                                                                                          | CUSIP: 030981AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3138000 | PA      | $3167826.69    | 0.02%             | 2026-08-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                        | ZF North America Capital, Inc.                                                                                | CUSIP: 98877DAF2<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    4511000 | PA      | $4284255.04    | 0.03%             | 2030-04-23      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2016-P4, Class C                                                  | CUSIP: 29429EAK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3623568 | PA      | $3321033.77    | 0.02%             | 2049-07-10      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2016-M12, Class X2                                                                          | CUSIP: 3136AULA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   63848436 | PA      | $10196.60      | 0.00%             | 2026-09-25      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| Guara Norte SARL                                                      | Guara Norte SARL                                                                                              | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |    4216872 | PA      | $3933287.36    | 0.03%             | 2034-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2014-LC15, Class D                                                          | CUSIP: 12591TAQ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1553948 | PA      | $1512186.09    | 0.01%             | 2047-04-10      | Variable      | 4.77%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2013-GC13, Class B                                                       | CUSIP: 36198EAS4<br>LEI: 549300WF5YRKNHB1FX69 | Long             | ABS-MBS          | CORP              | US        |    1500000 | PA      | $1448985.00    | 0.01%             | 2046-07-10      | Variable      | 3.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDS                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   44000000 | PA      | $-1015099.81   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K107, Class X1                               | CUSIP: 3137FRZC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   87826917 | PA      | $5337145.16    | 0.04%             | 2030-01-25      | Variable      | 1.59%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC STACR REMIC Trust, Series 2024-DNA1, Class M2                                                           | CUSIP: 35564NBA0<br>LEI: 529900N6M839KA246662 | Long             | ABS-MBS          | CORP              | US        |    8500000 | PA      | $8617345.90    | 0.06%             | 2044-02-25      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                                            | Sensata Technologies, Inc.                                                                                    | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    1315000 | PA      | $1167638.08    | 0.01%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| KKR Financial CLO Ltd.                                                | KKR Financial CLO Ltd., Series 2013-1A, Class A2R2                                                            | CUSIP: 48249VAY7<br>LEI: 549300ZUUB37M3VWNC17 | Long             | ABS-CBDO         | CORP              | KY        |    4932974 | PA      | $4933309.44    | 0.04%             | 2029-04-15      | Floating      | 5.71%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                      | Goodyear Tire & Rubber Co. (The)                                                                              | CUSIP: 382550BF7<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    1252000 | PA      | $1252666.06    | 0.01%             | 2026-05-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Standard Industries, Inc.                                             | Standard Industries, Inc.                                                                                     | CUSIP: 853496AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   15624000 | PA      | $15341838.37   | 0.11%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDI                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |  227610000 | PA      | $-3114826.47   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Oportun Issuance Trust                                                | Oportun Issuance Trust, Series 2022-2, Class D                                                                | CUSIP: 68377HAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     361280 | PA      | $365533.21     | 0.00%             | 2029-10-09      | Fixed         | 11.34%                | No            |                  2 | On Loan: No      |
| Republic of Panama                                                    | Republic of Panama                                                                                            | CUSIP: 698299BT0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    1800000 | PA      | $1697850.00    | 0.01%             | 2035-02-14      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| N/A                                                                   | CDS                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   15935000 | PA      | $-337619.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                         | SM Energy Co.                                                                                                 | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    2786000 | PA      | $2729957.10    | 0.02%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2025-7, Class SE                                                                          | CUSIP: 3136BUWE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   32127332 | PA      | $2484294.15    | 0.02%             | 2055-02-25      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                   | Exeter Automobile Receivables Trust, Series 2023-1A, Class E                                                  | CUSIP: 30168BAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4350000 | PA      | $4855196.82    | 0.04%             | 2030-09-16      | Fixed         | 12.07%                | Yes           |                  2 | On Loan: No      |
| PRET Trust                                                            | PRET Trust, Series 2025-NPL1, Class A1                                                                        | CUSIP: 74143VAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   33354471 | PA      | $33331926.70   | 0.25%             | 2055-02-25      | Variable      | 6.06%                 | Yes           |                  2 | On Loan: No      |
| Impac CMB Trust                                                       | Impac CMB Trust, Series 2005-1, Class 1A2                                                                     | CUSIP: 45254NMM6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      99019 | PA      | $94507.44      | 0.00%             | 2035-04-25      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| NCR Atleos Corp.                                                      | NCR Atleos Corp.                                                                                              | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    6257000 | PA      | $6834646.24    | 0.05%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                                                 | Arroyo Mortgage Trust, Series 2019-3, Class M1                                                                | CUSIP: 04285AAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $897487.80     | 0.01%             | 2048-10-25      | Variable      | 4.20%                 | Yes           |                  2 | On Loan: No      |
| MRCD MARK Mortgage Trust                                              | MRCD MARK Mortgage Trust, Series 2019-PARK, Class J                                                           | CUSIP: 55348UBA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   20000000 | PA      | $7134400.00    | 0.05%             | 2036-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K-1521, Class X1                             | CUSIP: 3137H2NZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   17828594 | PA      | $1336675.65    | 0.01%             | 2036-08-25      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                                              | AthenaHealth Group, Inc.                                                                                      | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    4805000 | PA      | $4629725.61    | 0.03%             | 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        |    4770000 | PA      | $2407793.54    | 0.02%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| PRPM LLC                                                              | PRPM LLC, Series 2024-1, Class A1                                                                             | CUSIP: 693972AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    5822417 | PA      | $5825195.63    | 0.04%             | 2029-02-25      | Variable      | 6.96%                 | Yes           |                  2 | On Loan: No      |
| Magnetite Ltd.                                                        | Magnetite Ltd., Series 2016-17A, Class AR2                                                                    | CUSIP: 55954EAY5<br>LEI: 5493003SVWF9GG13MZ22 | Long             | ABS-CBDO         | CORP              | KY        |    6500000 | PA      | $6519578.00    | 0.05%             | 2037-04-20      | Floating      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HKK44<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1775729 | PA      | $1829681.16    | 0.01%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Moran Foods Backstop Equity                                           | Moran Foods Backstop Equity                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        | 9333313900 | NS      | $9333.31       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| OneMain Finance Corp.                                                 | OneMain Finance Corp.                                                                                         | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    6902000 | PA      | $6995446.18    | 0.05%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                  | FirstKey Homes Trust, Series 2022-SFR2, Class F2                                                              | CUSIP: 33767PAS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6941000 | PA      | $6609557.53    | 0.05%             | 2039-07-17      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Sierra Timeshare Receivables Funding LLC                              | Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class D                                             | CUSIP: 826525AD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1265487 | PA      | $1262532.86    | 0.01%             | 2037-07-20      | Fixed         | 6.59%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust                                 | Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class D                                              | CUSIP: 94989MAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2225750 | PA      | $1490461.69    | 0.01%             | 2058-07-15      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                         | Six Flags Entertainment Corp.                                                                                 | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4600000 | PA      | $4466032.82    | 0.03%             | 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        |    1738000 | PA      | $1502391.51    | 0.01%             | 2032-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Progress Residential Trust                                            | Progress Residential Trust, Series 2022-SFR1, Class F                                                         | CUSIP: 74333YAN8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   10211000 | PA      | $9445576.29    | 0.07%             | 2041-02-17      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2020-89, Class GI                                                                         | CUSIP: 3136BC5D8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   45760495 | PA      | $7742222.76    | 0.06%             | 2050-12-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M37, Class X                                                                           | CUSIP: 3136BBGX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   86483266 | PA      | $3284029.08    | 0.02%             | 2032-04-25      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Dominican Republic                                                    | Dominican Republic Government Bond                                                                            | CUSIP: N/A<br>LEI: 254900EHU7Q8FGVPI369       | Long             | DBT              | NUSS              | DO        |    8400000 | PA      | $8213520.00    | 0.06%             | 2033-02-22      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                                            | AMSR Trust, Series 2019-SFR1, Class H                                                                         | CUSIP: 00178XAH6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2125000 | PA      | $2062664.19    | 0.02%             | 2039-01-19      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Mscr Trust Mn8                                                  | FHLMC, Series 2024-MN8, Class M1                                                                              | CUSIP: 35563RAA3<br>LEI: 529900XKEN78GROIG538 | Long             | ABS-MBS          | USGSE             | US        |    4909495 | PA      | $4960476.34    | 0.04%             | 2044-05-25      | Floating      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                                               | Quikrete Holdings, Inc., 1st Lien Term Loan B-3                                                               | CUSIP: 74839XAL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    6790000 | PA      | $6756050.00    | 0.05%             | 2032-02-10      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| ReadyCap Holdings LLC                                                 | ReadyCap Holdings LLC, Series QIB                                                                             | CUSIP: 755763AE9<br>LEI: 549300W908MAGNC9E420 | Long             | DBT              | CORP              | US        |   17000000 | PA      | $16980563.22   | 0.12%             | 2028-03-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Flagship Credit Auto Trust                                            | Flagship Credit Auto Trust, Series 2022-3, Class E                                                            | CUSIP: 33845PAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    4000000 | PA      | $2697304.00    | 0.02%             | 2029-10-15      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                                            | Dana, Inc.                                                                                                    | CUSIP: 235825AH9<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    1969000 | PA      | $1867306.07    | 0.01%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                      | NRG Energy, Inc.                                                                                              | CUSIP: 629377CW0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    3993000 | PA      | $3956850.57    | 0.03%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K102, Class X3                               | CUSIP: 3137FQKF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   69791338 | PA      | $4999858.43    | 0.04%             | 2046-12-25      | Variable      | 1.89%                 | No            |                  2 | On Loan: No      |
| Subway Funding LLC                                                    | Subway Funding LLC, Series 2024-1A, Class A23                                                                 | CUSIP: 864300AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2565110 | PA      | $2608115.61    | 0.02%             | 2054-07-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, REMIC, Series 4585, Class JI                                                                           | CUSIP: 3137BPGA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     205219 | PA      | $25281.31      | 0.00%             | 2045-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust I LLC                                        | Angel Oak Mortgage Trust I LLC, Series 2018-3, Class B1                                                       | CUSIP: 03464NAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $941553.30     | 0.01%             | 2048-09-25      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems LLC                                            | Axalta Coating Systems LLC                                                                                    | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |    6690000 | PA      | $6226247.39    | 0.05%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Aqua Finance Trust                                                    | Aqua Finance Trust, Series 2019-A, Class C                                                                    | CUSIP: 038370AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3669914 | PA      | $3571372.49    | 0.03%             | 2040-07-16      | Fixed         | 4.01%                 | Yes           |                  2 | On Loan: No      |
| FARM Mortgage Trust                                                   | FARM Mortgage Trust, Series 2021-1, Class B                                                                   | CUSIP: 30768WAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1394548 | PA      | $1034574.39    | 0.01%             | 2051-07-25      | Variable      | 3.23%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                                          | Fibercop SpA                                                                                                  | CUSIP: 683879AH3<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    2137000 | PA      | $2129145.67    | 0.02%             | 2038-06-04      | Fixed         | 7.72%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-30, Class SC                                                                                | CUSIP: 38384JKR4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   21404865 | PA      | $1888091.03    | 0.01%             | 2054-02-20      | Floating      | 2.12%                 | No            |                  2 | On Loan: No      |
| Calpine Corp.                                                         | Calpine Corp.                                                                                                 | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    1090000 | PA      | $1062310.51    | 0.01%             | 2029-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO Ltd.                             | Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class BRR                                          | CUSIP: 14311NBA1<br>LEI: 549300Q4PPEXLDSOKL32 | Long             | ABS-CBDO         | CORP              | KY        |    8000000 | PA      | $8029552.00    | 0.06%             | 2032-07-20      | Floating      | 6.72%                 | Yes           |                  2 | On Loan: No      |
| Chart Industries, Inc.                                                | Chart Industries, Inc.                                                                                        | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    8982000 | PA      | $9375420.58    | 0.07%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Morgan Stanley Bank of America Merrill Lynch Trust                    | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class E                                  | CUSIP: 61765XAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2500000 | PA      | $2052599.75    | 0.02%             | 2047-12-15      | Variable      | 3.24%                 | Yes           |                  2 | On Loan: No      |
| Arbor Realty Trust, Inc.                                              | Arbor Realty Trust, Inc., Series QIB                                                                          | CUSIP: 038923AQ1<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |   20000000 | PA      | $18509902.80   | 0.14%             | 2027-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2019-M31, Class X                                                                           | CUSIP: 3136B7T84<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   29125041 | PA      | $930597.50     | 0.01%             | 2028-09-25      | Variable      | 1.29%                 | No            |                  2 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                             | LendingClub Loan Certificate Issuer Trust, Series 2022-NP3, Class CERT                                        | CUSIP: 52606XAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     500000 | PA      | $3375775.00    | 0.02%             | 2037-05-15      | Fixed         | 25.22%                | Yes           |                  3 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2018-B1, Class C                                                             | CUSIP: 08162PBB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $833767.20     | 0.01%             | 2051-01-15      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, Connecticut Avenue Securities, Series 2018-C06, Class 1B1                                               | CUSIP: 30711X3M4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |   16560000 | PA      | $18102042.36   | 0.13%             | 2031-03-25      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                   | Exeter Automobile Receivables Trust, Series 2021-3A, Class E                                                  | CUSIP: 30166AAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2845000 | PA      | $2777780.05    | 0.02%             | 2028-12-15      | Fixed         | 3.04%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-108                                                                                         | CUSIP: 38380PWY6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   32807346 | PA      | $1893659.69    | 0.01%             | 2062-06-16      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3622ADH68<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   53781692 | PA      | $54756454.74   | 0.40%             | 2054-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Jonah Energy Abs I LLC                                                | Jonah Energy ABS LLC, Series 2022-1, Class C                                                                  | CUSIP: 47987EAE7<br>LEI: 2549003KXV9PPFRCPA79 | Long             | ABS-O            | CORP              | US        |   17500000 | PA      | $17589250.00   | 0.13%             | 2039-08-10      | Fixed         | 12.66%                | Yes           |                  3 | On Loan: No      |
| NRZ Excess Spread-Collateralized Notes                                | NRZ Excess Spread-Collateralized Notes, Series 2021-FHT1, Class A                                             | CUSIP: 62955MAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   11506832 | PA      | $11159487.82   | 0.08%             | 2026-07-25      | Fixed         | 3.10%                 | Yes           |                  2 | On Loan: No      |
| Ecopetrol SA                                                          | Ecopetrol SA                                                                                                  | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | NUSS              | CO        |     974000 | PA      | $926312.96     | 0.01%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                                             | Vistra Operations Co. LLC                                                                                     | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    2721000 | PA      | $2830770.58    | 0.02%             | 2032-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                           | Hertz Vehicle Financing LLC, Series 2022-2A, Class D                                                          | CUSIP: 42806MAR0<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |   10000000 | PA      | $9423544.00    | 0.07%             | 2028-06-26      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| RB Global Holdings, Inc.                                              | RB Global Holdings, Inc.                                                                                      | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    2450000 | PA      | $2502198.79    | 0.02%             | 2028-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                                                   | Medline Borrower LP                                                                                           | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    9602000 | PA      | $9383596.75    | 0.07%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| DBJPM Mortgage Trust                                                  | DBJPM Mortgage Trust, Series 2017-C6, Class D                                                                 | CUSIP: 23312JAQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1800000 | PA      | $1400295.60    | 0.01%             | 2050-06-10      | Variable      | 3.23%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2014-GC25, Class D                                                | CUSIP: 17322YAM2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3750000 | PA      | $2034375.00    | 0.01%             | 2047-10-10      | Fixed         | 3.55%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage Trust                                   | Citigroup Commercial Mortgage Trust, Series 2015-P1, Class D                                                  | CUSIP: 17324DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2285000 | PA      | $2097167.06    | 0.02%             | 2048-09-15      | Fixed         | 3.23%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                         | Six Flags Entertainment Corp.                                                                                 | CUSIP: 83001AAC6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   12577000 | PA      | $12548960.84   | 0.09%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618KFBT6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2387617 | PA      | $2471985.21    | 0.02%             | 2055-03-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2020-GC45, Class D                                                       | CUSIP: 36258YAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3000000 | PA      | $2297323.20    | 0.02%             | 2053-02-13      | Variable      | 2.85%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2023-179                                                                                         | CUSIP: 38381JZQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  366148428 | PA      | $15663610.08   | 0.12%             | 2063-09-16      | Variable      | 0.61%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2024-161                                                                                         | CUSIP: 38381LA77<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  119270532 | PA      | $6724460.69    | 0.05%             | 2064-06-16      | Variable      | 0.74%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3622ADKG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    9542239 | PA      | $9727661.01    | 0.07%             | 2054-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M22, Class X                                                                           | CUSIP: 3136B9H59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   71059153 | PA      | $1997295.14    | 0.01%             | 2031-03-25      | Variable      | 0.86%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2015-GC32, Class D                                                       | CUSIP: 36250PAM7<br>LEI: 54930066YOFVQE068N73 | Long             | ABS-MBS          | CORP              | US        |    4521408 | PA      | $4207436.00    | 0.03%             | 2048-07-10      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HPGE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2149960 | PA      | $2219378.14    | 0.02%             | 2054-08-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NRZ Excess Spread-Collateralized Notes                                | NRZ Excess Spread-Collateralized Notes, Series 2020-PLS1, Class A                                             | CUSIP: 433674AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2924866 | PA      | $2888139.21    | 0.02%             | 2025-12-25      | Fixed         | 3.84%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2012-93, Class FS                                                                         | CUSIP: 3136A8JC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1360034 | PA      | $119947.51     | 0.00%             | 2032-09-25      | Floating      | 1.71%                 | No            |                  2 | On Loan: No      |
| Istanbul Metropolitan Municipality                                    | Istanbul Metropolitan Municipality                                                                            | CUSIP: 46522TAC2<br>LEI: 213800T1VDQSNKA2MD76 | Long             | DBT              | NUSS              | TR        |    2870000 | PA      | $3053680.00    | 0.02%             | 2028-12-06      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                               | American Airlines, Inc.                                                                                       | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    9665625 | PA      | $9491427.82    | 0.07%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Areit Frn                                                             | Areit Frn                                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |   29000000 | PA      | $28623000.00   | 0.21%             | 2025-10-17      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| EquipmentShare.com, Inc.                                              | EquipmentShare.com, Inc.                                                                                      | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |   12295000 | PA      | $12763869.83   | 0.09%             | 2028-05-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                                  | Frontier Communications Holdings LLC                                                                          | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    9797000 | PA      | $9777009.22    | 0.07%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                   | CDSCMBX                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |   12500000 | PA      | $-553230.06    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AI Candelaria -spain- SA                                              | AI Candelaria -spain- SA                                                                                      | CUSIP: N/A<br>LEI: 213800L5KA2MJ5FKRZ02       | Long             | DBT              | CORP              | ES        |    1631995 | PA      | $1603434.94    | 0.01%             | 2028-12-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K099, Class X3                               | CUSIP: 3137FPJK2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   49100000 | PA      | $3455736.56    | 0.03%             | 2047-10-25      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2019-32, Class PI                                                                         | CUSIP: 3136B4YN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     715666 | PA      | $137763.55     | 0.00%             | 2048-10-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSWF Commercial Mortgage Trust                                        | MSWF Commercial Mortgage Trust, Series 2023-2, Class A5                                                       | CUSIP: 55361AAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   37271633 | PA      | $39408207.00   | 0.29%             | 2056-12-15      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Commercial Mortgage Securities Trust                   | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1, Class C                                 | CUSIP: 46590KAK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4647000 | PA      | $4350116.18    | 0.03%             | 2049-01-15      | Variable      | 4.72%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                                          | MH Sub I LLC, 1st Lien Term Loan                                                                              | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    2928291 | PA      | $2808874.82    | 0.02%             | 2028-05-03      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2016-108, Class SM                                                                               | CUSIP: 38379YYJ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    2232438 | PA      | $294088.84     | 0.00%             | 2046-08-20      | Floating      | 1.66%                 | No            |                  2 | On Loan: No      |
| PNMAC GMSR Issuer Trust                                               | PNMAC GMSR ISSUER TRUST, Series 2022-GT1, Class A                                                             | CUSIP: 69354WAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    2000000 | PA      | $2005782.40    | 0.01%             | 2027-05-25      | Floating      | 8.57%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                  | Colorado Health Facilities Authority, Vail Valley Medical Centre Project                                      | CUSIP: 19648A4N2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     175000 | PA      | $151320.79     | 0.00%             | 2045-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                            | FHLMC UMBS, 30 Year                                                                                           | CUSIP: 3132DUUV7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   69044587 | PA      | $70132789.98   | 0.52%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2017-M8, Class X                                                                            | CUSIP: 3136AW7K7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   37715073 | PA      | $61045.62      | 0.00%             | 2027-05-25      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Receivables Trust                          | American Credit Acceptance Receivables Trust, Series 2023-4, Class D                                          | CUSIP: 02530CAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    6700000 | PA      | $6951374.62    | 0.05%             | 2030-09-12      | Fixed         | 7.65%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2017-6, Class SB                                                                          | CUSIP: 3136AVDL0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      85891 | PA      | $9032.82       | 0.00%             | 2047-02-25      | Floating      | 1.61%                 | No            |                  2 | On Loan: No      |
| FHLMC Pool                                                            | FHLMC UMBS, 30 Year                                                                                           | CUSIP: 3142GQAD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   24035993 | PA      | $24944307.68   | 0.18%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Grupo Nutresa SA                                                      | Grupo Nutresa SA                                                                                              | CUSIP: 40055CAB9<br>LEI: 254900KKAX7B7RJUE255 | Long             | DBT              | CORP              | CO        |    2600000 | PA      | $2727400.00    | 0.02%             | 2035-05-12      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                                      | Altice France SA                                                                                              | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    7300000 | PA      | $6202012.11    | 0.05%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-126                                                                                         | CUSIP: 38381DTB6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   14649860 | PA      | $976495.19     | 0.01%             | 2063-05-16      | Variable      | 0.85%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M6, Class XD                                                                           | CUSIP: 3136B8UU1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    5629768 | PA      | $112123.59     | 0.00%             | 2030-02-25      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| Federal Republic of Nigeria                                           | Federal Republic of Nigeria                                                                                   | CUSIP: N/A<br>LEI: 549300GSBZD84TNEQ285       | Long             | DBT              | NUSS              | NG        |    4700000 | PA      | $3836375.00    | 0.03%             | 2038-02-23      | Fixed         | 7.70%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands, Inc.                                                 | Prestige Brands, Inc.                                                                                         | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    4673000 | PA      | $4650375.20    | 0.03%             | 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        |    1150000 | PA      | $1122398.74    | 0.01%             | 2029-06-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA ACES, Series 2020-M10, Class X1                                                                          | CUSIP: 3136B9DS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  104737225 | PA      | $6290287.31    | 0.05%             | 2030-12-25      | Variable      | 1.77%                 | No            |                  2 | On Loan: No      |
| Republic of Montenegro                                                | Republic of Montenegro                                                                                        | CUSIP: 857305AA4<br>LEI: 747800V014106FYLL014 | Long             | DBT              | NUSS              | ME        |    5923000 | PA      | $6072555.75    | 0.04%             | 2031-03-12      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-178, Class SA                                                                               | CUSIP: 38381D5B2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   76746956 | PA      | $3787508.31    | 0.03%             | 2061-10-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| WE Soda Investments Holding plc                                       | WE Soda Investments Holding plc                                                                               | CUSIP: N/A<br>LEI: 984500SE38C07DB47A90       | Long             | DBT              | CORP              | GB        |    2400000 | PA      | $2472288.00    | 0.02%             | 2028-10-06      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| ON Semiconductor Corp.                                                | ON Semiconductor Corp.                                                                                        | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |   10381000 | PA      | $9914774.76    | 0.07%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd.                                             | Madison Park Funding Ltd., Series 2021-52A, Class B                                                           | CUSIP: 55822BAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   11660000 | PA      | $11702733.90   | 0.09%             | 2035-01-22      | Floating      | 6.13%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                  | FirstKey Homes Trust, Series 2022-SFR1, Class F1                                                              | CUSIP: 33768NAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12700000 | PA      | $10990271.39   | 0.08%             | 2039-05-19      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Cascade Funding Mortgage Trust                                        | Cascade Funding Mortgage Trust, Series 2021-FRR1, Class CK54                                                  | CUSIP: 12529YAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6700000 | PA      | $6287782.50    | 0.05%             | 2026-02-28      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                                         | Organon & Co.                                                                                                 | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   11100000 | PA      | $9327114.66    | 0.07%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Seagate HDD Cayman                                                    | Seagate HDD Cayman                                                                                            | CUSIP: 81180WBP5<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     757000 | PA      | $808304.92     | 0.01%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                  | FNMA, REMIC, Series 2003-76, Class SB                                                                         | CUSIP: 31393D5Z0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    1058815 | PA      | $100456.03     | 0.00%             | 2033-08-25      | Floating      | 2.61%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                              | Bausch Health Cos., Inc.                                                                                      | CUSIP: 071734AM9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   19402000 | PA      | $12320270.00   | 0.09%             | 2029-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC ULC                                                        | 1011778 BC ULC                                                                                                | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    1390000 | PA      | $1345456.76    | 0.01%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Credit Acceptance Auto Loan Trust                                     | Credit Acceptance Auto Loan Trust, Series 2022-3A, Class D                                                    | CUSIP: 22534QAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   22000000 | PA      | $22571265.20   | 0.17%             | 2033-04-18      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| BANK                                                                  | BANK, Series 2020-BN26, Class D                                                                               | CUSIP: 06540JAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    3250000 | PA      | $2452025.55    | 0.02%             | 2063-03-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| Diamond Foreign Asset Co.                                             | Diamond Foreign Asset Co.                                                                                     | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    2300000 | PA      | $2304006.60    | 0.02%             | 2030-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Oportun Funding Trust                                                 | Oportun Funding Trust, Series 2024-3, Class B                                                                 | CUSIP: 68377NAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    3167000 | PA      | $3164510.74    | 0.02%             | 2029-08-15      | Fixed         | 5.48%                 | Yes           |                  2 | On Loan: No      |
| FHLMC Multi-Family Structured Credit Risk                             | FHLMC, Multi-Family Structured Credit Risk, Series 2021-MN3, Class M2                                         | CUSIP: 35563GAB5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   18800000 | PA      | $19386616.40   | 0.14%             | 2051-11-25      | Floating      | 8.32%                 | Yes           |                  2 | On Loan: No      |
| Air Canada Pass-Through Trust                                         | Air Canada Pass-Through Trust, Series 2020-2, Class B                                                         | CUSIP: 00909UAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |     347830 | PA      | $350444.03     | 0.00%             | 2025-10-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Carlyle US CLO Ltd.                                                   | Carlyle US CLO Ltd., Series 2018-4A, Class D2R                                                                | CUSIP: 14315RAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    3500000 | PA      | $3502257.50    | 0.03%             | 2037-10-17      | Floating      | 8.98%                 | Yes           |                  2 | On Loan: No      |
| FirstKey Homes Trust                                                  | FirstKey Homes Trust, Series 2020-SFR2, Class F1                                                              | CUSIP: 33767JAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   15000000 | PA      | $14796384.00   | 0.11%             | 2037-10-19      | Fixed         | 3.02%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                                       | TransDigm, Inc.                                                                                               | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    6402000 | PA      | $6539675.01    | 0.05%             | 2032-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                                               | GFL Environmental, Inc.                                                                                       | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    8785000 | PA      | $9112671.72    | 0.07%             | 2031-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR Trust                                                     | FHLMC STACR Trust, Series 2019-DNA1, Class B2                                                                 | CUSIP: 35563KBE9<br>LEI: 5493007222WHFWMBOC78 | Long             | ABS-MBS          | CORP              | US        |    8135000 | PA      | $10007260.49   | 0.07%             | 2049-01-25      | Floating      | 15.19%                | Yes           |                  2 | On Loan: No      |
| OBX Trust                                                             | OBX Trust, Series 2023-NQM7, Class A1                                                                         | CUSIP: 67117XAA4<br>LEI: 254900K7TTKPUWNMSZ83 | Long             | ABS-MBS          | CORP              | US        |    4500891 | PA      | $4551479.20    | 0.03%             | 2063-04-25      | Variable      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KC02, Class B                                                               | CUSIP: 30297FAH8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    2520000 | PA      | $2506902.30    | 0.02%             | 2025-07-25      | Variable      | 4.18%                 | Yes           |                  2 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                             | LendingClub Loan Certificate Issuer Trust, Series 2021-NP1, Class CERT                                        | CUSIP: 52604NAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     900000 | PA      | $3225483.00    | 0.02%             | 2036-12-15      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Lendingpoint Asset Securitization Trust                               | Lendingpoint Asset Securitization Trust, Series 2022-C, Class C                                               | CUSIP: 525919AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1277000 | PA      | $1204086.36    | 0.01%             | 2030-02-15      | Fixed         | 8.68%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                            | Upstart Pass-Through Trust, Series 2021-PT3, Class A                                                          | CUSIP: 91680JAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1175495 | PA      | $1034862.08    | 0.01%             | 2029-12-20      | Variable      | 21.56%                | Yes           |                  3 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K089, Class X3                               | CUSIP: 3137FL6S8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  132506354 | PA      | $9900026.73    | 0.07%             | 2046-01-25      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| Brink's Co. (The)                                                     | Brink's Co. (The)                                                                                             | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    3370000 | PA      | $3324876.04    | 0.02%             | 2027-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust                                   | Connecticut Avenue Securities Trust, Series 2020-R01, Class 1B1                                               | CUSIP: 20754CAF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   10860000 | PA      | $11149187.68   | 0.08%             | 2040-01-25      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| North Texas Tollway Authority                                         | North Texas Tollway Authority, First Tier, Series 2009B                                                       | CUSIP: 66285WFB7<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     131000 | PA      | $141681.35     | 0.00%             | 2049-01-01      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2023-V3, Class A3                                                            | CUSIP: 08163VAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     278000 | PA      | $289820.89     | 0.00%             | 2056-07-15      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| Hashemite Kingdom of Jordan                                           | Hashemite Kingdom of Jordan                                                                                   | CUSIP: N/A<br>LEI: 5493000JZ4MYPVMBVN50       | Long             | DBT              | NUSS              | JO        |    1000000 | PA      | $1025630.00    | 0.01%             | 2028-01-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Upstart Pass-Through Trust                                            | Upstart Pass-Through Trust, Series 2022-PT1, Class A                                                          | CUSIP: 91680KAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1384312 | PA      | $1384311.60    | 0.01%             | 2030-02-20      | Variable      | 23.49%                | Yes           |                  3 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                                      | Goodyear Tire & Rubber Co. (The)                                                                              | CUSIP: 382550BJ9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    2281000 | PA      | $2130058.25    | 0.02%             | 2031-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                                                | Tenet Healthcare Corp.                                                                                        | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    5660000 | PA      | $5550066.10    | 0.04%             | 2028-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2021-112                                                                                         | CUSIP: 38381DQY9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   16696573 | PA      | $1256951.38    | 0.01%             | 2063-10-16      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Huntington Bank Auto Credit-Linked Notes                              | Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class B1                                             | CUSIP: 44644NAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   12209862 | PA      | $12278828.55   | 0.09%             | 2032-10-20      | Fixed         | 5.44%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                                          | GS Mortgage Securities Trust, Series 2020-GC45, Class E                                                       | CUSIP: 36258YAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    7000000 | PA      | $4832531.20    | 0.04%             | 2053-02-13      | Variable      | 2.85%                 | Yes           |                  2 | On Loan: No      |
| AMSR Trust                                                            | AMSR Trust, Series 2020-SFR5, Class F                                                                         | CUSIP: 03217JAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   18177000 | PA      | $17895045.65   | 0.13%             | 2037-11-17      | Fixed         | 2.69%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                                      | Bombardier, Inc.                                                                                              | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    1520000 | PA      | $1541296.72    | 0.01%             | 2033-06-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd.                                                         | Voya CLO Ltd., Series 2019-4A, Class BR                                                                       | CUSIP: 92918BAS2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    8000000 | PA      | $8025856.00    | 0.06%             | 2035-01-15      | Floating      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                           | Caesars Entertainment, Inc.                                                                                   | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    5770000 | PA      | $5920770.10    | 0.04%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CoreVest American Finance Trust                                       | CoreVest American Finance Trust, Series 2019-3, Class D                                                       | CUSIP: 21872NAL4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8689000 | PA      | $8047312.14    | 0.06%             | 2052-10-15      | Fixed         | 3.76%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, 30 Year                                                                                              | CUSIP: 3618HAP33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    1467869 | PA      | $1512468.52    | 0.01%             | 2054-07-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Avis Budget Rental Car Funding AESOP LLC                              | Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class D                                             | CUSIP: 05377REQ3<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |    5250000 | PA      | $5225489.88    | 0.04%             | 2026-08-20      | Fixed         | 3.34%                 | Yes           |                  2 | On Loan: No      |
| FHLMC STACR REMIC Trust                                               | FHLMC STACR REMIC Trust, Series 2021-DNA7, Class B2                                                           | CUSIP: 35564KNE5<br>LEI: 5493000ISOMSKCX2AW62 | Long             | ABS-MBS          | CORP              | US        |    5050000 | PA      | $5410743.22    | 0.04%             | 2041-11-25      | Floating      | 12.12%                | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA, Series 2020-38                                                                                          | CUSIP: 38380PCQ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   10228295 | PA      | $603573.72     | 0.00%             | 2062-04-16      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| Buckhorn Park CLO Ltd.                                                | Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR                                                             | CUSIP: 118382BA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   17200000 | PA      | $17186601.20   | 0.13%             | 2034-07-18      | Floating      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| UKG, Inc.                                                             | UKG, Inc., 1st Lien Term Loan                                                                                 | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    6554788 | PA      | $6565275.54    | 0.05%             | 2031-02-10      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC STACR REMIC Trust, Series 2022-DNA3, Class M1B                                                          | CUSIP: 35564KUX5<br>LEI: 5493000IS4M3TZMRB410 | Long             | ABS-MBS          | CORP              | US        |   10000000 | PA      | $10301974.00   | 0.08%             | 2042-04-25      | Floating      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| Bioceanico Sovereign Certificate Ltd.                                 | Bioceanico Sovereign Certificate Ltd.                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | KY        |    2692078 | PA      | $2113388.97    | 0.02%             | 2034-06-05      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| PRET LLC                                                              | PRET LLC, Series 2024-NPL8, Class A1                                                                          | CUSIP: 69392DAA0<br>LEI: 254900IGILCZGVE9SS90 | Long             | ABS-MBS          | CORP              | US        |    8607272 | PA      | $8577824.83    | 0.06%             | 2054-11-25      | Variable      | 5.96%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                                                   | Buckeye Partners LP                                                                                           | CUSIP: 118230AQ4<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    3120000 | PA      | $3059132.23    | 0.02%             | 2026-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| LendingClub Loan Certificate Issuer Trust                             | LendingClub Loan Certificate Issuer Trust, Series 2022-NP1, Class CERT                                        | CUSIP: 52606QAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     855000 | PA      | $3494222.55    | 0.03%             | 2037-03-16      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Ford Motor Credit Co. LLC                                             | Ford Motor Credit Co. LLC                                                                                     | CUSIP: 345397A45<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   12200000 | PA      | $11935206.81   | 0.09%             | 2027-01-09      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Dryden CLO Ltd.                                                       | Dryden CLO Ltd., Series 2022-109A, Class BR                                                                   | CUSIP: 26248KAN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    4000000 | PA      | $3997784.00    | 0.03%             | 2038-04-15      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Alternative Loan Trust                                                | Alternative Loan Trust, Series 2005-23CB, Class A16                                                           | CUSIP: 12667GMX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      39613 | PA      | $32155.28      | 0.00%             | 2035-07-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| P2                                                                    | P2                                                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |   25000000 | PA      | $24932500.00   | 0.18%             | 2031-12-20      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Government of Mongolia                                                | State of Mongolia                                                                                             | CUSIP: 60937LAE5<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |    5600000 | PA      | $4816000.00    | 0.04%             | 2031-07-07      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue Securities Trust                       | Multi-Family Connecticut Avenue Securities Trust, Series 2025-01, Class B1                                    | CUSIP: 62549CAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    2400000 | PA      | $2400000.00    | 0.02%             | 2055-05-25      | Floating      | 9.51%                 | Yes           |                  3 | On Loan: No      |
| Marlette Funding Trust                                                | Marlette Funding Trust, Series 2022-3A, Class C                                                               | CUSIP: 57109NAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    1053837 | PA      | $1057351.30    | 0.01%             | 2032-11-15      | Fixed         | 6.89%                 | Yes           |                  2 | On Loan: No      |
| GNMA                                                                  | GNMA II, Single Family, 30 Year                                                                               | CUSIP: 21H042661<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        | -135000000 | PA      | $-127345421.70 | -0.94%            | 2055-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FMC GMSR Issuer Trust                                                 | FMC GMSR Issuer Trust, Series 2021-GT2, Class B                                                               | CUSIP: 30259RAL9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   19140000 | PA      | $17979442.27   | 0.13%             | 2026-10-25      | Variable      | 4.44%                 | Yes           |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K124, Class XAM                              | CUSIP: 3137F9Z38<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   17689000 | PA      | $805245.73     | 0.01%             | 2031-01-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2018-KW06, Class C                                                               | CUSIP: 30306WAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   12000000 | PA      | $9611912.40    | 0.07%             | 2028-06-25      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                                        | Carnival Corp.                                                                                                | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    8650000 | PA      | $8672798.98    | 0.06%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Mallinckrodt plc                                                      | Mallinckrodt plc                                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      64590 | NS      | $5573567.99    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| DT Auto Owner Trust                                                   | DT Auto Owner Trust, Series 2022-3A, Class E                                                                  | CUSIP: 23345RAJ5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    8500000 | PA      | $8976570.35    | 0.07%             | 2029-07-16      | Fixed         | 10.99%                | Yes           |                  2 | On Loan: No      |
| JPMCC Commercial Mortgage Securities Trust                            | JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class D                                          | CUSIP: 46647TAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4669000 | PA      | $3460583.43    | 0.03%             | 2050-03-15      | Variable      | 4.49%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                               | Civitas Resources, Inc.                                                                                       | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    7158000 | PA      | $7059008.44    | 0.05%             | 2030-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| GSR Mortgage Loan Trust                                               | GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1                                                           | CUSIP: 362341RX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      71480 | PA      | $68336.61      | 0.00%             | 2035-09-25      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| FHLMC                                                                 | FHLMC, Multi-Family Structured Pass-Through Certificates, Series K148, Class X3                               | CUSIP: 3137H8UC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   18414000 | PA      | $4263783.80    | 0.03%             | 2054-08-25      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Civitas Resources, Inc.                                               | Civitas Resources, Inc.                                                                                       | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    4960000 | PA      | $4997224.80    | 0.04%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trust                                       | CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class C                                                    | CUSIP: 12652UBA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    6734000 | PA      | $6281127.73    | 0.05%             | 2051-04-15      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                                             | Ford Motor Credit Co. LLC                                                                                     | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     500000 | PA      | $482363.05     | 0.00%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                                                 | Albertsons Cos., Inc.                                                                                         | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   11717000 | PA      | $11706491.02   | 0.09%             | 2028-02-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                                            | Garda World Security Corp.                                                                                    | CUSIP: 36485MAP4<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    1838000 | PA      | $1844159.14    | 0.01%             | 2032-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                                                   | Baytex Energy Corp.                                                                                           | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |    7755000 | PA      | $7514215.78    | 0.06%             | 2030-04-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                          | Royal Caribbean Cruises Ltd.                                                                                  | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    3651000 | PA      | $3664105.12    | 0.03%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| WFRBS Commercial Mortgage Trust                                       | WFRBS Commercial Mortgage Trust, Series 2014-C22, Class D                                                     | CUSIP: 92890KAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1440000 | PA      | $552513.60     | 0.00%             | 2057-09-15      | Variable      | 3.76%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                                                   | Iron Mountain, Inc.                                                                                           | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     489000 | PA      | $493592.69     | 0.00%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Commercial Mortgage Trust                                             | Commercial Mortgage Trust, Series 2014-CR14, Class C                                                          | CUSIP: 12630DBD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    1000000 | PA      | $946790.00     | 0.01%             | 2047-02-10      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                  | FREMF Mortgage Trust, Series 2019-KF71, Class B                                                               | CUSIP: 30314GAA0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    3404607 | PA      | $3168531.21    | 0.02%             | 2029-10-25      | Floating      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Benchmark Mortgage Trust                                              | Benchmark Mortgage Trust, Series 2024-V5, Class A3                                                            | CUSIP: 08163XAY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    4132621 | PA      | $4268462.32    | 0.03%             | 2057-01-10      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer