# EDGAR Filing Document

**Accession Number:** 0000763852
**File Stem:** 0001752724-25-180659
**Filing Date:** 2025-7
**Character Count:** 556091
**Document Hash:** d6fdd081ab1af8b808943a6c630b9e4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180659.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180659

**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 II
- **CENTRAL INDEX KEY:** 0000763852

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04236
- **FILM NUMBER:** 251154605

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**JPMorgan High Yield Fund**

**Schedule of Portfolio Investments as of 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 High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 80.2%** | **Corporate Bonds — 80.2%** | **Corporate Bonds — 80.2%** |
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| &nbsp;&nbsp;&nbsp; ATI, Inc.  | &nbsp;&nbsp;&nbsp; ATI, Inc.  | &nbsp;&nbsp;&nbsp; ATI, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7269 | &nbsp;&nbsp;&nbsp;&nbsp; 7268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3202 | &nbsp;&nbsp;&nbsp;&nbsp; 3106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4319 | &nbsp;&nbsp;&nbsp;&nbsp; 4523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2895 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. 6.13%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1213 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1444 | &nbsp;&nbsp;&nbsp;&nbsp; 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7145 | &nbsp;&nbsp;&nbsp;&nbsp; 7669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4225 | &nbsp;&nbsp;&nbsp;&nbsp; 4357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3920 | &nbsp;&nbsp;&nbsp;&nbsp; 4009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 6/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3199 | &nbsp;&nbsp;&nbsp;&nbsp; 3244 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc.  | &nbsp;&nbsp;&nbsp; BWX Technologies, Inc.  | &nbsp;&nbsp;&nbsp; BWX Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 6/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8764 | &nbsp;&nbsp;&nbsp;&nbsp; 8529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8384 | &nbsp;&nbsp;&nbsp;&nbsp; 8032 |
| &nbsp;&nbsp;&nbsp; Goat Holdco LLC 6.75%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2690 |
| &nbsp;&nbsp;&nbsp; ICITII 6.00%, 1/31/2033 ‡ (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5336 | &nbsp;&nbsp;&nbsp;&nbsp; 4271 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4729 | &nbsp;&nbsp;&nbsp;&nbsp; 5035 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  | &nbsp;&nbsp;&nbsp; TransDigm, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11986 | &nbsp;&nbsp;&nbsp;&nbsp; 12181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6905 | &nbsp;&nbsp;&nbsp;&nbsp; 7053 |
| &nbsp;&nbsp;&nbsp; Triumph Group, Inc. 9.00%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2478 | &nbsp;&nbsp;&nbsp;&nbsp; 2595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 90145 |
| **Automobile Components — 3.5%** | **Automobile Components — 3.5%** | **Automobile Components — 3.5%** |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8626 | &nbsp;&nbsp;&nbsp;&nbsp; 8816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 4/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12898 | &nbsp;&nbsp;&nbsp;&nbsp; 13165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 2/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5538 | &nbsp;&nbsp;&nbsp;&nbsp; 5494 |
| &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; 5.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21988 | &nbsp;&nbsp;&nbsp;&nbsp; 22076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp; 654 |
| &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; 10143 | &nbsp;&nbsp;&nbsp;&nbsp; 10094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 7148 | &nbsp;&nbsp;&nbsp;&nbsp; 7087 |
| &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  | &nbsp;&nbsp;&nbsp; Clarios Global LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 5/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5936 | &nbsp;&nbsp;&nbsp;&nbsp; 5937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18385 | &nbsp;&nbsp;&nbsp;&nbsp; 18465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7098 | &nbsp;&nbsp;&nbsp;&nbsp; 7232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3521 | &nbsp;&nbsp;&nbsp;&nbsp; 3586 |
| &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 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 57666 | &nbsp;&nbsp;&nbsp;&nbsp; 60478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63% (Cash), 5/15/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 32736 | &nbsp;&nbsp;&nbsp;&nbsp; 27706 |
| &nbsp;&nbsp;&nbsp; Dana, Inc. 5.38%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 8325 | &nbsp;&nbsp;&nbsp;&nbsp; 8297 |
| &nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10418 | &nbsp;&nbsp;&nbsp;&nbsp; 8007 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  | &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4039 | &nbsp;&nbsp;&nbsp;&nbsp; 3869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2832 | &nbsp;&nbsp;&nbsp;&nbsp; 2835 |

---

------

**JPMorgan High Yield 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; 5.25%, 4/30/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3334 | &nbsp;&nbsp;&nbsp;&nbsp; 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4657 | &nbsp;&nbsp;&nbsp;&nbsp; 4345 |
| &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 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4548 | &nbsp;&nbsp;&nbsp;&nbsp; 4594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% (Cash), 11/15/2032 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1642 | &nbsp;&nbsp;&nbsp;&nbsp; 1644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 227494 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| &nbsp;&nbsp;&nbsp; PM General Purchaser LLC 9.50%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9466 | &nbsp;&nbsp;&nbsp;&nbsp; 6084 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. Series T, (3-MONTH CME TERM SOFR + 4.78%), 6.25%, 8/15/2026 (c) (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9565 | &nbsp;&nbsp;&nbsp;&nbsp; 9661 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. 6.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7468 | &nbsp;&nbsp;&nbsp;&nbsp; 7478 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3375 | &nbsp;&nbsp;&nbsp;&nbsp; 2556 |
| &nbsp;&nbsp;&nbsp; Grifols SA (Spain) 4.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8295 | &nbsp;&nbsp;&nbsp;&nbsp; 7891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10447 |
| **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Liberty Interactive LLC 8.25%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1784 | &nbsp;&nbsp;&nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC 11.00%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6735 | &nbsp;&nbsp;&nbsp;&nbsp; 3014 |
| &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  | &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  | &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50% (Blend (Cash 4.25% + PIK 4.25%)), 10/1/2027 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14538 | &nbsp;&nbsp;&nbsp;&nbsp; 12496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3589 | &nbsp;&nbsp;&nbsp;&nbsp; 3580 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2951 | &nbsp;&nbsp;&nbsp;&nbsp; 2874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 9/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6987 | &nbsp;&nbsp;&nbsp;&nbsp; 6846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29104 |
| **Building Products — 2.6%** | **Building Products — 2.6%** | **Building Products — 2.6%** |
| &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; 5.00%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2418 | &nbsp;&nbsp;&nbsp;&nbsp; 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9419 | &nbsp;&nbsp;&nbsp;&nbsp; 8546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6517 | &nbsp;&nbsp;&nbsp;&nbsp; 6578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/1/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 4185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3261 | &nbsp;&nbsp;&nbsp;&nbsp; 3280 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP  | &nbsp;&nbsp;&nbsp; EMRLD Borrower LP  | &nbsp;&nbsp;&nbsp; EMRLD Borrower LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20595 | &nbsp;&nbsp;&nbsp;&nbsp; 20803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3287 | &nbsp;&nbsp;&nbsp;&nbsp; 3364 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 15190 | &nbsp;&nbsp;&nbsp;&nbsp; 15098 |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.  | &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.  | &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16721 | &nbsp;&nbsp;&nbsp;&nbsp; 14599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 9/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4115 | &nbsp;&nbsp;&nbsp;&nbsp; 3039 |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc. 7.00%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7840 | &nbsp;&nbsp;&nbsp;&nbsp; 7796 |
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7543 | &nbsp;&nbsp;&nbsp;&nbsp; 7600 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4607 | &nbsp;&nbsp;&nbsp;&nbsp; 4247 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16751 | &nbsp;&nbsp;&nbsp;&nbsp; 17022 |
| &nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC 8.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8361 | &nbsp;&nbsp;&nbsp;&nbsp; 8586 |

---

------

**JPMorgan High Yield 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 Building Solutions, Inc. 6.50%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8208 | &nbsp;&nbsp;&nbsp;&nbsp; 8336 |
| &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; 5.00%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6020 | &nbsp;&nbsp;&nbsp;&nbsp; 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20815 | &nbsp;&nbsp;&nbsp;&nbsp; 20439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3188 | &nbsp;&nbsp;&nbsp;&nbsp; 2821 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 164659 |
| **Capital Markets — 0.0% ^** | **Capital Markets — 0.0% ^** | **Capital Markets — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. 3.38%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1567 | &nbsp;&nbsp;&nbsp;&nbsp; 1457 |
| **Chemicals — 2.8%** | **Chemicals — 2.8%** | **Chemicals — 2.8%** |
| &nbsp;&nbsp;&nbsp; Avient Corp. 7.13%, 8/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3409 | &nbsp;&nbsp;&nbsp;&nbsp; 3513 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Dutch Holding B BV 7.25%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3886 | &nbsp;&nbsp;&nbsp;&nbsp; 4065 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9007 | &nbsp;&nbsp;&nbsp;&nbsp; 8913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8402 | &nbsp;&nbsp;&nbsp;&nbsp; 7820 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22275 | &nbsp;&nbsp;&nbsp;&nbsp; 19945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 1/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp;&nbsp; 3191 |
| &nbsp;&nbsp;&nbsp; CVR Partners LP 6.13%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2169 | &nbsp;&nbsp;&nbsp;&nbsp; 2157 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7630 | &nbsp;&nbsp;&nbsp;&nbsp; 7326 |
| &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) | &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) | &nbsp;&nbsp;&nbsp; INEOS Finance plc (Luxembourg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1683 | &nbsp;&nbsp;&nbsp;&nbsp; 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14918 | &nbsp;&nbsp;&nbsp;&nbsp; 14656 |
| &nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 plc (United Kingdom) 9.63%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4702 | &nbsp;&nbsp;&nbsp;&nbsp; 4679 |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) | &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18174 | &nbsp;&nbsp;&nbsp;&nbsp; 18145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7247 | &nbsp;&nbsp;&nbsp;&nbsp; 7634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5827 | &nbsp;&nbsp;&nbsp;&nbsp; 5571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7127 | &nbsp;&nbsp;&nbsp;&nbsp; 7673 |
| &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; 9126 | &nbsp;&nbsp;&nbsp;&nbsp; 9092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 12307 | &nbsp;&nbsp;&nbsp;&nbsp; 11701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 11034 | &nbsp;&nbsp;&nbsp;&nbsp; 9906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7629 | &nbsp;&nbsp;&nbsp;&nbsp; 6866 |
| &nbsp;&nbsp;&nbsp; Trinseo Luxco Finance SPV Sarl 7.63% (Blend (Cash 5.13% + PIK 2.50%)), 5/3/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6153 | &nbsp;&nbsp;&nbsp;&nbsp; 3585 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  | &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9330 | &nbsp;&nbsp;&nbsp;&nbsp; 9199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13268 | &nbsp;&nbsp;&nbsp;&nbsp; 11691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 179504 |
| **Commercial Services & Supplies — 3.5%** | **Commercial Services & Supplies — 3.5%** | **Commercial Services & Supplies — 3.5%** |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. 4.25%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13540 | &nbsp;&nbsp;&nbsp;&nbsp; 11960 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7299 | &nbsp;&nbsp;&nbsp;&nbsp; 6961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10847 | &nbsp;&nbsp;&nbsp;&nbsp; 10296 |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC 4.63%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9660 | &nbsp;&nbsp;&nbsp;&nbsp; 9231 |

---

------

**JPMorgan High Yield 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; APi Group DE, Inc.  | &nbsp;&nbsp;&nbsp; APi Group DE, Inc.  | &nbsp;&nbsp;&nbsp; APi Group DE, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5124 | &nbsp;&nbsp;&nbsp;&nbsp; 4847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4918 | &nbsp;&nbsp;&nbsp;&nbsp; 4789 |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc. 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13271 | &nbsp;&nbsp;&nbsp;&nbsp; 13130 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The)  | &nbsp;&nbsp;&nbsp; Brink's Co. (The)  | &nbsp;&nbsp;&nbsp; Brink's Co. (The)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14553 | &nbsp;&nbsp;&nbsp;&nbsp; 14358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2569 | &nbsp;&nbsp;&nbsp;&nbsp; 2621 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5135 | &nbsp;&nbsp;&nbsp;&nbsp; 4890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5562 | &nbsp;&nbsp;&nbsp;&nbsp; 5144 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. 8.25%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 11987 | &nbsp;&nbsp;&nbsp;&nbsp; 12669 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9337 | &nbsp;&nbsp;&nbsp;&nbsp; 9217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8025 | &nbsp;&nbsp;&nbsp;&nbsp; 7632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6803 | &nbsp;&nbsp;&nbsp;&nbsp; 6774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3328 | &nbsp;&nbsp;&nbsp;&nbsp; 3339 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. (The) 8.63%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6121 | &nbsp;&nbsp;&nbsp;&nbsp; 6461 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8070 | &nbsp;&nbsp;&nbsp;&nbsp; 7758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12820 | &nbsp;&nbsp;&nbsp;&nbsp; 12508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5168 | &nbsp;&nbsp;&nbsp;&nbsp; 4963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9194 | &nbsp;&nbsp;&nbsp;&nbsp; 9537 |
| &nbsp;&nbsp;&nbsp; Interface, Inc. 5.50%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7100 | &nbsp;&nbsp;&nbsp;&nbsp; 7005 |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC 5.88%, 6/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13679 | &nbsp;&nbsp;&nbsp;&nbsp; 13232 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4365 | &nbsp;&nbsp;&nbsp;&nbsp; 4376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 8/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5674 | &nbsp;&nbsp;&nbsp;&nbsp; 5446 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC 6.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5475 | &nbsp;&nbsp;&nbsp;&nbsp; 5450 |
| &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  | &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  | &nbsp;&nbsp;&nbsp; Williams Scotsman, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3003 | &nbsp;&nbsp;&nbsp;&nbsp; 3062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1545 | &nbsp;&nbsp;&nbsp;&nbsp; 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6005 | &nbsp;&nbsp;&nbsp;&nbsp; 6248 |
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp. (Canada) 6.63%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7306 | &nbsp;&nbsp;&nbsp;&nbsp; 7535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 223023 |
| **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  | &nbsp;&nbsp;&nbsp; CommScope LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 3/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13845 | &nbsp;&nbsp;&nbsp;&nbsp; 13809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17223 | &nbsp;&nbsp;&nbsp;&nbsp; 16492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2110 |
| &nbsp;&nbsp;&nbsp; CommScope Technologies LLC 5.00%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10084 | &nbsp;&nbsp;&nbsp;&nbsp; 9745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42156 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9186 | &nbsp;&nbsp;&nbsp;&nbsp; 8838 |
| &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc.  | &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc.  | &nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6628 | &nbsp;&nbsp;&nbsp;&nbsp; 6469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5843 | &nbsp;&nbsp;&nbsp;&nbsp; 5830 |

---

------

**JPMorgan High Yield 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** |
| **Construction & Engineering — continued** | **Construction & Engineering — continued** | **Construction & Engineering — continued** |
| &nbsp;&nbsp;&nbsp; Pike Corp.  | &nbsp;&nbsp;&nbsp; Pike Corp.  | &nbsp;&nbsp;&nbsp; Pike Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8114 | &nbsp;&nbsp;&nbsp;&nbsp; 8047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 1/31/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3240 | &nbsp;&nbsp;&nbsp;&nbsp; 3490 |
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC 4.88%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 703 | &nbsp;&nbsp;&nbsp;&nbsp; 676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33350 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp; Knife River Corp. 7.75%, 5/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7395 | &nbsp;&nbsp;&nbsp;&nbsp; 7740 |
| **Consumer Finance — 2.5%** | **Consumer Finance — 2.5%** | **Consumer Finance — 2.5%** |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. 5.75%, 11/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5745 | &nbsp;&nbsp;&nbsp;&nbsp; 5755 |
| &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; 5.13%, 6/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25380 | &nbsp;&nbsp;&nbsp;&nbsp; 25379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8600 | &nbsp;&nbsp;&nbsp;&nbsp; 8532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14627 | &nbsp;&nbsp;&nbsp;&nbsp; 14510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 3/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3018 | &nbsp;&nbsp;&nbsp;&nbsp; 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.95%), 7.33%, 3/6/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 6/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4083 | &nbsp;&nbsp;&nbsp;&nbsp; 4129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 18205 | &nbsp;&nbsp;&nbsp;&nbsp; 17945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 1/9/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 14888 | &nbsp;&nbsp;&nbsp;&nbsp; 14565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 14575 | &nbsp;&nbsp;&nbsp;&nbsp; 14061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/2/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 10200 | &nbsp;&nbsp;&nbsp;&nbsp; 9737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 5/12/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2042 |
| &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; 2281 | &nbsp;&nbsp;&nbsp;&nbsp; 2367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8744 | &nbsp;&nbsp;&nbsp;&nbsp; 7787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.12%, 11/7/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2073 | &nbsp;&nbsp;&nbsp;&nbsp; 2106 |
| &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; 9802 | &nbsp;&nbsp;&nbsp;&nbsp; 9935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6059 | &nbsp;&nbsp;&nbsp;&nbsp; 5870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2905 | &nbsp;&nbsp;&nbsp;&nbsp; 2959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1038 | &nbsp;&nbsp;&nbsp;&nbsp; 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 837 | &nbsp;&nbsp;&nbsp;&nbsp; 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 159279 |
| **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
| &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; 3.25%, 3/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3781 | &nbsp;&nbsp;&nbsp;&nbsp; 3720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 1/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3967 | &nbsp;&nbsp;&nbsp;&nbsp; 3928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8005 | &nbsp;&nbsp;&nbsp;&nbsp; 7998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15058 | &nbsp;&nbsp;&nbsp;&nbsp; 14147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5170 | &nbsp;&nbsp;&nbsp;&nbsp; 5029 |
| &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; 7.75%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2278 | &nbsp;&nbsp;&nbsp;&nbsp; 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1704 | &nbsp;&nbsp;&nbsp;&nbsp; 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3130 | &nbsp;&nbsp;&nbsp;&nbsp; 3278 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16013 | &nbsp;&nbsp;&nbsp;&nbsp; 15947 |

---

------

**JPMorgan High Yield 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 Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11865 | &nbsp;&nbsp;&nbsp;&nbsp; 11309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2777 | &nbsp;&nbsp;&nbsp;&nbsp; 2799 |
| &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; 7210 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 7/1/2025 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 10299 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 15338 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 7.00%), 11.32%, 8/30/2031 ‡ (a) (e) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2679 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 15.00%, 8/30/2031 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 7758 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 15.00%, 8/30/2031 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3652 | &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3411 | &nbsp;&nbsp;&nbsp;&nbsp; 3507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp;&nbsp;&nbsp; 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4960 | &nbsp;&nbsp;&nbsp;&nbsp; 4771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 81773 |
| **Containers & Packaging — 1.5%** | **Containers & Packaging — 1.5%** | **Containers & Packaging — 1.5%** |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC 6.00%, 6/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  | &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  | &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 8/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10415 | &nbsp;&nbsp;&nbsp;&nbsp; 9468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31065 | &nbsp;&nbsp;&nbsp;&nbsp; 14134 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. 6.75%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13105 | &nbsp;&nbsp;&nbsp;&nbsp; 13244 |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4038 | &nbsp;&nbsp;&nbsp;&nbsp; 3964 |
| &nbsp;&nbsp;&nbsp; LABL, Inc. 8.63%, 10/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 34108 | &nbsp;&nbsp;&nbsp;&nbsp; 34431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11764 | &nbsp;&nbsp;&nbsp;&nbsp; 11589 |
| &nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3880 | &nbsp;&nbsp;&nbsp;&nbsp; 3882 |
| &nbsp;&nbsp;&nbsp; TriMas Corp. 4.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6045 | &nbsp;&nbsp;&nbsp;&nbsp; 5690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 97035 |
| **Distributors — 0.6%** | **Distributors — 0.6%** | **Distributors — 0.6%** |
| &nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp; 1183 |
| &nbsp;&nbsp;&nbsp; Gates Corp. 6.88%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2076 |
| &nbsp;&nbsp;&nbsp; Incora Intermediate LLC (SOFR + 8.00%), 0.00%, 1/31/2030 ‡ (a) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 23744 | &nbsp;&nbsp;&nbsp;&nbsp; 23744 |
| &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada) | &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada) | &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4301 | &nbsp;&nbsp;&nbsp;&nbsp; 4392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 3/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1729 | &nbsp;&nbsp;&nbsp;&nbsp; 1810 |
| &nbsp;&nbsp;&nbsp; Resideo Funding, Inc. 6.50%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6787 | &nbsp;&nbsp;&nbsp;&nbsp; 6843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40048 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Service Corp. International 7.50%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3726 | &nbsp;&nbsp;&nbsp;&nbsp; 3847 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5214 | &nbsp;&nbsp;&nbsp;&nbsp; 5424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9271 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp; VICI Properties LP  | &nbsp;&nbsp;&nbsp; VICI Properties LP  | &nbsp;&nbsp;&nbsp; VICI Properties LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16880 | &nbsp;&nbsp;&nbsp;&nbsp; 16693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18662 |
| **Diversified Telecommunication Services — 7.3%** | **Diversified Telecommunication Services — 7.3%** | **Diversified Telecommunication Services — 7.3%** |
| &nbsp;&nbsp;&nbsp; Altice Financing SA (Luxembourg) 5.75%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7883 | &nbsp;&nbsp;&nbsp;&nbsp; 6025 |
| &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; 5.50%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12267 | &nbsp;&nbsp;&nbsp;&nbsp; 10351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5724 | &nbsp;&nbsp;&nbsp;&nbsp; 4863 |
| &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; 5.50%, 5/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11140 | &nbsp;&nbsp;&nbsp;&nbsp; 11112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 5/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14577 | &nbsp;&nbsp;&nbsp;&nbsp; 14427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 69144 | &nbsp;&nbsp;&nbsp;&nbsp; 67818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9238 | &nbsp;&nbsp;&nbsp;&nbsp; 9110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 61540 | &nbsp;&nbsp;&nbsp;&nbsp; 58746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 41934 | &nbsp;&nbsp;&nbsp;&nbsp; 39320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 37173 | &nbsp;&nbsp;&nbsp;&nbsp; 34047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 8108 | &nbsp;&nbsp;&nbsp;&nbsp; 7380 |
| &nbsp;&nbsp;&nbsp; Embarq LLC 8.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 11178 | &nbsp;&nbsp;&nbsp;&nbsp; 5254 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/30/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1484 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9321 | &nbsp;&nbsp;&nbsp;&nbsp; 9345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20038 | &nbsp;&nbsp;&nbsp;&nbsp; 19997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2191 | &nbsp;&nbsp;&nbsp;&nbsp; 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1741 | &nbsp;&nbsp;&nbsp;&nbsp; 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6506 | &nbsp;&nbsp;&nbsp;&nbsp; 6836 |
| &nbsp;&nbsp;&nbsp; GCI LLC 4.75%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19110 | &nbsp;&nbsp;&nbsp;&nbsp; 17973 |
| &nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 50374 | &nbsp;&nbsp;&nbsp;&nbsp; 49537 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6884 | &nbsp;&nbsp;&nbsp;&nbsp; 6252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5083 | &nbsp;&nbsp;&nbsp;&nbsp; 5767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9570 | &nbsp;&nbsp;&nbsp;&nbsp; 8417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4861 | &nbsp;&nbsp;&nbsp;&nbsp; 4095 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  | &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5488 | &nbsp;&nbsp;&nbsp;&nbsp; 5330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6750 | &nbsp;&nbsp;&nbsp;&nbsp; 5974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 28048 | &nbsp;&nbsp;&nbsp;&nbsp; 27242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4809 | &nbsp;&nbsp;&nbsp;&nbsp; 4932 |
| &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; 345 | &nbsp;&nbsp;&nbsp;&nbsp; 348 |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/30/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance plc (United Kingdom) 4.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11062 | &nbsp;&nbsp;&nbsp;&nbsp; 10214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 466131 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| &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; 7198 | &nbsp;&nbsp;&nbsp;&nbsp; 7224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5684 | &nbsp;&nbsp;&nbsp;&nbsp; 5310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6160 | &nbsp;&nbsp;&nbsp;&nbsp; 6087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 811 | &nbsp;&nbsp;&nbsp;&nbsp; 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1364 | &nbsp;&nbsp;&nbsp;&nbsp; 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5418 | &nbsp;&nbsp;&nbsp;&nbsp; 5369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2783 | &nbsp;&nbsp;&nbsp;&nbsp; 3002 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5972 | &nbsp;&nbsp;&nbsp;&nbsp; 5827 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 881 | &nbsp;&nbsp;&nbsp;&nbsp; 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 2/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1858 | &nbsp;&nbsp;&nbsp;&nbsp; 1857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3765 | &nbsp;&nbsp;&nbsp;&nbsp; 3639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17649 | &nbsp;&nbsp;&nbsp;&nbsp; 18714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4681 | &nbsp;&nbsp;&nbsp;&nbsp; 4870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 64749 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. 6.05%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp;&nbsp; 3719 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies BV  | &nbsp;&nbsp;&nbsp; Sensata Technologies BV  | &nbsp;&nbsp;&nbsp; Sensata Technologies BV  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17934 | &nbsp;&nbsp;&nbsp;&nbsp; 16835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 9/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 4154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24708 |
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| &nbsp;&nbsp;&nbsp; Coherent Corp. 5.00%, 12/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25399 | &nbsp;&nbsp;&nbsp;&nbsp; 24611 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc. 6.63%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2082 | &nbsp;&nbsp;&nbsp;&nbsp; 2121 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc. 3.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp; Xerox Issuer Corp. 13.50%, 4/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3310 | &nbsp;&nbsp;&nbsp;&nbsp; 3306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30286 |
| **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp;&nbsp; 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3150 | &nbsp;&nbsp;&nbsp;&nbsp; 3145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4277 | &nbsp;&nbsp;&nbsp;&nbsp; 4300 |
| &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co. 8.50%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9332 | &nbsp;&nbsp;&nbsp;&nbsp; 9348 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC 7.25%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6071 | &nbsp;&nbsp;&nbsp;&nbsp; 6222 |
| &nbsp;&nbsp;&nbsp; Noble Finance II LLC 8.00%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4210 | &nbsp;&nbsp;&nbsp;&nbsp; 4195 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3326 | &nbsp;&nbsp;&nbsp;&nbsp; 3322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp; Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7186 | &nbsp;&nbsp;&nbsp;&nbsp; 7195 |
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp;&nbsp; 1511 |

---

------

**JPMorgan High Yield 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; Transocean, Inc.  | &nbsp;&nbsp;&nbsp; Transocean, Inc.  | &nbsp;&nbsp;&nbsp; Transocean, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7050 | &nbsp;&nbsp;&nbsp;&nbsp; 6358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2801 | &nbsp;&nbsp;&nbsp;&nbsp; 2839 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd. 8.38%, 4/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3424 | &nbsp;&nbsp;&nbsp;&nbsp; 3437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54179 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  | &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  | &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3985 | &nbsp;&nbsp;&nbsp;&nbsp; 3931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2638 | &nbsp;&nbsp;&nbsp;&nbsp; 2714 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12321 | &nbsp;&nbsp;&nbsp;&nbsp; 12337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 26817 | &nbsp;&nbsp;&nbsp;&nbsp; 27135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25861 | &nbsp;&nbsp;&nbsp;&nbsp; 25458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1161 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. 4.28%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 4050 | &nbsp;&nbsp;&nbsp;&nbsp; 3437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 76127 |
| **Financial Services — 1.1%** | **Financial Services — 1.1%** | **Financial Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  | &nbsp;&nbsp;&nbsp; Block, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3330 | &nbsp;&nbsp;&nbsp;&nbsp; 3247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3597 | &nbsp;&nbsp;&nbsp;&nbsp; 3250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 12097 | &nbsp;&nbsp;&nbsp;&nbsp; 12363 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3448 | &nbsp;&nbsp;&nbsp;&nbsp; 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 947 | &nbsp;&nbsp;&nbsp;&nbsp; 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7206 | &nbsp;&nbsp;&nbsp;&nbsp; 7175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7740 | &nbsp;&nbsp;&nbsp;&nbsp; 7752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4235 | &nbsp;&nbsp;&nbsp;&nbsp; 4410 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp. 9.50%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10795 | &nbsp;&nbsp;&nbsp;&nbsp; 11792 |
| &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  | &nbsp;&nbsp;&nbsp; Rocket Mortgage LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5350 | &nbsp;&nbsp;&nbsp;&nbsp; 5181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6544 | &nbsp;&nbsp;&nbsp;&nbsp; 6105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1739 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC 6.75%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6228 | &nbsp;&nbsp;&nbsp;&nbsp; 6354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 73537 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 1/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9540 | &nbsp;&nbsp;&nbsp;&nbsp; 8997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 1/31/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15347 | &nbsp;&nbsp;&nbsp;&nbsp; 15156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8528 | &nbsp;&nbsp;&nbsp;&nbsp; 8071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5793 | &nbsp;&nbsp;&nbsp;&nbsp; 5890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38183 |

---

------

**JPMorgan High Yield 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** |
| **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |
| &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; 5.75%, 5/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3013 | &nbsp;&nbsp;&nbsp;&nbsp; 2949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3829 | &nbsp;&nbsp;&nbsp;&nbsp; 3867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3992 | &nbsp;&nbsp;&nbsp;&nbsp; 4032 |
| &nbsp;&nbsp;&nbsp; Superior Plus LP (Canada) 4.50%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4512 | &nbsp;&nbsp;&nbsp;&nbsp; 4289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15137 |
| **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** | **Ground Transportation — 2.0%** |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7562 | &nbsp;&nbsp;&nbsp;&nbsp; 7463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7650 | &nbsp;&nbsp;&nbsp;&nbsp; 7327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11760 | &nbsp;&nbsp;&nbsp;&nbsp; 11089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11161 | &nbsp;&nbsp;&nbsp;&nbsp; 11352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 843 | &nbsp;&nbsp;&nbsp;&nbsp; 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6184 | &nbsp;&nbsp;&nbsp;&nbsp; 6231 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13502 | &nbsp;&nbsp;&nbsp;&nbsp; 14017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4127 | &nbsp;&nbsp;&nbsp;&nbsp; 4328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3298 | &nbsp;&nbsp;&nbsp;&nbsp; 3388 |
| &nbsp;&nbsp;&nbsp; Herc Holdings Escrow, Inc. 7.00%, 6/15/2030 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 4005 | &nbsp;&nbsp;&nbsp;&nbsp; 4126 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12934 | &nbsp;&nbsp;&nbsp;&nbsp; 11422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11303 | &nbsp;&nbsp;&nbsp;&nbsp; 11509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17573 | &nbsp;&nbsp;&nbsp;&nbsp; 11947 |
| &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; 5.50%, 10/15/2024 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 6563 | &nbsp;&nbsp;&nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 8/1/2026 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 22954 | &nbsp;&nbsp;&nbsp;&nbsp; 4706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2028 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 20858 | &nbsp;&nbsp;&nbsp;&nbsp; 4276 |
| &nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2416 | &nbsp;&nbsp;&nbsp;&nbsp; 2276 |
| &nbsp;&nbsp;&nbsp; XPO, Inc.  | &nbsp;&nbsp;&nbsp; XPO, Inc.  | &nbsp;&nbsp;&nbsp; XPO, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5232 | &nbsp;&nbsp;&nbsp;&nbsp; 5284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3663 | &nbsp;&nbsp;&nbsp;&nbsp; 3802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 125823 |
| **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
| &nbsp;&nbsp;&nbsp; Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14816 | &nbsp;&nbsp;&nbsp;&nbsp; 14440 |
| &nbsp;&nbsp;&nbsp; Bausch + Lomb Corp. 8.38%, 10/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2820 | &nbsp;&nbsp;&nbsp;&nbsp; 2916 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc.  | &nbsp;&nbsp;&nbsp; Hologic, Inc.  | &nbsp;&nbsp;&nbsp; Hologic, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp; 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5217 | &nbsp;&nbsp;&nbsp;&nbsp; 4984 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  | &nbsp;&nbsp;&nbsp; Medline Borrower LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16710 | &nbsp;&nbsp;&nbsp;&nbsp; 15749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9413 | &nbsp;&nbsp;&nbsp;&nbsp; 9578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14751 | &nbsp;&nbsp;&nbsp;&nbsp; 14416 |
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC 7.38%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5299 | &nbsp;&nbsp;&nbsp;&nbsp; 5504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 68051 |
| **Health Care Providers & Services — 4.0%** | **Health Care Providers & Services — 4.0%** | **Health Care Providers & Services — 4.0%** |
| &nbsp;&nbsp;&nbsp; 180 Medical, Inc. (United Kingdom) 3.88%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1918 | &nbsp;&nbsp;&nbsp;&nbsp; 1822 |

---

------

**JPMorgan High Yield 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; Acadia Healthcare Co., Inc.  | &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  | &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11535 | &nbsp;&nbsp;&nbsp;&nbsp; 11366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1657 | &nbsp;&nbsp;&nbsp;&nbsp; 1688 |
| &nbsp;&nbsp;&nbsp; AHP Health Partners, Inc. 5.75%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6904 | &nbsp;&nbsp;&nbsp;&nbsp; 6614 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  | &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 3/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2555 | &nbsp;&nbsp;&nbsp;&nbsp; 2517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6471 | &nbsp;&nbsp;&nbsp;&nbsp; 6217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3972 | &nbsp;&nbsp;&nbsp;&nbsp; 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16075 | &nbsp;&nbsp;&nbsp;&nbsp; 14476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9398 | &nbsp;&nbsp;&nbsp;&nbsp; 8044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11350 | &nbsp;&nbsp;&nbsp;&nbsp; 12098 |
| &nbsp;&nbsp;&nbsp; Concentra Health Services, Inc. 6.88%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2566 | &nbsp;&nbsp;&nbsp;&nbsp; 2640 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11340 | &nbsp;&nbsp;&nbsp;&nbsp; 10597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19091 | &nbsp;&nbsp;&nbsp;&nbsp; 16909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 9/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4210 | &nbsp;&nbsp;&nbsp;&nbsp; 4277 |
| &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; 4.50%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 19829 | &nbsp;&nbsp;&nbsp;&nbsp; 19531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1317 | &nbsp;&nbsp;&nbsp;&nbsp; 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3872 | &nbsp;&nbsp;&nbsp;&nbsp; 3692 |
| &nbsp;&nbsp;&nbsp; Global Medical Response, Inc. 9.50% (Blend (Cash 8.75% + PIK 0.75%)), 10/31/2028 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 14519 | &nbsp;&nbsp;&nbsp;&nbsp; 14509 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9484 | &nbsp;&nbsp;&nbsp;&nbsp; 7752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 4/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4598 | &nbsp;&nbsp;&nbsp;&nbsp; 3894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5985 | &nbsp;&nbsp;&nbsp;&nbsp; 6251 |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc.  | &nbsp;&nbsp;&nbsp; Radiology Partners, Inc.  | &nbsp;&nbsp;&nbsp; Radiology Partners, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.78% (Blend (Cash 4.28% + PIK 3.50%)), 1/31/2029 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6084 | &nbsp;&nbsp;&nbsp;&nbsp; 6015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.78% (PIK), 2/15/2030 (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7199 | &nbsp;&nbsp;&nbsp;&nbsp; 6716 |
| &nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc. 7.25%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8241 | &nbsp;&nbsp;&nbsp;&nbsp; 8225 |
| &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; 8603 | &nbsp;&nbsp;&nbsp;&nbsp; 8609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 32551 | &nbsp;&nbsp;&nbsp;&nbsp; 32349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2073 | &nbsp;&nbsp;&nbsp;&nbsp; 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11753 | &nbsp;&nbsp;&nbsp;&nbsp; 11868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 19863 | &nbsp;&nbsp;&nbsp;&nbsp; 20460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 255479 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP 8.50%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3926 | &nbsp;&nbsp;&nbsp;&nbsp; 4024 |
| **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19379 | &nbsp;&nbsp;&nbsp;&nbsp; 19316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9965 | &nbsp;&nbsp;&nbsp;&nbsp; 9901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29217 |
| **Hotel & Resort REITs — 0.8%** | **Hotel & Resort REITs — 0.8%** | **Hotel & Resort REITs — 0.8%** |
| &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; 19185 | &nbsp;&nbsp;&nbsp;&nbsp; 18958 |

---

------

**JPMorgan High Yield 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** |
| **Hotel & Resort REITs — continued** | **Hotel & Resort REITs — continued** | **Hotel & Resort REITs — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2309 | &nbsp;&nbsp;&nbsp;&nbsp; 2381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17904 | &nbsp;&nbsp;&nbsp;&nbsp; 17285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11781 | &nbsp;&nbsp;&nbsp;&nbsp; 11943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/15/2033 (a) (g) | &nbsp;&nbsp;&nbsp;&nbsp; 2140 | &nbsp;&nbsp;&nbsp;&nbsp; 2176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 52743 |
| **Hotels, Restaurants & Leisure — 4.4%** | **Hotels, Restaurants & Leisure — 4.4%** | **Hotels, Restaurants & Leisure — 4.4%** |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp;&nbsp; 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp;&nbsp; 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10076 | &nbsp;&nbsp;&nbsp;&nbsp; 9267 |
| &nbsp;&nbsp;&nbsp; Acushnet Co. 7.38%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2978 | &nbsp;&nbsp;&nbsp;&nbsp; 3086 |
| &nbsp;&nbsp;&nbsp; Boyne USA, Inc. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11372 | &nbsp;&nbsp;&nbsp;&nbsp; 10928 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4943 | &nbsp;&nbsp;&nbsp;&nbsp; 4950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5386 | &nbsp;&nbsp;&nbsp;&nbsp; 5030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5720 | &nbsp;&nbsp;&nbsp;&nbsp; 5869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10691 | &nbsp;&nbsp;&nbsp;&nbsp; 10777 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17923 | &nbsp;&nbsp;&nbsp;&nbsp; 17968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3645 | &nbsp;&nbsp;&nbsp;&nbsp; 3522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8361 | &nbsp;&nbsp;&nbsp;&nbsp; 8383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3196 | &nbsp;&nbsp;&nbsp;&nbsp; 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 2/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17396 | &nbsp;&nbsp;&nbsp;&nbsp; 17439 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2112 | &nbsp;&nbsp;&nbsp;&nbsp; 2114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2722 | &nbsp;&nbsp;&nbsp;&nbsp; 2749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1512 | &nbsp;&nbsp;&nbsp;&nbsp; 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5695 | &nbsp;&nbsp;&nbsp;&nbsp; 5582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6609 | &nbsp;&nbsp;&nbsp;&nbsp; 6711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8764 | &nbsp;&nbsp;&nbsp;&nbsp; 8823 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5087 | &nbsp;&nbsp;&nbsp;&nbsp; 5071 |
| &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4566 | &nbsp;&nbsp;&nbsp;&nbsp; 4287 |
| &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; 15175 | &nbsp;&nbsp;&nbsp;&nbsp; 15111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6520 | &nbsp;&nbsp;&nbsp;&nbsp; 6533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6163 | &nbsp;&nbsp;&nbsp;&nbsp; 6192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 7863 | &nbsp;&nbsp;&nbsp;&nbsp; 7848 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 9/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5711 | &nbsp;&nbsp;&nbsp;&nbsp; 5645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14347 | &nbsp;&nbsp;&nbsp;&nbsp; 14541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9003 | &nbsp;&nbsp;&nbsp;&nbsp; 9035 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 662 | &nbsp;&nbsp;&nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2675 | &nbsp;&nbsp;&nbsp;&nbsp; 2674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6267 | &nbsp;&nbsp;&nbsp;&nbsp; 6084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 5/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6205 | &nbsp;&nbsp;&nbsp;&nbsp; 6340 |

---

------

**JPMorgan High Yield 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;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12946 | &nbsp;&nbsp;&nbsp;&nbsp; 13199 |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC 4.50%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20698 | &nbsp;&nbsp;&nbsp;&nbsp; 20074 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. 6.50%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5181 | &nbsp;&nbsp;&nbsp;&nbsp; 5307 |
| &nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC 5.25%, 5/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp; 657 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14648 | &nbsp;&nbsp;&nbsp;&nbsp; 14284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2806 | &nbsp;&nbsp;&nbsp;&nbsp; 2943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4590 | &nbsp;&nbsp;&nbsp;&nbsp; 4540 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. 4.63%, 1/31/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2229 | &nbsp;&nbsp;&nbsp;&nbsp; 2114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 283419 |
| **Household Durables — 0.8%** | **Household Durables — 0.8%** | **Household Durables — 0.8%** |
| &nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8169 | &nbsp;&nbsp;&nbsp;&nbsp; 6780 |
| &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 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1881 | &nbsp;&nbsp;&nbsp;&nbsp; 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6396 | &nbsp;&nbsp;&nbsp;&nbsp; 6409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5297 | &nbsp;&nbsp;&nbsp;&nbsp; 5480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1706 | &nbsp;&nbsp;&nbsp;&nbsp; 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5724 | &nbsp;&nbsp;&nbsp;&nbsp; 5378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp;&nbsp; 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.87%, 4/1/2036 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2837 | &nbsp;&nbsp;&nbsp;&nbsp; 2607 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc.  | &nbsp;&nbsp;&nbsp; Somnigroup International, Inc.  | &nbsp;&nbsp;&nbsp; Somnigroup International, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14792 | &nbsp;&nbsp;&nbsp;&nbsp; 13932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8215 | &nbsp;&nbsp;&nbsp;&nbsp; 7311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53005 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| &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; 3062 | &nbsp;&nbsp;&nbsp;&nbsp; 3061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 14929 | &nbsp;&nbsp;&nbsp;&nbsp; 13806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1046 | &nbsp;&nbsp;&nbsp;&nbsp; 954 |
| &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; 6.50%, 12/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3440 | &nbsp;&nbsp;&nbsp;&nbsp; 3462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 6/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18011 | &nbsp;&nbsp;&nbsp;&nbsp; 17367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 3/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14791 | &nbsp;&nbsp;&nbsp;&nbsp; 13894 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands, Inc. 3.88%, 3/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp;&nbsp; 533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 53077 |
| **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.  | &nbsp;&nbsp;&nbsp; Calpine Corp.  | &nbsp;&nbsp;&nbsp; Calpine Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2564 | &nbsp;&nbsp;&nbsp;&nbsp; 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp; 853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3352 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Snap, Inc. 6.88%, 3/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3504 | &nbsp;&nbsp;&nbsp;&nbsp; 3549 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15185 | &nbsp;&nbsp;&nbsp;&nbsp; 14964 |

---

------

**JPMorgan High Yield 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** |
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc.  | &nbsp;&nbsp;&nbsp; Arches Buyer, Inc.  | &nbsp;&nbsp;&nbsp; Arches Buyer, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5478 | &nbsp;&nbsp;&nbsp;&nbsp; 5160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1914 | &nbsp;&nbsp;&nbsp;&nbsp; 1749 |
| &nbsp;&nbsp;&nbsp; Conduent Business Services LLC 6.00%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9530 | &nbsp;&nbsp;&nbsp;&nbsp; 8760 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc. 9.25%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8149 | &nbsp;&nbsp;&nbsp;&nbsp; 8140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38773 |
| **Leisure Products — 0.2%** | **Leisure Products — 0.2%** | **Leisure Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Amer Sports Co. (Finland) 6.75%, 2/16/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9371 | &nbsp;&nbsp;&nbsp;&nbsp; 9676 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| &nbsp;&nbsp;&nbsp; ATS Corp. (Canada) 4.13%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3399 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.  | &nbsp;&nbsp;&nbsp; Chart Industries, Inc.  | &nbsp;&nbsp;&nbsp; Chart Industries, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 1/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12043 | &nbsp;&nbsp;&nbsp;&nbsp; 12570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 1/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1085 | &nbsp;&nbsp;&nbsp;&nbsp; 1156 |
| &nbsp;&nbsp;&nbsp; Enpro, Inc. 6.13%, 6/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3223 | &nbsp;&nbsp;&nbsp;&nbsp; 3247 |
| &nbsp;&nbsp;&nbsp; Esab Corp. 6.25%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5354 | &nbsp;&nbsp;&nbsp;&nbsp; 5444 |
| &nbsp;&nbsp;&nbsp; Hillenbrand, Inc.  | &nbsp;&nbsp;&nbsp; Hillenbrand, Inc.  | &nbsp;&nbsp;&nbsp; Hillenbrand, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/2026 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 1318 | &nbsp;&nbsp;&nbsp;&nbsp; 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2010 | &nbsp;&nbsp;&nbsp;&nbsp; 2017 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12488 | &nbsp;&nbsp;&nbsp;&nbsp; 12034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7165 | &nbsp;&nbsp;&nbsp;&nbsp; 7046 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5560 | &nbsp;&nbsp;&nbsp;&nbsp; 5778 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. 4.50%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6142 | &nbsp;&nbsp;&nbsp;&nbsp; 5242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 59040 |
| **Media — 8.1%** | **Media — 8.1%** | **Media — 8.1%** |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23699 | &nbsp;&nbsp;&nbsp;&nbsp; 23183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 4/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10819 | &nbsp;&nbsp;&nbsp;&nbsp; 9886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 9/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9785 | &nbsp;&nbsp;&nbsp;&nbsp; 10248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 16853 | &nbsp;&nbsp;&nbsp;&nbsp; 14899 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9093 | &nbsp;&nbsp;&nbsp;&nbsp; 8293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 5/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3256 | &nbsp;&nbsp;&nbsp;&nbsp; 3222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25584 | &nbsp;&nbsp;&nbsp;&nbsp; 20412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20873 | &nbsp;&nbsp;&nbsp;&nbsp; 10536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2430 | &nbsp;&nbsp;&nbsp;&nbsp; 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 5747 |
| &nbsp;&nbsp;&nbsp; Directv Financing LLC 5.88%, 8/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9202 | &nbsp;&nbsp;&nbsp;&nbsp; 9058 |
| &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; 26748 | &nbsp;&nbsp;&nbsp;&nbsp; 22997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 37296 | &nbsp;&nbsp;&nbsp;&nbsp; 34427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2455 | &nbsp;&nbsp;&nbsp;&nbsp; 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6717 | &nbsp;&nbsp;&nbsp;&nbsp; 5684 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp. 11.75%, 11/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 31863 | &nbsp;&nbsp;&nbsp;&nbsp; 32873 |

---

------

**JPMorgan High Yield 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; 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; 4185 | &nbsp;&nbsp;&nbsp;&nbsp; 4206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% (PIK), 11/30/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15800 | &nbsp;&nbsp;&nbsp;&nbsp; 13582 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14223 | &nbsp;&nbsp;&nbsp;&nbsp; 14125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18594 | &nbsp;&nbsp;&nbsp;&nbsp; 19775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9728 | &nbsp;&nbsp;&nbsp;&nbsp; 7041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7252 | &nbsp;&nbsp;&nbsp;&nbsp; 5178 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  | &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25117 | &nbsp;&nbsp;&nbsp;&nbsp; 20784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 5/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25836 | &nbsp;&nbsp;&nbsp;&nbsp; 12636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9243 | &nbsp;&nbsp;&nbsp;&nbsp; 7118 |
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5950 | &nbsp;&nbsp;&nbsp;&nbsp; 5877 |
| &nbsp;&nbsp;&nbsp; Midcontinent Communications 8.00%, 8/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5990 | &nbsp;&nbsp;&nbsp;&nbsp; 6195 |
| &nbsp;&nbsp;&nbsp; News Corp.  | &nbsp;&nbsp;&nbsp; News Corp.  | &nbsp;&nbsp;&nbsp; News Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3028 | &nbsp;&nbsp;&nbsp;&nbsp; 2872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2350 | &nbsp;&nbsp;&nbsp;&nbsp; 2260 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 24992 | &nbsp;&nbsp;&nbsp;&nbsp; 24892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19908 | &nbsp;&nbsp;&nbsp;&nbsp; 19153 |
| &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; 4.25%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2170 | &nbsp;&nbsp;&nbsp;&nbsp; 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp;&nbsp; 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7604 | &nbsp;&nbsp;&nbsp;&nbsp; 8030 |
| &nbsp;&nbsp;&nbsp; Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7756 | &nbsp;&nbsp;&nbsp;&nbsp; 6576 |
| &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. 8.13%, 2/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10424 | &nbsp;&nbsp;&nbsp;&nbsp; 10430 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13895 | &nbsp;&nbsp;&nbsp;&nbsp; 13751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 35321 | &nbsp;&nbsp;&nbsp;&nbsp; 33517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 26510 | &nbsp;&nbsp;&nbsp;&nbsp; 26076 |
| &nbsp;&nbsp;&nbsp; Stagwell Global LLC 5.63%, 8/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10668 | &nbsp;&nbsp;&nbsp;&nbsp; 10031 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc.  | &nbsp;&nbsp;&nbsp; TEGNA, Inc.  | &nbsp;&nbsp;&nbsp; TEGNA, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3188 | &nbsp;&nbsp;&nbsp;&nbsp; 3037 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11496 | &nbsp;&nbsp;&nbsp;&nbsp; 11503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 6/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8641 | &nbsp;&nbsp;&nbsp;&nbsp; 8078 |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp;&nbsp; 274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 516002 |
| **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** |
| &nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV 7.13%, 3/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4576 | &nbsp;&nbsp;&nbsp;&nbsp; 4751 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4536 | &nbsp;&nbsp;&nbsp;&nbsp; 4543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 9/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3281 | &nbsp;&nbsp;&nbsp;&nbsp; 3245 |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC 6.63%, 1/31/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10979 | &nbsp;&nbsp;&nbsp;&nbsp; 11060 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp.  | &nbsp;&nbsp;&nbsp; Carpenter Technology Corp.  | &nbsp;&nbsp;&nbsp; Carpenter Technology Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6671 | &nbsp;&nbsp;&nbsp;&nbsp; 6698 |

---

------

**JPMorgan High Yield 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; 7.63%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1568 | &nbsp;&nbsp;&nbsp;&nbsp; 1617 |
| &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; 4.63%, 3/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7815 | &nbsp;&nbsp;&nbsp;&nbsp; 6985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6487 | &nbsp;&nbsp;&nbsp;&nbsp; 6031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5494 | &nbsp;&nbsp;&nbsp;&nbsp; 4932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 9/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4190 | &nbsp;&nbsp;&nbsp;&nbsp; 3768 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5187 | &nbsp;&nbsp;&nbsp;&nbsp; 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1522 | &nbsp;&nbsp;&nbsp;&nbsp; 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 8/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1794 | &nbsp;&nbsp;&nbsp;&nbsp; 1595 |
| &nbsp;&nbsp;&nbsp; United States Steel Corp. 6.88%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp;&nbsp; 453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 62178 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. 7.25%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2396 | &nbsp;&nbsp;&nbsp;&nbsp; 2491 |
| **Oil, Gas & Consumable Fuels — 8.9%** | **Oil, Gas & Consumable Fuels — 8.9%** | **Oil, Gas & Consumable Fuels — 8.9%** |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP 7.50%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4598 | &nbsp;&nbsp;&nbsp;&nbsp; 4712 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11036 | &nbsp;&nbsp;&nbsp;&nbsp; 11026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12543 | &nbsp;&nbsp;&nbsp;&nbsp; 12495 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.  | &nbsp;&nbsp;&nbsp; Antero Resources Corp.  | &nbsp;&nbsp;&nbsp; Antero Resources Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5531 | &nbsp;&nbsp;&nbsp;&nbsp; 5661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2005 |
| &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; 5.88%, 6/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp; 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5460 | &nbsp;&nbsp;&nbsp;&nbsp; 5491 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14200 | &nbsp;&nbsp;&nbsp;&nbsp; 13759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5573 | &nbsp;&nbsp;&nbsp;&nbsp; 5059 |
| &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; 6.63%, 7/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3776 | &nbsp;&nbsp;&nbsp;&nbsp; 3785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3443 | &nbsp;&nbsp;&nbsp;&nbsp; 3557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2394 | &nbsp;&nbsp;&nbsp;&nbsp; 2482 |
| &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; 4.13%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3138 | &nbsp;&nbsp;&nbsp;&nbsp; 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 3/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8136 | &nbsp;&nbsp;&nbsp;&nbsp; 7948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 2/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8082 | &nbsp;&nbsp;&nbsp;&nbsp; 8342 |
| &nbsp;&nbsp;&nbsp; California Resources Corp. 7.13%, 2/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1634 | &nbsp;&nbsp;&nbsp;&nbsp; 1633 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. 6.75%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4755 | &nbsp;&nbsp;&nbsp;&nbsp; 4722 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | &nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 7/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13272 | &nbsp;&nbsp;&nbsp;&nbsp; 13372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6095 | &nbsp;&nbsp;&nbsp;&nbsp; 6011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 7/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9806 | &nbsp;&nbsp;&nbsp;&nbsp; 9587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 6/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3070 | &nbsp;&nbsp;&nbsp;&nbsp; 3075 |
| &nbsp;&nbsp;&nbsp; CNX Midstream Partners LP 4.75%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1780 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp.  | &nbsp;&nbsp;&nbsp; CNX Resources Corp.  | &nbsp;&nbsp;&nbsp; CNX Resources Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4113 | &nbsp;&nbsp;&nbsp;&nbsp; 4083 |

---

------

**JPMorgan High Yield 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; 7.38%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp;&nbsp; 3379 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18273 | &nbsp;&nbsp;&nbsp;&nbsp; 18010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4767 | &nbsp;&nbsp;&nbsp;&nbsp; 4508 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 17340 | &nbsp;&nbsp;&nbsp;&nbsp; 17904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 4/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9793 | &nbsp;&nbsp;&nbsp;&nbsp; 9233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 1/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5505 | &nbsp;&nbsp;&nbsp;&nbsp; 5108 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7517 | &nbsp;&nbsp;&nbsp;&nbsp; 7160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 6/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3221 | &nbsp;&nbsp;&nbsp;&nbsp; 3008 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 21775 | &nbsp;&nbsp;&nbsp;&nbsp; 22335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 5/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6064 | &nbsp;&nbsp;&nbsp;&nbsp; 6623 |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP 7.38%, 2/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2720 | &nbsp;&nbsp;&nbsp;&nbsp; 2849 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4440 | &nbsp;&nbsp;&nbsp;&nbsp; 4523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6959 | &nbsp;&nbsp;&nbsp;&nbsp; 6800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 6/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2878 | &nbsp;&nbsp;&nbsp;&nbsp; 3124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 1/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7863 | &nbsp;&nbsp;&nbsp;&nbsp; 7607 |
| &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; 5.38%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2594 | &nbsp;&nbsp;&nbsp;&nbsp; 2586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25324 | &nbsp;&nbsp;&nbsp;&nbsp; 25621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6866 | &nbsp;&nbsp;&nbsp;&nbsp; 6829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 6998 | &nbsp;&nbsp;&nbsp;&nbsp; 6597 |
| &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; 4106 | &nbsp;&nbsp;&nbsp;&nbsp; 4142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1686 | &nbsp;&nbsp;&nbsp;&nbsp; 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4082 | &nbsp;&nbsp;&nbsp;&nbsp; 4286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3026 | &nbsp;&nbsp;&nbsp;&nbsp; 3064 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp. 6.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7496 | &nbsp;&nbsp;&nbsp;&nbsp; 7604 |
| &nbsp;&nbsp;&nbsp; Harvest Midstream I LP 7.50%, 5/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3860 | &nbsp;&nbsp;&nbsp;&nbsp; 3966 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp;&nbsp;&nbsp; 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4561 | &nbsp;&nbsp;&nbsp;&nbsp; 4656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5477 | &nbsp;&nbsp;&nbsp;&nbsp; 5220 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP  | &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP  | &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1643 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3597 | &nbsp;&nbsp;&nbsp;&nbsp; 3412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2457 | &nbsp;&nbsp;&nbsp;&nbsp; 2239 |
| &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  | &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  | &nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10698 | &nbsp;&nbsp;&nbsp;&nbsp; 11188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3689 | &nbsp;&nbsp;&nbsp;&nbsp; 3818 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP  | &nbsp;&nbsp;&nbsp; Kinetik Holdings LP  | &nbsp;&nbsp;&nbsp; Kinetik Holdings LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3980 | &nbsp;&nbsp;&nbsp;&nbsp; 4059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3962 | &nbsp;&nbsp;&nbsp;&nbsp; 3938 |

---

------

**JPMorgan High Yield 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; Matador Resources Co.  | &nbsp;&nbsp;&nbsp; Matador Resources Co.  | &nbsp;&nbsp;&nbsp; Matador Resources Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4204 | &nbsp;&nbsp;&nbsp;&nbsp; 4116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 4/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6852 | &nbsp;&nbsp;&nbsp;&nbsp; 6600 |
| &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  | &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  | &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6968 | &nbsp;&nbsp;&nbsp;&nbsp; 6811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 2/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5035 | &nbsp;&nbsp;&nbsp;&nbsp; 4761 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance LP (Canada) 6.75%, 7/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3611 | &nbsp;&nbsp;&nbsp;&nbsp; 3644 |
| &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; 6.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3140 | &nbsp;&nbsp;&nbsp;&nbsp; 3156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 4/28/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 7938 | &nbsp;&nbsp;&nbsp;&nbsp; 7958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  | &nbsp;&nbsp;&nbsp; Permian Resources Operating LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 4/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3257 | &nbsp;&nbsp;&nbsp;&nbsp; 3316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 7/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13590 | &nbsp;&nbsp;&nbsp;&nbsp; 14842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6968 | &nbsp;&nbsp;&nbsp;&nbsp; 7148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4840 | &nbsp;&nbsp;&nbsp;&nbsp; 4775 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror LP 9.00%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4715 | &nbsp;&nbsp;&nbsp;&nbsp; 4793 |
| &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; 12502 | &nbsp;&nbsp;&nbsp;&nbsp; 12843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5440 | &nbsp;&nbsp;&nbsp;&nbsp; 5228 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC  | &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC  | &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 7/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 5/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp;&nbsp; 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3367 | &nbsp;&nbsp;&nbsp;&nbsp; 3468 |
| &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; 7457 | &nbsp;&nbsp;&nbsp;&nbsp; 7444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 12328 | &nbsp;&nbsp;&nbsp;&nbsp; 12341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1977 | &nbsp;&nbsp;&nbsp;&nbsp; 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 8/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4884 | &nbsp;&nbsp;&nbsp;&nbsp; 4786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 8/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4183 | &nbsp;&nbsp;&nbsp;&nbsp; 4016 |
| &nbsp;&nbsp;&nbsp; Sunoco LP  | &nbsp;&nbsp;&nbsp; Sunoco LP  | &nbsp;&nbsp;&nbsp; Sunoco LP  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2840 | &nbsp;&nbsp;&nbsp;&nbsp; 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1910 | &nbsp;&nbsp;&nbsp;&nbsp; 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 11008 | &nbsp;&nbsp;&nbsp;&nbsp; 10388 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1720 | &nbsp;&nbsp;&nbsp;&nbsp; 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4725 | &nbsp;&nbsp;&nbsp;&nbsp; 4696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4030 | &nbsp;&nbsp;&nbsp;&nbsp; 4099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6915 | &nbsp;&nbsp;&nbsp;&nbsp; 6626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8352 | &nbsp;&nbsp;&nbsp;&nbsp; 7960 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10701 | &nbsp;&nbsp;&nbsp;&nbsp; 10951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 2/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3035 | &nbsp;&nbsp;&nbsp;&nbsp; 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6648 | &nbsp;&nbsp;&nbsp;&nbsp; 6619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 6/1/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp; 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 2/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6690 | &nbsp;&nbsp;&nbsp;&nbsp; 7117 |

---

------

**JPMorgan High Yield 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; Venture Global Plaquemines LNG LLC  | &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  | &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 5/1/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1770 | &nbsp;&nbsp;&nbsp;&nbsp; 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 5/1/2035 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1770 | &nbsp;&nbsp;&nbsp;&nbsp; 1864 |
| &nbsp;&nbsp;&nbsp; Vital Energy, Inc. 7.88%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6849 | &nbsp;&nbsp;&nbsp;&nbsp; 5555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 571890 |
| **Passenger Airlines — 1.0%** | **Passenger Airlines — 1.0%** | **Passenger Airlines — 1.0%** |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  | &nbsp;&nbsp;&nbsp; American Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 4/20/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10472 | &nbsp;&nbsp;&nbsp;&nbsp; 10454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 4/20/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 23210 | &nbsp;&nbsp;&nbsp;&nbsp; 22792 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12696 | &nbsp;&nbsp;&nbsp;&nbsp; 12559 |
| &nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4333 | &nbsp;&nbsp;&nbsp;&nbsp; 4343 |
| &nbsp;&nbsp;&nbsp; United Airlines, Inc.  | &nbsp;&nbsp;&nbsp; United Airlines, Inc.  | &nbsp;&nbsp;&nbsp; United Airlines, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 4/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8571 | &nbsp;&nbsp;&nbsp;&nbsp; 8469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc (Switzerland) 9.50%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5001 | &nbsp;&nbsp;&nbsp;&nbsp; 4927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 64674 |
| **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; Coty, Inc. 4.75%, 1/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6131 | &nbsp;&nbsp;&nbsp;&nbsp; 5894 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10240 | &nbsp;&nbsp;&nbsp;&nbsp; 10067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4712 | &nbsp;&nbsp;&nbsp;&nbsp; 4407 |
| &nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co. Series USD, 6.13%, 9/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 3494 | &nbsp;&nbsp;&nbsp;&nbsp; 3488 |
| &nbsp;&nbsp;&nbsp; Prestige Brands, Inc. 5.13%, 1/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3577 | &nbsp;&nbsp;&nbsp;&nbsp; 3560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27416 |
| **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 20544 | &nbsp;&nbsp;&nbsp;&nbsp; 20339 |
| &nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 4/1/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 29914 | &nbsp;&nbsp;&nbsp;&nbsp; 29471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 1/31/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1814 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  | &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5316 | &nbsp;&nbsp;&nbsp;&nbsp; 4209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 6/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13203 | &nbsp;&nbsp;&nbsp;&nbsp; 10777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10680 | &nbsp;&nbsp;&nbsp;&nbsp; 6782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5676 | &nbsp;&nbsp;&nbsp;&nbsp; 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/30/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8364 | &nbsp;&nbsp;&nbsp;&nbsp; 4747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8395 | &nbsp;&nbsp;&nbsp;&nbsp; 4464 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. 6.65%, 8/28/2028 (h) | &nbsp;&nbsp;&nbsp;&nbsp; 2996 | &nbsp;&nbsp;&nbsp;&nbsp; 3079 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc. 8.50%, 4/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2236 | &nbsp;&nbsp;&nbsp;&nbsp; 2314 |
| &nbsp;&nbsp;&nbsp; EndoDesign (Ireland) 0.00%, 10/15/2024 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5067 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; GCB144A Endo (Luxembourg) 0.00%, 4/1/2029 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 7570 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Mallinckrodt International Finance SA 14.75%, 11/14/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6231 | &nbsp;&nbsp;&nbsp;&nbsp; 6487 |
| &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  | &nbsp;&nbsp;&nbsp; Organon & Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 4/30/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13538 | &nbsp;&nbsp;&nbsp;&nbsp; 12717 |

---

------

**JPMorgan High Yield 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** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/30/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14447 | &nbsp;&nbsp;&nbsp;&nbsp; 12140 |
| &nbsp;&nbsp;&nbsp; Par Pharmaceutical, Inc. 0.00%, 4/1/2027 ‡ (f) | &nbsp;&nbsp;&nbsp;&nbsp; 7307 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 123044 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; TriNet Group, Inc. 7.13%, 8/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5700 | &nbsp;&nbsp;&nbsp;&nbsp; 5877 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4030 | &nbsp;&nbsp;&nbsp;&nbsp; 3304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12803 | &nbsp;&nbsp;&nbsp;&nbsp; 9944 |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc. 5.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13326 |
| **Semiconductors & Semiconductor Equipment — 1.3%** | **Semiconductors & Semiconductor Equipment — 1.3%** | **Semiconductors & Semiconductor Equipment — 1.3%** |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. 6.63%, 9/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7868 | &nbsp;&nbsp;&nbsp;&nbsp; 7894 |
| &nbsp;&nbsp;&nbsp; ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8065 | &nbsp;&nbsp;&nbsp;&nbsp; 8411 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4379 | &nbsp;&nbsp;&nbsp;&nbsp; 4228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11766 | &nbsp;&nbsp;&nbsp;&nbsp; 11424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 5/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6183 | &nbsp;&nbsp;&nbsp;&nbsp; 5766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 6/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22776 | &nbsp;&nbsp;&nbsp;&nbsp; 22788 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 18578 | &nbsp;&nbsp;&nbsp;&nbsp; 17744 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc. 4.00%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4690 | &nbsp;&nbsp;&nbsp;&nbsp; 4360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 82615 |
| **Software — 1.1%** | **Software — 1.1%** | **Software — 1.1%** |
| &nbsp;&nbsp;&nbsp; ACI Worldwide, Inc. 5.75%, 8/15/2026 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4030 | &nbsp;&nbsp;&nbsp;&nbsp; 4027 |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7810 | &nbsp;&nbsp;&nbsp;&nbsp; 7525 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp. 6.00%, 5/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4157 | &nbsp;&nbsp;&nbsp;&nbsp; 4149 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6984 | &nbsp;&nbsp;&nbsp;&nbsp; 6888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 4/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6033 | &nbsp;&nbsp;&nbsp;&nbsp; 5880 |
| &nbsp;&nbsp;&nbsp; RingCentral, Inc. 8.50%, 8/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 12210 | &nbsp;&nbsp;&nbsp;&nbsp; 12897 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 19195 | &nbsp;&nbsp;&nbsp;&nbsp; 19174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 6/1/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8450 | &nbsp;&nbsp;&nbsp;&nbsp; 8676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 69216 |
| **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** | **Specialized REITs — 0.4%** |
| &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; 5.00%, 7/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4538 | &nbsp;&nbsp;&nbsp;&nbsp; 4469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6647 | &nbsp;&nbsp;&nbsp;&nbsp; 6451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 7/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 11799 | &nbsp;&nbsp;&nbsp;&nbsp; 11514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3744 | &nbsp;&nbsp;&nbsp;&nbsp; 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 1/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp;&nbsp; 880 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. 3.13%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 739 | &nbsp;&nbsp;&nbsp;&nbsp; 688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27510 |

---

------

**JPMorgan High Yield 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 — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| &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; 4812 | &nbsp;&nbsp;&nbsp;&nbsp; 4688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7374 | &nbsp;&nbsp;&nbsp;&nbsp; 7010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 |
| &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; 6.63%, 10/1/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4928 | &nbsp;&nbsp;&nbsp;&nbsp; 5033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2580 | &nbsp;&nbsp;&nbsp;&nbsp; 2555 |
| &nbsp;&nbsp;&nbsp; Escrow Rite Aid 0.00%, 12/31/2049 ‡ | &nbsp;&nbsp;&nbsp;&nbsp; 2524 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The) 3.63%, 10/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5311 | &nbsp;&nbsp;&nbsp;&nbsp; 4850 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. 6.38%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2874 | &nbsp;&nbsp;&nbsp;&nbsp; 2927 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. 3.88%, 6/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7614 | &nbsp;&nbsp;&nbsp;&nbsp; 7171 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 15759 | &nbsp;&nbsp;&nbsp;&nbsp; 15209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 2/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8336 | &nbsp;&nbsp;&nbsp;&nbsp; 8115 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc.  | &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9903 | &nbsp;&nbsp;&nbsp;&nbsp; 9460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5087 | &nbsp;&nbsp;&nbsp;&nbsp; 4740 |
| &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  | &nbsp;&nbsp;&nbsp; Staples, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 9/1/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 22985 | &nbsp;&nbsp;&nbsp;&nbsp; 20808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 1/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13193 | &nbsp;&nbsp;&nbsp;&nbsp; 8492 |
| &nbsp;&nbsp;&nbsp; White Cap Buyer LLC 6.88%, 10/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3761 | &nbsp;&nbsp;&nbsp;&nbsp; 3687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 106783 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2937 | &nbsp;&nbsp;&nbsp;&nbsp; 3087 |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  | &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  | &nbsp;&nbsp;&nbsp; Seagate HDD Cayman  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6514 | &nbsp;&nbsp;&nbsp;&nbsp; 6943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2478 | &nbsp;&nbsp;&nbsp;&nbsp; 2646 |
| &nbsp;&nbsp;&nbsp; Xerox Corp. 10.25%, 10/15/2030 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3482 | &nbsp;&nbsp;&nbsp;&nbsp; 3578 |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 877 | &nbsp;&nbsp;&nbsp;&nbsp; 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/30/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4989 | &nbsp;&nbsp;&nbsp;&nbsp; 3362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20230 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| &nbsp;&nbsp;&nbsp; Hanesbrands, Inc. 9.00%, 2/15/2031 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4865 | &nbsp;&nbsp;&nbsp;&nbsp; 5140 |
| **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.  | &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 7/15/2027 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4010 | &nbsp;&nbsp;&nbsp;&nbsp; 3981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 6/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5375 | &nbsp;&nbsp;&nbsp;&nbsp; 5445 |
| &nbsp;&nbsp;&nbsp; Imola Merger Corp. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 25307 | &nbsp;&nbsp;&nbsp;&nbsp; 24249 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc. 6.75%, 4/30/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9652 | &nbsp;&nbsp;&nbsp;&nbsp; 9897 |
| &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; 5.50%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5152 | &nbsp;&nbsp;&nbsp;&nbsp; 5097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 8495 | &nbsp;&nbsp;&nbsp;&nbsp; 8443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 3/15/2034 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14447 | &nbsp;&nbsp;&nbsp;&nbsp; 14644 |

---

------

**JPMorgan High Yield 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** |
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13632 | &nbsp;&nbsp;&nbsp;&nbsp; 13793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10553 | &nbsp;&nbsp;&nbsp;&nbsp; 10772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 3/15/2032 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5015 | &nbsp;&nbsp;&nbsp;&nbsp; 5134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 3/15/2033 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2941 | &nbsp;&nbsp;&nbsp;&nbsp; 2995 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 105260 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| &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 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 10739 | &nbsp;&nbsp;&nbsp;&nbsp; 3839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 2/15/2028 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3390 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 |
| &nbsp;&nbsp;&nbsp; Connect Finco SARL (United Kingdom) 9.00%, 9/15/2029 (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2590 | &nbsp;&nbsp;&nbsp;&nbsp; 2468 |
| &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp; United States Cellular Corp. 6.70%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 4403 | &nbsp;&nbsp;&nbsp;&nbsp; 4738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds <br>(Cost $5,198,564)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 5137044 |
| **Loan Assignments — 7.6% (i)** | **Loan Assignments — 7.6% (i)** | **Loan Assignments — 7.6% (i)** |
| **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 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2319 | &nbsp;&nbsp;&nbsp;&nbsp; 2318 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 1/31/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2066 | &nbsp;&nbsp;&nbsp;&nbsp; 2055 |
| &nbsp;&nbsp;&nbsp; DexKo Global, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 8.19%, 10/4/2028 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 10679 | &nbsp;&nbsp;&nbsp;&nbsp; 10181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12236 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.55%, 3/31/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7062 | &nbsp;&nbsp;&nbsp;&nbsp; 7061 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Shutterfly Finance LLC, 2nd Lien Term Loan (1-MONTH CME TERM SOFR + 1.00%), 5.32%, 10/1/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5435 | &nbsp;&nbsp;&nbsp;&nbsp; 4773 |
| **Building Products — 0.5%** | **Building Products — 0.5%** | **Building Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; ACProducts Holdings, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.25%), 8.81%, 5/17/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9046 | &nbsp;&nbsp;&nbsp;&nbsp; 6641 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.50%), 6.80%, 8/4/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9889 | &nbsp;&nbsp;&nbsp;&nbsp; 9834 |
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 3/28/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4044 | &nbsp;&nbsp;&nbsp;&nbsp; 4032 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 2/10/2032 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 10403 | &nbsp;&nbsp;&nbsp;&nbsp; 10351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30858 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp; INEOS US Finance LLC, 1st Lien Term Loan (Luxembourg) (1-MONTH CME TERM SOFR + 3.25%), 7.58%, 2/18/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5827 | &nbsp;&nbsp;&nbsp;&nbsp; 5626 |
| &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 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3249 | &nbsp;&nbsp;&nbsp;&nbsp; 3217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3-MONTH CME TERM SOFR + 2.00%), 14.32%, 10/12/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5314 | &nbsp;&nbsp;&nbsp;&nbsp; 4317 |
| &nbsp;&nbsp;&nbsp; Venator Materials LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.00%), 6.30%, 7/16/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3243 | &nbsp;&nbsp;&nbsp;&nbsp; 3210 |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.55%, 9/22/2028 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 3161 | &nbsp;&nbsp;&nbsp;&nbsp; 3149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19519 |

---

------

**JPMorgan High Yield 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** |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, 1st Lien Term Loan (6-MONTH CME TERM SOFR + 2.50%), 6.76%, 6/21/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 11708 | &nbsp;&nbsp;&nbsp;&nbsp; 11692 |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.58%, 11/19/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5128 | &nbsp;&nbsp;&nbsp;&nbsp; 5116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16808 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; CommScope, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 5.25%), 9.58%, 12/18/2029 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7060 |
| **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** | **Consumer Staples Distribution & Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien PIK Term Loan (3-MONTH CME TERM SOFR + 2.00%), 2.00%, 6/30/2026 ‡ (e) | &nbsp;&nbsp;&nbsp;&nbsp; 21620 | &nbsp;&nbsp;&nbsp;&nbsp; 17093 |
| &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 ‡ (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7235 | &nbsp;&nbsp;&nbsp;&nbsp; 7235 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Term Loan (12-MONTH CME TERM SOFR + 8.50%), 12.70%, 1/2/2029 ‡ (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 1st Lien Term Loan A (12-MONTH CME TERM SOFR + 2.50%), 6.28%, 1/2/2029 ‡ (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3435 | &nbsp;&nbsp;&nbsp;&nbsp; 3435 |
| &nbsp;&nbsp;&nbsp; Moran Foods LLC, 2nd Lien PIK Term Loan (3-MONTH CME TERM SOFR + 2.00%), 2.00%, 6/30/2026 ‡ (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8760 | &nbsp;&nbsp;&nbsp;&nbsp; 4223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34986 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| &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 (e) (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 7.55%, 4/1/2032 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 5945 | &nbsp;&nbsp;&nbsp;&nbsp; 5896 |
| &nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 8/4/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7361 | &nbsp;&nbsp;&nbsp;&nbsp; 7359 |
| &nbsp;&nbsp;&nbsp; LABL, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 9.43%, 10/30/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8349 | &nbsp;&nbsp;&nbsp;&nbsp; 7419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20677 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 7.05%, 10/16/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3690 | &nbsp;&nbsp;&nbsp;&nbsp; 3702 |
| &nbsp;&nbsp;&nbsp; Wand NewCo 3, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 1/30/2031 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 3405 | &nbsp;&nbsp;&nbsp;&nbsp; 3371 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7073 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Altice France SA, 1st Lien Term Loan B-14 (France) (3-MONTH CME TERM SOFR + 5.50%), 9.76%, 8/15/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6820 | &nbsp;&nbsp;&nbsp;&nbsp; 6265 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; LSF12 Crown US Commercial Bidco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.25%), 8.57%, 12/2/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10312 | &nbsp;&nbsp;&nbsp;&nbsp; 10125 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Crown Finance US, Inc., 1st Lien Term Loan (United Kingdom) (1-MONTH CME TERM SOFR + 5.25%), 9.58%, 12/2/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 11702 | &nbsp;&nbsp;&nbsp;&nbsp; 11706 |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 8.03%, 3/27/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 853 | &nbsp;&nbsp;&nbsp;&nbsp; 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neon Maple US Debt Mergersub, Inc., 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 3.00%), 7.32%, <br> 11/17/2031 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10185 | &nbsp;&nbsp;&nbsp;&nbsp; 10165 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC, 1st Lien Term Loan (12-MONTH CME TERM SOFR + 2.75%), 6.80%, 5/7/2032 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7041 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18063 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 6.80%, 7/21/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7566 | &nbsp;&nbsp;&nbsp;&nbsp; 7564 |
| &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 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5909 | &nbsp;&nbsp;&nbsp;&nbsp; 5909 |
| &nbsp;&nbsp;&nbsp; First Student Bidco, Inc., 1st Lien Term Loan C (3-MONTH CME TERM SOFR + 2.50%), 6.80%, 7/21/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2313 | &nbsp;&nbsp;&nbsp;&nbsp; 2313 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The), 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 7.94%, 6/30/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6700 | &nbsp;&nbsp;&nbsp;&nbsp; 5532 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (The), 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.50%), 7.94%, 6/30/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22401 |

---

------

**JPMorgan High Yield 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 Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** | **Health Care Equipment & Supplies — 0.5%** |
| &nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 7.68%, 5/10/2027 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 17872 | &nbsp;&nbsp;&nbsp;&nbsp; 17807 |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.25%), 6.58%, 10/23/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 11785 | &nbsp;&nbsp;&nbsp;&nbsp; 11771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29578 |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Phoenix Newco, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 11/15/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8631 | &nbsp;&nbsp;&nbsp;&nbsp; 8629 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.00%), 8.30%, 9/27/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3317 | &nbsp;&nbsp;&nbsp;&nbsp; 3257 |
| &nbsp;&nbsp;&nbsp; US Renal Care, Inc., 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 5.00%), 9.44%, 6/28/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 11370 | &nbsp;&nbsp;&nbsp;&nbsp; 10704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22590 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 6.33%, 3/14/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2856 | &nbsp;&nbsp;&nbsp;&nbsp; 2855 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.50%), 6.77%, 6/20/2030 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 10887 | &nbsp;&nbsp;&nbsp;&nbsp; 10883 |
| **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 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 8885 | &nbsp;&nbsp;&nbsp;&nbsp; 8886 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; FGI Operating Co. LLC, 1st Lien Term Loan, 0.00%, 1/31/2025 ‡ (f) (k) | &nbsp;&nbsp;&nbsp;&nbsp; 3181 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 3/18/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3258 | &nbsp;&nbsp;&nbsp;&nbsp; 3176 |
| &nbsp;&nbsp;&nbsp; Varsity Brands, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 7.83%, 8/26/2031 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 14979 | &nbsp;&nbsp;&nbsp;&nbsp; 14867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18075 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| &nbsp;&nbsp;&nbsp; SPX FLOW, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 4/5/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7618 | &nbsp;&nbsp;&nbsp;&nbsp; 7637 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC, 1st Lien Term Loan B-4 (3-MONTH CME TERM SOFR + 2.00%), 6.30%, <br> 12/9/2030 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12837 | &nbsp;&nbsp;&nbsp;&nbsp; 12815 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.00%), 8.44%, 8/23/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1252 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.50%), 8.83%, 1/18/2028 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 15037 | &nbsp;&nbsp;&nbsp;&nbsp; 14830 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 5.00%), 9.54%, 8/2/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1883 | &nbsp;&nbsp;&nbsp;&nbsp; 1888 |
| &nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.78%), 10.21%, 5/1/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10318 | &nbsp;&nbsp;&nbsp;&nbsp; 8438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 39223 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp; EPIC Crude Services LP, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 7.26%, 10/15/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4741 | &nbsp;&nbsp;&nbsp;&nbsp; 4751 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.25%), 6.52%, 4/20/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6146 | &nbsp;&nbsp;&nbsp;&nbsp; 6076 |
| &nbsp;&nbsp;&nbsp; Vista Management Holding, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 8.05%, 4/1/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6803 | &nbsp;&nbsp;&nbsp;&nbsp; 6797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12873 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Conair Holdings LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 8.19%, 5/17/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 8432 | &nbsp;&nbsp;&nbsp;&nbsp; 5923 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 6.25%), 10.59%, 10/8/2030 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 5855 | &nbsp;&nbsp;&nbsp;&nbsp; 5548 |
| **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 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7074 | &nbsp;&nbsp;&nbsp;&nbsp; 7065 |

---

------

**JPMorgan High Yield 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 — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 2/15/2029 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 4805 | &nbsp;&nbsp;&nbsp;&nbsp; 4782 |
| &nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.50%), 7.83%, 11/25/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 7828 | &nbsp;&nbsp;&nbsp;&nbsp; 7844 |
| &nbsp;&nbsp;&nbsp; Genesys Cloud Services, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 6.83%, 1/30/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 4607 | &nbsp;&nbsp;&nbsp;&nbsp; 4591 |
| &nbsp;&nbsp;&nbsp; Icon Parent, Inc., 1st Lien Term Loan (6-MONTH CME TERM SOFR + 3.00%), 7.21%, 11/13/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5730 | &nbsp;&nbsp;&nbsp;&nbsp; 5722 |
| &nbsp;&nbsp;&nbsp; Icon Parent, Inc., 2nd Lien Term Loan (6-MONTH CME TERM SOFR + 5.00%), 9.21%, 11/12/2032 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 3333 | &nbsp;&nbsp;&nbsp;&nbsp; 3333 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.25%), 8.58%, 11/28/2028 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 7026 | &nbsp;&nbsp;&nbsp;&nbsp; 7031 |
| &nbsp;&nbsp;&nbsp; UKG, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 7.33%, 2/10/2031 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2829 | &nbsp;&nbsp;&nbsp;&nbsp; 2833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36136 |
| **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** |
| &nbsp;&nbsp;&nbsp; Claire's Stores, Inc., 1st Lien Term Loan B (6-MONTH CME TERM SOFR + 6.50%), 10.73%, 12/18/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 13113 | &nbsp;&nbsp;&nbsp;&nbsp; 8349 |
| &nbsp;&nbsp;&nbsp; Park River Holdings, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.80%, 12/28/2027 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 5474 | &nbsp;&nbsp;&nbsp;&nbsp; 5257 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 7.81%, 3/3/2028 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 17812 | &nbsp;&nbsp;&nbsp;&nbsp; 16466 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 8.18%, 2/11/2028 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 6536 | &nbsp;&nbsp;&nbsp;&nbsp; 6504 |
| &nbsp;&nbsp;&nbsp; Queen MergerCo, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 7.28%, 4/30/2032 (e) (j) | &nbsp;&nbsp;&nbsp;&nbsp; 1491 | &nbsp;&nbsp;&nbsp;&nbsp; 1495 |
| &nbsp;&nbsp;&nbsp; Serta Simmons Bedding LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 7.50%), 11.91%, 6/29/2028 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 6277 | &nbsp;&nbsp;&nbsp;&nbsp; 5688 |
| &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 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1252 | &nbsp;&nbsp;&nbsp;&nbsp; 1238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments <br>(Cost $515,183)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 488949 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Exchange-Traded Funds — 1.6%** | **Exchange-Traded Funds — 1.6%** | **Exchange-Traded Funds — 1.6%** |
| **Fixed Income — 1.6%** | **Fixed Income — 1.6%** | **Fixed Income — 1.6%** |
| &nbsp;&nbsp;&nbsp; iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2410 | &nbsp;&nbsp;&nbsp;&nbsp; 89224 |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 15914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $104,193)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 105138 |
| **Common Stocks — 1.6%** | **Common Stocks — 1.6%** | **Common Stocks — 1.6%** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Incora Top Holdco LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 234 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Moran Foods Backstop Equity ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 95914057 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; MYT Holding LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 5623 | &nbsp;&nbsp;&nbsp;&nbsp; 1406 |
| &nbsp;&nbsp;&nbsp; NMG Parent LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 2136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3638 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Venator Materials plc ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 2133 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; Incora Intermediate II LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp; 5079 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 6164 |
| **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; ACC Claims Holdings LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 7077 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |

---

------

**JPMorgan High Yield 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 — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **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; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; SSB Equipment Co., Inc. ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; Audacy, Inc. ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 999 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2312 | &nbsp;&nbsp;&nbsp;&nbsp; 2474 |
| &nbsp;&nbsp;&nbsp; iHeartMedia, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp; National CineMedia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 549 | &nbsp;&nbsp;&nbsp;&nbsp; 2994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6825 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 7011 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| &nbsp;&nbsp;&nbsp; Endo GUC Trust ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp; Endo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp;&nbsp; 6539 |
| &nbsp;&nbsp;&nbsp; Mallinckrodt plc (Luxembourg) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 11928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18843 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp;&nbsp; 12456 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Claire's Stores, Inc. ‡ \* (l) | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; NMG, Inc. ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
| &nbsp;&nbsp;&nbsp; Rite Aid ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Serta Simmons Bedding LLC ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp; 4143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4919 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Intelsat SA (Luxembourg) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 749 | &nbsp;&nbsp;&nbsp;&nbsp; 30445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $117,849)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 99316 |
|  | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 1.5%** | **U.S. Treasury Obligations — 1.5%** | **U.S. Treasury Obligations — 1.5%** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/30/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 47315 | &nbsp;&nbsp;&nbsp;&nbsp; 46849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 47350 | &nbsp;&nbsp;&nbsp;&nbsp; 46818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations <br>(Cost $93,113)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 93667 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** | **Preferred Stocks — 0.3%** |
| **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ <br>(Cost $12,938)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13477 | &nbsp;&nbsp;&nbsp;&nbsp; 17183 |

---

------

**JPMorgan High Yield 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>|
| **Convertible Bonds — 0.1%** | **Convertible Bonds — 0.1%** | **Convertible Bonds — 0.1%** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Liberty Interactive LLC  | &nbsp;&nbsp;&nbsp; Liberty Interactive LLC  | &nbsp;&nbsp;&nbsp; Liberty Interactive LLC  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2570 | &nbsp;&nbsp;&nbsp;&nbsp; 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4448 | &nbsp;&nbsp;&nbsp;&nbsp; 667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. 3.88% (PIK), 11/30/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7129 | &nbsp;&nbsp;&nbsp;&nbsp; 6841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds <br>(Cost $13,059)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 7845 |
|  | &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; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; expiring 9/30/2028, price 1.00 USD ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Warrants <br>(Cost $209)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Convertible Preferred Stocks — 0.0% ^** | **Convertible Preferred Stocks — 0.0% ^** | **Convertible Preferred Stocks — 0.0% ^** |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claire's Stores, Inc. ‡ \* (l) <br>(Cost $22,828)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Short-Term Investments — 6.1%** | **Short-Term Investments — 6.1%** | **Short-Term Investments — 6.1%** |
| **Investment Companies — 6.1%** | **Investment Companies — 6.1%** | **Investment Companies — 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 4.16% (m) (n) <br>(Cost $393,362)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 393362 | &nbsp;&nbsp;&nbsp;&nbsp; 393362 |
| **Total Investments — 99.0%** <br>**(Cost $6,471,298)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **6342505** |
| **Other Assets in Excess of Liabilities — 1.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **66746** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **6409251** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange Traded Fund |
| PIK | Payment In Kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |

---

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | |
|:---|:---|
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (b) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (c) | Security is an interest bearing note with preferred security characteristics. |
| (d) | 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>|
| (e) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (f) | Defaulted security. |
| (g) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (h) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a <br> predetermined trigger. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (i) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. |
| (j) | 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>|
| (k) | 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>|
| (l) | Fund is subject to legal or contractual restrictions on the resale of the security. |
| (m) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (n) | The rate shown is the current yield as of May 31, 2025. |

---

**Centrally Cleared 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>| &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 | USD50,000 | &nbsp;&nbsp; 2013 | &nbsp;&nbsp; 1572 | &nbsp;&nbsp; 3585 |

---

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

---

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

---

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

---

------

**JPMorgan High Yield 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.

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

Swaps are valued utilizing market quotations from approved Pricing Services.

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

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

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $234 | &nbsp;&nbsp;&nbsp;&nbsp; $234 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3638 | &nbsp;&nbsp;&nbsp;&nbsp; 3638 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2133 | &nbsp;&nbsp;&nbsp;&nbsp; 2133 |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5079 | &nbsp;&nbsp;&nbsp;&nbsp; 5079 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; 6164 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6164 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1555 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 |
| &nbsp;&nbsp;&nbsp; Machinery | &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; Media | &nbsp;&nbsp;&nbsp;&nbsp; 5826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 999 | &nbsp;&nbsp;&nbsp;&nbsp; 6825 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 7011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7011 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; 6539 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12304 | &nbsp;&nbsp;&nbsp;&nbsp; 18843 |
| &nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; 12456 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12456 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4919 | &nbsp;&nbsp;&nbsp;&nbsp; 4919 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30445 | &nbsp;&nbsp;&nbsp;&nbsp; 30445 |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 37996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61320 | &nbsp;&nbsp;&nbsp;&nbsp; 99316 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7845 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7845 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —(a)<br>|
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85874 | &nbsp;&nbsp;&nbsp;&nbsp; 4271 | &nbsp;&nbsp;&nbsp;&nbsp; 90145 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 227494 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 227494 |
| &nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6084 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6084 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9661 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7478 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7478 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10447 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10447 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29104 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29104 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 164659 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 164659 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1457 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1457 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 179504 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 179504 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 223023 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 223023 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42156 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33350 |
| &nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7740 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7740 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159279 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 159279 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81773 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 81773 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97035 |
| &nbsp;&nbsp;&nbsp; Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16304 | &nbsp;&nbsp;&nbsp;&nbsp; 23744 | &nbsp;&nbsp;&nbsp;&nbsp; 40048 |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9271 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9271 |
| &nbsp;&nbsp;&nbsp; Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18662 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18662 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 466131 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 466131 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64749 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64749 |
| &nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24708 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24708 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30286 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30286 |
| &nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54179 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54179 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76127 |

---

------

**JPMorgan High Yield 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; $73537 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $73537 |
| &nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38183 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38183 |
| &nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15137 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15137 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116414 | &nbsp;&nbsp;&nbsp;&nbsp; 9409 | &nbsp;&nbsp;&nbsp;&nbsp; 125823 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68051 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68051 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 255479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 255479 |
| &nbsp;&nbsp;&nbsp; Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4024 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4024 |
| &nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29217 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29217 |
| &nbsp;&nbsp;&nbsp; Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52743 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 283419 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 283419 |
| &nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53005 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53005 |
| &nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53077 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53077 |
| &nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3352 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3352 |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3549 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38773 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9676 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9676 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59040 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 516002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 516002 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62178 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62178 |
| &nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2491 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2491 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 571890 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 571890 |
| &nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64674 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64674 |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27416 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123044 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 123044 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5877 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5877 |
| &nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13326 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13326 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82615 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69216 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69216 |
| &nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27510 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106783 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 106783 |
| &nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20230 |
| &nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5140 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5140 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105260 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105260 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12757 |
| &nbsp;&nbsp;&nbsp; Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5099620 | &nbsp;&nbsp;&nbsp;&nbsp; 37424 | &nbsp;&nbsp;&nbsp;&nbsp; 5137044 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 105138 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105138 |
| Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2318 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2318 |
| &nbsp;&nbsp;&nbsp; Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12236 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7061 |
| &nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4773 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30858 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30858 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19519 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19519 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16808 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16808 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7060 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7060 |
| &nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34986 | &nbsp;&nbsp;&nbsp;&nbsp; 34986 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20677 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20677 |

---

------

**JPMorgan High Yield 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; $7073 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7073 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6265 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10125 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11706 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11706 |
| &nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18063 |
| &nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22401 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22401 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29578 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29578 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22590 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22590 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2855 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2855 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10883 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10883 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8886 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18043 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 18075 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7637 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7637 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39223 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39223 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4751 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4751 |
| &nbsp;&nbsp;&nbsp; Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12873 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12873 |
| &nbsp;&nbsp;&nbsp; Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5923 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5923 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5548 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7065 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7065 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36136 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36136 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44997 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44997 |
| &nbsp;&nbsp;&nbsp; Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 453931 | &nbsp;&nbsp;&nbsp;&nbsp; 35018 | &nbsp;&nbsp;&nbsp;&nbsp; 488949 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17183 | &nbsp;&nbsp;&nbsp;&nbsp; 17183 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93667 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93667 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 393362 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 393362 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $536496 | &nbsp;&nbsp;&nbsp;&nbsp; $5655063 | &nbsp;&nbsp;&nbsp;&nbsp; $150946 | &nbsp;&nbsp;&nbsp;&nbsp; $6342505 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1572 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1572 |

---

&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>| **Balance as of** <br>**May 31,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $54340 | $— | $(5433)<br>| $— | $12063 | $(792)<br>| $1142 | $— | $61320 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | 17363 |  | (18409)<br>|  | 1046 |  |  |  | —<br> (a)<br>|
| &nbsp;&nbsp;&nbsp; Corporate Bonds | 42281 | (10244)<br>| 15901 | (425)<br>| 4249 | (14338)<br>|  |  | 37424 |
| &nbsp;&nbsp;&nbsp; Loan Assignments | 34784 | —<br> (a)<br>| (465)<br>| 395 | 718 | (414)<br>|  |  | 35018 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 17655 |  | (472)<br>|  |  |  |  |  | 17183 |
| &nbsp;&nbsp;&nbsp; Warrants | 27 | (1)<br>| (25)<br>|  |  |  |  |  | 1 |
| **Total** | $166450 | $(10245)<br>| $(8903)<br>| $(30)<br>| $18076 | $(15544)<br>| $1142 | $— | $150946 |

---

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

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

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2025, which were valued using significant unobservable inputs (level 3) amounted to $(25,944).

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **May 31, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $17925 | Terms of Restructuring | Expected Recovery | 1.00% - 100.00% (86.67%) |
|  | &nbsp;&nbsp; 17093 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 26.08% (26.08%) |
| &nbsp;&nbsp;&nbsp; Loan Assignments | &nbsp;&nbsp; 35018 |  |  |  |
|  | &nbsp;&nbsp; —(b)<br>| Terms of Restructuring | Expected Recovery | 0.00% (0.00%) |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; —(b)<br>|  |  |  |
|  | &nbsp;&nbsp; —(b)<br>| Terms of Restructuring | Expected Recovery | 0.00% (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible <br> Preferred <br> Stocks<br>| &nbsp;&nbsp; —(b)<br>|  |  |  |
|  | &nbsp;&nbsp; 3023 | Terms of Exchange Offer / Restructuring | Expected Recovery | $0.00 - $137.77 ($53.55) |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; 3023 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $38041 |  |  |  |

---

&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 $112,905. 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.

As of May 31, 2025, the Fund held restricted securities, other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $14175 | $—<br> (a)<br>| 0.0<br> %<br>|
| Claire's Stores, Inc. - Convertible Preferred Stocks | 10/3/2018 | 22828 | —<br> (a)<br>| 0.0<br> %<br>|
|  |  | $37003 | $—<br> (a)<br>|  |

---

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

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

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

------

**JPMorgan High Yield Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 4.16% (a) (b)<br>| $144588 | $1268331 | $1019557 | $— | $— | $393362 | 393362 | $3725 | $— |

---

&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.

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

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

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

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

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

<u>Credit Default Swaps</u>

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan High Yield Fund

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

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

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

- **a. Date of fiscal year-end:** 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:** $6448284879.61

**Total Liabilities:** $67025998.62

**Net Assets:** $6381258880.99

**Cash Not Reported:** $677258.04

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 22117.35356000 | **1-Year:** 19928.38111000 | **5-Year:** 54985.04537000 | **10-Year:** 3088.71012000 | **30-Year:** 0.00000000

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

- **3-Month:** 4830.45274000 | **1-Year:** 318485.06199000 | **5-Year:** 1199893.11867000 | **10-Year:** 36424.31244000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009636 | -0.99%               | 0.21%                | 1.48%                |
| Class ID C000033521 | -0.98%               | 0.05%                | 1.48%                |
| Class ID C000009639 | -1.06%               | 0.15%                | 1.43%                |
| Class ID C000192735 | -1.00%               | 0.04%                | 1.48%                |
| Class ID C000009637 | -1.02%               | 0.03%                | 1.48%                |
| Class ID C000070641 | -1.05%               | 0.00%                | 1.45%                |
| Class ID C000192734 | -1.02%               | 0.02%                | 1.45%                |
| Class ID C000009640 | -0.98%               | 0.06%                | 1.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4050847.58             | $-76468360.46                              |
| Month 2  | $1113328.31              | $-24050429.48                              |
| Month 3  | $4811442.47              | $52835569.38                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                             | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Liberty Interactive LLC                          | Liberty Interactive LLC                                                  | CUSIP: 530715AJ0<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |     1784000 | PA      | $294360.00    | 0.00%             | 2030-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Bombardier, Inc.                                 | Bombardier, Inc.                                                         | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     4225000 | PA      | $4357035.48   | 0.07%             | 2031-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Amkor Technology, Inc.                           | Amkor Technology, Inc.                                                   | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |     7868000 | PA      | $7893618.21   | 0.12%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                              | NuStar Logistics LP                                                      | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     3140000 | PA      | $3155593.24   | 0.05%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                         | Energizer Holdings, Inc.                                                 | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    14791000 | PA      | $13893990.93  | 0.22%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                       | Garda World Security Corp.                                               | CUSIP: 36485MAK5<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     9337000 | PA      | $9216710.50   | 0.14%             | 2027-02-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                           | Sonic Automotive, Inc.                                                   | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |     9903000 | PA      | $9459691.21   | 0.15%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                              | Owens & Minor, Inc.                                                      | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |     4598000 | PA      | $3893905.50   | 0.06%             | 2030-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Diebold Nixdorf, Inc.                            | Diebold Nixdorf, Inc.                                                    | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |     2937000 | PA      | $3087101.26   | 0.05%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies BV                          | Sensata Technologies BV                                                  | CUSIP: 81725WAL7<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |     4200000 | PA      | $4153620.24   | 0.07%             | 2030-09-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CVR Partners LP                                  | CVR Partners LP                                                          | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2169000 | PA      | $2157283.06   | 0.03%             | 2028-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC         | Encino Acquisition Partners Holdings LLC                                 | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |    21775000 | PA      | $22334833.07  | 0.35%             | 2028-05-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| NMG, Inc.                                        | NMG, Inc.                                                                | CUSIP: 62929P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        5635 | NS      | $776333.95    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| DISH DBS Corp.                                   | DISH DBS Corp.                                                           | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2455000 | PA      | $1686187.81   | 0.03%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BWX Technologies, Inc.                           | BWX Technologies, Inc.                                                   | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     8764000 | PA      | $8528890.80   | 0.13%             | 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        |    24992000 | PA      | $24892064.49  | 0.39%             | 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        |     1545000 | PA      | $1583524.58   | 0.02%             | 2030-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                      | Adient Global Holdings Ltd.                                              | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     8626000 | PA      | $8816065.28   | 0.14%             | 2028-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC         | Encino Acquisition Partners Holdings LLC                                 | CUSIP: 29254BAB3<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |     6064000 | PA      | $6622961.33   | 0.10%             | 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        |    15759000 | PA      | $15208561.77  | 0.24%             | 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        |       36611 | NS      | $7011006.50   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain, Inc.                              | Iron Mountain, Inc.                                                      | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     4538000 | PA      | $4469429.46   | 0.07%             | 2028-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     8600000 | PA      | $8531828.23   | 0.13%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                           | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    11350000 | PA      | $12097613.15  | 0.19%             | 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        |     3026000 | PA      | $3064412.04   | 0.05%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                         | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    65454000 | PA      | $64199030.82  | 1.01%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Telecom Italia Capital SA                        | Telecom Italia Capital SA                                                | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |      345000 | PA      | $347783.81    | 0.01%             | 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        |    25324000 | PA      | $25621354.41  | 0.40%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Bausch + Lomb Corp.                              | Bausch + Lomb Corp.                                                      | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |     2820000 | PA      | $2915485.20   | 0.05%             | 2028-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                     | Ardagh Packaging Finance plc                                             | CUSIP: 03969AAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9972000 | PA      | $4537260.00   | 0.07%             | 2027-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                | Clarios Global LP                                                        | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7098000 | PA      | $7231882.48   | 0.11%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Hanesbrands, Inc.                                | Hanesbrands, Inc.                                                        | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |     4865000 | PA      | $5140013.59   | 0.08%             | 2031-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                     | Hess Midstream Operations LP                                             | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1955000 | PA      | $1974245.02   | 0.03%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group, Inc.                     | Performance Food Group, Inc.                                             | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    11865000 | PA      | $11308923.05  | 0.18%             | 2029-08-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Xerox Holdings Corp.                             | Xerox Holdings Corp.                                                     | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |     4989000 | PA      | $3361751.84   | 0.05%             | 2029-11-30      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.               | United Rentals North America, Inc.                                       | CUSIP: 911365BL7<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     8495000 | PA      | $8442658.06   | 0.13%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                     | Tallgrass Energy Partners LP                                             | CUSIP: 87470LAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1720000 | PA      | $1717626.23   | 0.03%             | 2027-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                                     | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6506000 | PA      | $6836357.44   | 0.11%             | 2030-05-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| APi Group DE, Inc.                               | APi Group DE, Inc.                                                       | CUSIP: 00185PAA9<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |     4918000 | PA      | $4788824.30   | 0.08%             | 2029-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| NCR Voyix Corp.                                  | NCR Voyix Corp.                                                          | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     6984000 | PA      | $6888081.05   | 0.11%             | 2028-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Shutterfly Finance LLC                           | Shutterfly Finance LLC, 2nd Lien Term Loan                               | CUSIP: 82568TAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     5434652 | PA      | $4810808.35   | 0.08%             | 2027-10-01      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                              | Hilcorp Energy I LP                                                      | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2457000 | PA      | $2238728.97   | 0.04%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                | Genesis Energy LP                                                        | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1686000 | PA      | $1744542.98   | 0.03%             | 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        |     4840000 | PA      | $4775372.45   | 0.07%             | 2033-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                        | Vistra Operations Co. LLC                                                | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     1858000 | PA      | $1856769.08   | 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        |    15347000 | PA      | $15156436.30  | 0.24%             | 2029-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Insight Enterprises, Inc.                        | Insight Enterprises, Inc.                                                | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     2082000 | PA      | $2121422.67   | 0.03%             | 2032-05-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                                      | CUSIP: 432833AP6<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     2722000 | PA      | $2748814.42   | 0.04%             | 2029-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                    | Asbury Automotive Group, Inc.                                            | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     7374000 | PA      | $7010023.78   | 0.11%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The), Escrow                                                | CUSIP: 428ESCAC1<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    22954000 | PA      | $4705570.00   | 0.07%             | 2026-08-01      | Fixed         | 7.12%                 | No            |                  3 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The), 1st Lien Term Loan C                                  | CUSIP: 42804VBC4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |     1311895 | PA      | $1083140.15   | 0.02%             | 2028-06-30      | Variable      | 7.94%                 | No            |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC              | Ascent Resources Utica Holdings LLC                                      | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      935000 | PA      | $931605.58    | 0.01%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  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        |     3690365 | PA      | $3702359.15   | 0.06%             | 2031-10-16      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                            | Albertsons Cos., Inc.                                                    | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    15058000 | PA      | $14147427.68  | 0.22%             | 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        |     6690000 | PA      | $7117129.74   | 0.11%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Allison Transmission, Inc.                       | Allison Transmission, Inc.                                               | CUSIP: 019736AF4<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    21988000 | PA      | $22076061.94  | 0.35%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Group 1 Automotive, Inc.                         | Group 1 Automotive, Inc.                                                 | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |     2874000 | PA      | $2926855.73   | 0.05%             | 2030-01-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Metal Packaging Finance USA LLC           | Ardagh Metal Packaging Finance USA LLC                                   | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      311000 | PA      | $311765.99    | 0.00%             | 2027-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Block, Inc.                                      | Block, Inc.                                                              | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    12097000 | PA      | $12362976.74  | 0.19%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                       | Builders FirstSource, Inc.                                               | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     2418000 | PA      | $2341301.28   | 0.04%             | 2030-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                         | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    25584000 | PA      | $20412186.72  | 0.32%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Wrangler Holdco Corp.                            | Wrangler Holdco Corp.                                                    | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7306000 | PA      | $7535262.28   | 0.12%             | 2032-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Alumina Pty. Ltd.                                | Alumina Pty. Ltd.                                                        | CUSIP: 02220AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     3281000 | PA      | $3244717.06   | 0.05%             | 2032-09-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Co.                         | Central Garden & Pet Co.                                                 | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |    14929000 | PA      | $13806031.66  | 0.22%             | 2030-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hologic, Inc.                                    | Hologic, Inc.                                                            | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |     5217000 | PA      | $4984229.46   | 0.08%             | 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        |      720000 | PA      | $653578.27    | 0.01%             | 2031-01-30      | Fixed         | 3.75%                 | Yes           |                  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        |     8884827 | PA      | $8886070.65   | 0.14%             | 2031-02-03      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| GCI LLC                                          | GCI LLC                                                                  | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |    19110000 | PA      | $17973188.14  | 0.28%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                              | Iron Mountain, Inc.                                                      | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     3744000 | PA      | $3508126.09   | 0.05%             | 2031-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                            | Albertsons Cos., Inc.                                                    | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3967000 | PA      | $3927979.00   | 0.06%             | 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        |     1790000 | PA      | $1699944.74   | 0.03%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.           | Mauser Packaging Solutions Holding Co.                                   | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    34108000 | PA      | $34431548.49  | 0.54%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                                   | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    32551000 | PA      | $32348607.65  | 0.51%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.              | American Axle & Manufacturing, Inc.                                      | CUSIP: 02406PAU4<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    10143000 | PA      | $10094339.97  | 0.16%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Herc Holdings, Inc.                              | Herc Holdings, Inc.                                                      | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     5375000 | PA      | $5444783.63   | 0.09%             | 2029-06-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                     | Ardagh Packaging Finance plc                                             | CUSIP: 03969AAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    21093000 | PA      | $9597315.00   | 0.15%             | 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        |     6230511 | PA      | $6486715.84   | 0.10%             | 2028-11-14      | Fixed         | 14.75%                | Yes           |                  2 | On Loan: No      |
| Howard Midstream Energy Partners LLC             | Howard Midstream Energy Partners LLC                                     | CUSIP: 442722AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9698000 | PA      | $10141935.65  | 0.16%             | 2028-07-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Vista Management Holding Inc.                    | Vista Management Holding, Inc., 1st Lien Term Loan                       | CUSIP: 92842EAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     6802744 | PA      | $6797097.56   | 0.11%             | 2031-04-01      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                          | Level 3 Financing, Inc.                                                  | CUSIP: 527298CD3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     9570000 | PA      | $8416527.90   | 0.13%             | 2030-04-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Hughes Satellite Systems Corp.                   | Hughes Satellite Systems Corp.                                           | CUSIP: 444454AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      680000 | PA      | $476591.59    | 0.01%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                    | Six Flags Entertainment Corp.                                            | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    12946000 | PA      | $13198537.62  | 0.21%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Big River Steel LLC                              | Big River Steel LLC                                                      | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10979000 | PA      | $11059585.86  | 0.17%             | 2029-01-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Primo Water Holdings, Inc.                       | Primo Water Holdings, Inc.                                               | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7468000 | PA      | $7478126.61   | 0.12%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                          | Williams Scotsman, Inc.                                                  | CUSIP: 96949VAM5<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     3003000 | PA      | $3062345.29   | 0.05%             | 2029-06-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                         | WESCO Distribution, Inc.                                                 | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     5015000 | PA      | $5134006.80   | 0.08%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                                      | CUSIP: 432833AF8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     5695000 | PA      | $5581946.28   | 0.09%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                              | Post Holdings, Inc.                                                      | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     5793000 | PA      | $5889824.20   | 0.09%             | 2032-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                       | Sotera Health Holdings LLC                                               | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |     5299000 | PA      | $5504187.88   | 0.09%             | 2031-06-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                                     | CUSIP: 18453HAE6<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     9785000 | PA      | $10248202.33  | 0.16%             | 2028-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Aramark Services, Inc.                           | Aramark Services, Inc.                                                   | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    13271000 | PA      | $13129768.69  | 0.21%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                        | Vistra Operations Co. LLC                                                | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      881000 | PA      | $881803.47    | 0.01%             | 2026-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                                      | CUSIP: 651229AX4<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     2837000 | PA      | $2607252.65   | 0.04%             | 2036-04-01      | Fixed         | 6.87%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Education, Inc.                      | McGraw-Hill Education, Inc.                                              | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     5950000 | PA      | $5877279.70   | 0.09%             | 2028-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                                    | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     2905000 | PA      | $2958874.65   | 0.05%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                   | DISH DBS Corp.                                                           | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    37296000 | PA      | $34427417.69  | 0.54%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                   | US Foods, Inc.                                                           | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     1245000 | PA      | $1217490.98   | 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        |    11781000 | PA      | $11942694.23  | 0.19%             | 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        |     3652032 | PA      | $0.04         | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                                 | CUSIP: 071734AL1<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     8395000 | PA      | $4464161.47   | 0.07%             | 2031-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Boyne USA, Inc.                                  | Boyne USA, Inc.                                                          | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11372000 | PA      | $10928413.53  | 0.17%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| News Corp.                                       | News Corp.                                                               | CUSIP: 65249BAB5<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |     2350000 | PA      | $2259532.52   | 0.04%             | 2032-02-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                         | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    61540000 | PA      | $58745413.21  | 0.92%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                             | IHO Verwaltungs GmbH                                                     | CUSIP: 44963BAG3<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |     1642000 | PA      | $1644174.01   | 0.03%             | 2032-11-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                              | Owens & Minor, Inc.                                                      | CUSIP: 690732AH5<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |     5985000 | PA      | $6251236.74   | 0.10%             | 2030-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The)                                                        | CUSIP: 428040DB2<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    17573000 | PA      | $11946973.47  | 0.19%             | 2029-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                        | XPO, Inc.                                                                | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |     3663000 | PA      | $3801985.21   | 0.06%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Warnermedia Holdings, Inc.                       | Warnermedia Holdings, Inc.                                               | CUSIP: 55903VBC6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     4050000 | PA      | $3436705.58   | 0.05%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                                    | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     1038000 | PA      | $973300.01    | 0.02%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital SA                        | Telecom Italia Capital SA                                                | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |       96000 | PA      | $94013.08     | 0.00%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Parent, Inc.             | Frontier Communications Parent, Inc.                                     | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      170131 | NS      | $6163846.13   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health, Inc.                       | Elanco Animal Health, Inc.                                               | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |     2996000 | PA      | $3078542.80   | 0.05%             | 2028-08-28      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                                     | CUSIP: 18453HAA4<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    23699000 | PA      | $23183008.78  | 0.36%             | 2027-08-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                  | Live Nation Entertainment, Inc.                                          | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    26817000 | PA      | $27134835.08  | 0.43%             | 2027-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                 | Altice France SA, 1st Lien Term Loan B-14                                | CUSIP: F6628DAN4<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |     6820088 | PA      | $6264864.33   | 0.10%             | 2028-08-15      | Variable      | 9.76%                 | No            |                  2 | On Loan: No      |
| Dycom Industries, Inc.                           | Dycom Industries, Inc.                                                   | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |     9186000 | PA      | $8838125.26   | 0.14%             | 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        |     5674000 | PA      | $5446452.17   | 0.09%             | 2027-08-31      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Encompass Health Corp.                           | Encompass Health Corp.                                                   | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    19829000 | PA      | $19531015.74  | 0.31%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                           | Cleveland-Cliffs, Inc.                                                   | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     6487000 | PA      | $6031413.45   | 0.09%             | 2029-11-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                              | Iron Mountain, Inc.                                                      | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     6647000 | PA      | $6451105.60   | 0.10%             | 2029-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                       | Edgewell Personal Care Co.                                               | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |     4712000 | PA      | $4406894.23   | 0.07%             | 2029-04-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Lithia Motors, Inc.                              | Lithia Motors, Inc.                                                      | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     7614000 | PA      | $7170913.93   | 0.11%             | 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        |    25861000 | PA      | $25458129.58  | 0.40%             | 2027-10-15      | Fixed         | 4.75%                 | Yes           |                  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        |     4740619 | PA      | $4751000.71   | 0.07%             | 2031-10-15      | Variable      | 7.26%                 | No            |                  2 | On Loan: No      |
| Cinemark USA, Inc.                               | Cinemark USA, Inc.                                                       | CUSIP: 172441BH9<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     2638000 | PA      | $2713792.38   | 0.04%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                 | Clarivate Science Holdings Corp.                                         | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5135000 | PA      | $4889958.83   | 0.08%             | 2028-07-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems Dutch Holding B BV        | Axalta Coating Systems Dutch Holding B BV                                | CUSIP: 05455JAA5<br>LEI: 5493007DMEBZH3CQ5E51 | Long             | DBT              | CORP              | NL        |     3886000 | PA      | $4064771.54   | 0.06%             | 2031-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Permian Resources Operating LLC                  | Permian Resources Operating LLC                                          | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     3257000 | PA      | $3315941.93   | 0.05%             | 2027-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Triumph Group, Inc.                              | Triumph Group, Inc.                                                      | CUSIP: 896818AU5<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |     2478000 | PA      | $2594959.12   | 0.04%             | 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        |     5505000 | PA      | $5108511.18   | 0.08%             | 2033-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Carpenter Technology Corp.                       | Carpenter Technology Corp.                                               | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |     6671000 | PA      | $6698037.56   | 0.10%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings, Inc.                          | Quikrete Holdings, Inc.                                                  | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    16751000 | PA      | $17021645.91  | 0.27%             | 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        |        9356 | NS      | $233806.44    | 0.00%             |  |  |  | No            |                  3 | 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        |     6146111 | PA      | $6075430.83   | 0.10%             | 2028-04-20      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                               | CUSIP: 053773BE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3256000 | PA      | $3215428.94   | 0.05%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| DexKo Global, Inc.                               | DexKo Global, Inc., 1st Lien Term Loan                                   | CUSIP: 25213YAU9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    10678927 | PA      | $10181396.26  | 0.16%             | 2028-10-04      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                     | Scotts Miracle-Gro Co. (The)                                             | CUSIP: 810186AX4<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    11034000 | PA      | $9906236.93   | 0.16%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ahead DB Holdings LLC                            | Ahead DB Holdings LLC                                                    | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |    15185000 | PA      | $14964339.17  | 0.23%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                                      | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     5724000 | PA      | $5377381.98   | 0.08%             | 2030-05-15      | Fixed         | 6.38%                 | 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        |    10418000 | PA      | $8007024.77   | 0.13%             | 2029-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Kinetik Holdings LP                              | Kinetik Holdings LP                                                      | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     3980000 | PA      | $4059013.63   | 0.06%             | 2028-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                         | Wynn Resorts Finance LLC                                                 | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    14648000 | PA      | $14283790.66  | 0.22%             | 2029-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Somnigroup International, Inc.                   | Somnigroup International, Inc.                                           | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     8215000 | PA      | $7311149.47   | 0.11%             | 2031-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| ICITII                                           | ICITII                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     5336078 | PA      | $4270997.15   | 0.07%             | 2033-01-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| DISH Network Corp.                               | DISH Network Corp.                                                       | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    31863000 | PA      | $32873407.59  | 0.52%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                          | Bath & Body Works, Inc.                                                  | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     2580000 | PA      | $2555134.73   | 0.04%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Rite Aid Equity Escrow                           | Rite Aid                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       25265 | NS      | $0.03         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| INEOS Finance plc                                | INEOS Finance plc                                                        | CUSIP: 44984WAH0<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |     1683000 | PA      | $1647949.67   | 0.03%             | 2028-05-15      | Fixed         | 6.75%                 | 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        |    14979333 | PA      | $14866988.33  | 0.23%             | 2031-08-26      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                                  | MYT Holding LLC                                                          | CUSIP: 55406N103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     5623025 | NS      | $1405756.25   | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                 | Goodyear Tire & Rubber Co. (The)                                         | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     4039000 | PA      | $3869142.68   | 0.06%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chemours Co. (The)                               | Chemours Co. (The)                                                       | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     3660000 | PA      | $3190954.53   | 0.05%             | 2033-01-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                   | Entegris, Inc.                                                           | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    11766000 | PA      | $11424423.61  | 0.18%             | 2029-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                         | CUSIP: 1248EPBR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3140000 | PA      | $3132208.40   | 0.05%             | 2026-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                         | Venture Global LNG, Inc.                                                 | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     6648000 | PA      | $6618581.27   | 0.10%             | 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        |     2941000 | PA      | $2995593.78   | 0.05%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                           | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     3645000 | PA      | $3521981.25   | 0.06%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                         | CUSIP: 629377CS9<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     1364000 | PA      | $1232873.09   | 0.02%             | 2032-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| NCR Voyix Corp.                                  | NCR Voyix Corp.                                                          | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     6033000 | PA      | $5879917.45   | 0.09%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Carpenter Technology Corp.                       | Carpenter Technology Corp.                                               | CUSIP: 144285AM5<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |     1568000 | PA      | $1617137.98   | 0.03%             | 2030-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                              | Buckeye Partners LP                                                      | CUSIP: 118230AR2<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     3138000 | PA      | $3053206.22   | 0.05%             | 2027-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund       | JPMorgan U.S. Government Money Market Fund, Class Institutional          | CUSIP: 4812C2684<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |   393361953 | NS      | $393361953.26 | 6.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Mortgage LLC                              | Rocket Mortgage LLC                                                      | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5350000 | PA      | $5181154.54   | 0.08%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                        | First Student Bidco, Inc., 1st Lien Term Loan B                          | CUSIP: 33718FAK6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     7565848 | PA      | $7563729.71   | 0.12%             | 2028-07-21      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| Embarq LLC                                       | Embarq LLC                                                               | CUSIP: 29078EAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11178000 | PA      | $5253660.00   | 0.08%             | 2036-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Primo Brands Corp.                               | Primo Brands Corp., 1st Lien Term Loan                                   | CUSIP: 89678QAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     7062378 | PA      | $7060612.12   | 0.11%             | 2028-03-31      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| Surgery Center Holdings, Inc.                    | Surgery Center Holdings, Inc.                                            | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |     8241000 | PA      | $8225096.52   | 0.13%             | 2032-04-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Kodiak Gas Services LLC                          | Kodiak Gas Services LLC                                                  | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     6071000 | PA      | $6221639.72   | 0.10%             | 2029-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                | Genesis Energy LP                                                        | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4106000 | PA      | $4141713.99   | 0.06%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                     | Royal Caribbean Cruises Ltd.                                             | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     5711000 | PA      | $5644672.16   | 0.09%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                  | Live Nation Entertainment, Inc.                                          | CUSIP: 538034AN9<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |    12321000 | PA      | $12337608.71  | 0.19%             | 2026-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                           | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     2555000 | PA      | $2517547.79   | 0.04%             | 2027-03-15      | Fixed         | 5.62%                 | Yes           |                  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        |        3118 | PA      | $3092.42      | 0.00%             | 2032-04-01      | Variable      | 7.48%                 | No            |                  2 | On Loan: No      |
| United States of America                         | U.S. Treasury Notes                                                      | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    47350000 | PA      | $46817312.50  | 0.73%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                   | JELD-WEN, Inc.                                                           | CUSIP: 47580PAA1<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |     4115000 | PA      | $3039380.15   | 0.05%             | 2032-09-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Midcontinent Communications                      | Midcontinent Communications                                              | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |     5990000 | PA      | $6194852.01   | 0.10%             | 2032-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| NESCO Holdings II, Inc.                          | NESCO Holdings II, Inc.                                                  | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |     2416000 | PA      | $2276076.15   | 0.04%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                         | CUSIP: 629377CE0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     7198000 | PA      | $7223740.05   | 0.11%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                           | Cleveland-Cliffs, Inc.                                                   | CUSIP: 185899AN1<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     5494000 | PA      | $4932092.14   | 0.08%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Encompass Health Corp.                           | Encompass Health Corp.                                                   | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |     1317000 | PA      | $1283929.47   | 0.02%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV Financing LLC                            | DIRECTV Financing LLC, 1st Lien Term Loan                                | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1883157 | PA      | $1888373.37   | 0.03%             | 2027-08-02      | Variable      | 9.54%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                         | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     2430000 | PA      | $1117800.00   | 0.02%             | 2030-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Partners LP                              | Buckeye Partners LP                                                      | CUSIP: 118230AU5<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     8136000 | PA      | $7948074.67   | 0.12%             | 2028-03-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| QXO Building Products, Inc.                      | QXO Building Products, Inc.                                              | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     9652000 | PA      | $9896676.95   | 0.16%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                                     | CUSIP: 18453H106<br>LEI: 254900XBEE6V1ENYS150 | Long             | EC               | CORP              | US        |     2311572 | NS      | $2473382.04   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap, Inc.                                       | Snap, Inc.                                                               | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     3504000 | PA      | $3549362.78   | 0.06%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                    | CommScope LLC                                                            | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     2030000 | PA      | $2110018.54   | 0.03%             | 2031-12-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Arches Buyer, Inc.                               | Arches Buyer, Inc.                                                       | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     1914000 | PA      | $1749498.21   | 0.03%             | 2028-12-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| AmeriGas Partners LP                             | AmeriGas Partners LP                                                     | CUSIP: 030981AL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3013000 | PA      | $2948585.98   | 0.05%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                         | Blue Racer Midstream LLC                                                 | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2394000 | PA      | $2482072.87   | 0.04%             | 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        |     5035000 | PA      | $4761041.12   | 0.07%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                          | Bath & Body Works, Inc.                                                  | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     4928000 | PA      | $5033449.34   | 0.08%             | 2030-10-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                           | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    16075000 | PA      | $14476274.70  | 0.23%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                     | Scotts Miracle-Gro Co. (The)                                             | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    12307000 | PA      | $11701173.16  | 0.18%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                        | Sunoco LP                                                                | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1910000 | PA      | $1829772.36   | 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        |     7757798 | PA      | $0.08         | 0.00%             | 2031-08-30      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Howard Midstream Energy Partners LLC             | Howard Midstream Energy Partners LLC                                     | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3689000 | PA      | $3817690.77   | 0.06%             | 2032-07-15      | Fixed         | 7.38%                 | 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        |     5908804 | PA      | $5908803.96   | 0.09%             | 2028-07-21      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| Entegris, Inc.                                   | Entegris, Inc.                                                           | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    22776000 | PA      | $22788504.02  | 0.36%             | 2030-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| Spirit AeroSystems, Inc.                         | Spirit AeroSystems, Inc.                                                 | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     4729000 | PA      | $5035448.66   | 0.08%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| ACProducts Holdings, Inc.                        | ACProducts Holdings, Inc., 1st Lien Term Loan                            | CUSIP: 00488YAB2<br>LEI: 254900KTNXVUUHWHBF39 | Long             | LON              | CORP              | US        |     9046043 | PA      | $6641333.23   | 0.10%             | 2028-05-17      | Variable      | 8.81%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc.                                                 | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     5487822 | PA      | $5330047.12   | 0.08%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                       | Builders FirstSource, Inc.                                               | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     4200000 | PA      | $4184591.46   | 0.07%             | 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        |     5440000 | PA      | $5228436.77   | 0.08%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Endo GUC Trust                                   | Endo GUC Trust                                                           | CUSIP: 29281F105<br>LEI: N/A                  | Long             |  | RF                | US        |      750667 | NS      | $375333.50    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| US Foods, Inc.                                   | US Foods, Inc.                                                           | CUSIP: 90290MAE1<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     4960000 | PA      | $4770829.57   | 0.07%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                              | Medline Borrower LP                                                      | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    16710000 | PA      | $15748616.89  | 0.25%             | 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        |    37173000 | PA      | $34046999.39  | 0.53%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Altice France Holding SA                         | Altice France Holding SA                                                 | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |    10739000 | PA      | $3839192.50   | 0.06%             | 2027-05-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                             | Archrock Partners LP                                                     | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4277000 | PA      | $4299497.02   | 0.07%             | 2032-09-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Intelsat SA                                      | Intelsat SA                                                              | CUSIP: N/A<br>LEI: 549300YV2L21F4K80V46       | Long             | EC               | CORP              | LU        |      749408 | NS      | $30444700.00  | 0.48%             |  |  |  | No            |                  3 | On Loan: No      |
| Albertsons Cos., Inc.                            | Albertsons Cos., Inc.                                                    | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5170000 | PA      | $5029124.74   | 0.08%             | 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        |      660000 | PA      | $657018.38    | 0.01%             | 2027-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Co.                         | Central Garden & Pet Co.                                                 | CUSIP: 153527AM8<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     3062000 | PA      | $3061253.48   | 0.05%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Outfront Media Capital LLC                       | Outfront Media Capital LLC                                               | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7604000 | PA      | $8030227.01   | 0.13%             | 2031-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| White Cap Supply Holdings LLC                    | White Cap Supply Holdings LLC, 1st Lien Term Loan C                      | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |     1251622 | PA      | $1237641.23   | 0.02%             | 2029-10-19      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| Precision Drilling Corp.                         | Precision Drilling Corp.                                                 | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |      405000 | PA      | $388926.81    | 0.01%             | 2029-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan                 | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |     1279880 | PA      | $1251991.30   | 0.02%             | 2028-08-23      | Variable      | 8.44%                 | No            |                  2 | On Loan: No      |
| Altice France Holding SA                         | Altice France Holding SA                                                 | CUSIP: 02156TAA2<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |     3390000 | PA      | $1234555.96   | 0.02%             | 2028-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                    | Novelis Corp.                                                            | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     1522000 | PA      | $1569538.15   | 0.02%             | 2030-01-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                      | Wayfair LLC                                                              | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     2951000 | PA      | $2874073.92   | 0.05%             | 2029-10-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| INEOS US Finance LLC                             | INEOS US Finance LLC, 1st Lien Term Loan                                 | CUSIP: G4768PAN1<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |     5826471 | PA      | $5626215.43   | 0.09%             | 2030-02-18      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                                 | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     5676000 | PA      | $3703854.67   | 0.06%             | 2029-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                           | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     3972000 | PA      | $3068405.35   | 0.05%             | 2030-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| MPT Operating Partnership LP                     | MPT Operating Partnership LP                                             | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3926000 | PA      | $4024322.74   | 0.06%             | 2032-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                           | Cleveland-Cliffs, Inc.                                                   | CUSIP: 185899AK7<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     7815000 | PA      | $6985039.97   | 0.11%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                         | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      210000 | PA      | $137550.00    | 0.00%             | 2031-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Element Solutions, Inc.                          | Element Solutions, Inc.                                                  | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |     7630000 | PA      | $7325930.77   | 0.11%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                                     | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1699708 | PA      | $1717757.20   | 0.03%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CommScope Technologies LLC                       | CommScope Technologies LLC                                               | CUSIP: 20338HAB9<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |    10084000 | PA      | $9745001.13   | 0.15%             | 2027-03-15      | Fixed         | 5.00%                 | 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        |     6153150 | PA      | $3630358.50   | 0.06%             | 2029-05-03      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Xerox Issuer Corp.                               | Xerox Issuer Corp.                                                       | CUSIP: 98423RAA1<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     3310000 | PA      | $3306190.49   | 0.05%             | 2031-04-15      | Fixed         | 13.50%                | 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        |     5128290 | PA      | $5115469.65   | 0.08%             | 2031-11-19      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| TriNet Group, Inc.                               | TriNet Group, Inc.                                                       | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |     5700000 | PA      | $5876717.10   | 0.09%             | 2031-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                              | NuStar Logistics LP                                                      | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |      209000 | PA      | $212929.19    | 0.00%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Kinetik Holdings LP                              | Kinetik Holdings LP                                                      | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     3962000 | PA      | $3938456.21   | 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        |     5730000 | PA      | $5722379.10   | 0.09%             | 2031-11-13      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| Citigroup, Inc.                                  | Citigroup, Inc., Series T                                                | CUSIP: 172967KM2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     9565000 | PA      | $9660506.53   | 0.15%             | 2026-08-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                               | CUSIP: 053773BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7650000 | PA      | $7327292.63   | 0.11%             | 2028-04-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Prime Security Services Borrower LLC             | Prime Security Services Borrower LLC                                     | CUSIP: 74166MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4365000 | PA      | $4375875.48   | 0.07%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Liberty Interactive LLC                          | Liberty Interactive LLC                                                  | CUSIP: 530715AL5<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |     4448000 | PA      | $667200.00    | 0.01%             | 2030-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Knife River Corp.                                | Knife River Corp.                                                        | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7395000 | PA      | $7740427.85   | 0.12%             | 2031-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                      | Acadia Healthcare Co., Inc.                                              | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    11535000 | PA      | $11366313.31  | 0.18%             | 2028-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Antero Midstream Partners LP                     | Antero Midstream Partners LP                                             | CUSIP: 03690AAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11036000 | PA      | $11026394.27  | 0.17%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                  | Sinclair Television Group, Inc.                                          | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    10424000 | PA      | $10429524.72  | 0.16%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| United Airlines, Inc.                            | United Airlines, Inc.                                                    | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |     1190000 | PA      | $1130323.52   | 0.02%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                       | Lamb Weston Holdings, Inc.                                               | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     9540000 | PA      | $8996635.94   | 0.14%             | 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        |     7127000 | PA      | $7673099.25   | 0.12%             | 2030-02-15      | Fixed         | 9.00%                 | 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        |     5992000 | PA      | $6037131.92   | 0.09%             | 2032-06-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                                      | CUSIP: 432833AH4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     2112000 | PA      | $2114471.04   | 0.03%             | 2028-05-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                       | iHeartCommunications, Inc.                                               | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    25835730 | PA      | $12635480.47  | 0.20%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| Altice France SA                                 | Altice France SA                                                         | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    12267000 | PA      | $10351057.75  | 0.16%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                 | Bombardier, Inc.                                                         | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     7145000 | PA      | $7668785.66   | 0.12%             | 2030-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC               | Venture Global Plaquemines LNG LLC                                       | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     1770000 | PA      | $1848672.96   | 0.03%             | 2033-05-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                    | Novelis Corp.                                                            | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     5187000 | PA      | $4930941.67   | 0.08%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works, Inc.                          | Bath & Body Works, Inc.                                                  | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      336000 | PA      | $338392.32    | 0.01%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                                | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     7863000 | PA      | $7847683.82   | 0.12%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                                      | CUSIP: 651229AW6<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     1881000 | PA      | $1894283.62   | 0.03%             | 2026-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Incora Intermediate LLC                          | Incora Intermediate II LLC                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      254099 | NS      | $5079439.01   | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| Claire's Stores, Inc.                            | Claire's Stores, Inc.                                                    | CUSIP: N/A<br>LEI: 549300N5HNYXI6JY7625       | Long             | EC               | CORP              | US        |       16704 | NS      | $0.02         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LABL, Inc.                                       | LABL, Inc., 1st Lien Term Loan B                                         | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |     8348456 | PA      | $7418939.20   | 0.12%             | 2028-10-30      | Variable      | 9.43%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                        | Vistra Operations Co. LLC                                                | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    17649000 | PA      | $18713904.66  | 0.29%             | 2031-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Venator Materials plc                            | Venator Materials plc                                                    | CUSIP: N/A<br>LEI: 549300WFXC4YL5IHX316       | Long             | EC               | CORP              | GB        |       11378 | NS      | $2133375.00   | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| PetSmart, Inc.                                   | PetSmart, Inc.                                                           | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8336000 | PA      | $8114902.60   | 0.13%             | 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        |     9889392 | PA      | $9833814.11   | 0.15%             | 2031-08-04      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                  | TransDigm, Inc., 1st Lien Term Loan J                                    | CUSIP: 89364MCA0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2319158 | PA      | $2318392.98   | 0.04%             | 2031-02-28      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| EQT Corp.                                        | EQT Corp.                                                                | CUSIP: 26884LBA6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     2878000 | PA      | $3124150.91   | 0.05%             | 2030-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.               | Nationstar Mortgage Holdings, Inc.                                       | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7206000 | PA      | $7174965.92   | 0.11%             | 2030-12-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                          | GFL Environmental, Inc.                                                  | CUSIP: 36168QAP9<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     5168000 | PA      | $4962647.45   | 0.08%             | 2029-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Enpro, Inc.                                      | Enpro, Inc.                                                              | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |     3223000 | PA      | $3246970.74   | 0.05%             | 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        |    12502000 | PA      | $12842566.98  | 0.20%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                         | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     3256000 | PA      | $3222404.92   | 0.05%             | 2028-05-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| AHP Health Partners, Inc.                        | AHP Health Partners, Inc.                                                | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |     6904000 | PA      | $6613820.74   | 0.10%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.           | Mauser Packaging Solutions Holding Co.                                   | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    11764000 | PA      | $11588601.11  | 0.18%             | 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        |    50374000 | PA      | $49537217.34  | 0.78%             | 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        |    21620552 | PA      | $17093208.08  | 0.27%             | 2026-06-30      | Variable      | 2.00%                 | No            |                  3 | On Loan: No      |
| Terex Corp.                                      | Terex Corp.                                                              | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    12488000 | PA      | $12033551.69  | 0.19%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Synaptics, Inc.                                  | Synaptics, Inc.                                                          | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |     4690000 | PA      | $4359522.90   | 0.07%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Rocket Software, Inc.                            | Rocket Software, Inc., 1st Lien Term Loan                                | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |     7025900 | PA      | $7030747.87   | 0.11%             | 2028-11-28      | Variable      | 8.58%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                               | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11161000 | PA      | $11351964.71  | 0.18%             | 2030-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Encompass Health Corp.                           | Encompass Health Corp.                                                   | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |     3872000 | PA      | $3691952.39   | 0.06%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Imola Merger Corp.                               | Imola Merger Corp.                                                       | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    25307000 | PA      | $24248896.62  | 0.38%             | 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        |     3405000 | PA      | $3370575.45   | 0.05%             | 2031-01-30      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| GEO Group, Inc. (The)                            | GEO Group, Inc. (The)                                                    | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     6121000 | PA      | $6461181.98   | 0.10%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| DT Midstream, Inc.                               | DT Midstream, Inc.                                                       | CUSIP: 23345MAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3221000 | PA      | $3008038.75   | 0.05%             | 2031-06-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CommScope, Inc.                                  | CommScope, Inc., 1st Lien Term Loan                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     7000000 | PA      | $7060270.00   | 0.11%             | 2029-12-18      | Variable      | 9.58%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC                                   | 1011778 BC ULC                                                           | CUSIP: 68245XAP4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      945000 | PA      | $891149.08    | 0.01%             | 2029-02-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| Valaris Ltd.                                     | Valaris Ltd.                                                             | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     3424000 | PA      | $3437309.09   | 0.05%             | 2030-04-30      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Mileage Plus Holdings LLC                        | Mileage Plus Holdings LLC                                                | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4332960 | PA      | $4342904.15   | 0.07%             | 2027-06-20      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Owens-Brockway Glass Container, Inc.             | Owens-Brockway Glass Container, Inc.                                     | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |     3880000 | PA      | $3881951.64   | 0.06%             | 2027-05-13      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                    | Asbury Automotive Group, Inc.                                            | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     4812000 | PA      | $4688024.59   | 0.07%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rite Aid Corp.                                   | Rite Aid Corp.                                                           | CUSIP: 767ESCAA4<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |    10299000 | PA      | $0.10         | 0.00%             | 2025-07-01      | Fixed         | 7.50%                 | No            |                  3 | On Loan: No      |
| Acushnet Co.                                     | Acushnet Co.                                                             | CUSIP: 005095AA2<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |     2978000 | PA      | $3085824.45   | 0.05%             | 2028-10-15      | Fixed         | 7.38%                 | 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        |    13113153 | PA      | $8348750.81   | 0.13%             | 2026-12-18      | Variable      | 10.73%                | No            |                  2 | On Loan: No      |
| Virgin Media Secured Finance plc                 | Virgin Media Secured Finance plc                                         | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    11062000 | PA      | $10214213.85  | 0.16%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Regal Rexnord Corp.                              | Regal Rexnord Corp.                                                      | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     3700000 | PA      | $3719393.00   | 0.06%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                         | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     6160000 | PA      | $6087471.54   | 0.10%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Sirius XM Radio LLC                              | Sirius XM Radio LLC                                                      | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    35321000 | PA      | $33517283.69  | 0.53%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Genesis Energy LP                                | Genesis Energy LP                                                        | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4082000 | PA      | $4286373.49   | 0.07%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Coherent Corp.                                   | Coherent Corp.                                                           | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    25399000 | PA      | $24610706.48  | 0.39%             | 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        |     5386000 | PA      | $5029720.25   | 0.08%             | 2029-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| XPO, Inc.                                        | XPO, Inc.                                                                | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |     5232000 | PA      | $5284272.91   | 0.08%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Dana, Inc.                                       | Dana, Inc.                                                               | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     8325000 | PA      | $8297241.95   | 0.13%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                              | Medline Borrower LP, 1st Lien Term Loan                                  | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    11784643 | PA      | $11770972.75  | 0.18%             | 2028-10-23      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| EQT Corp.                                        | EQT Corp.                                                                | CUSIP: 26884LBC2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     7863000 | PA      | $7606609.90   | 0.12%             | 2031-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| EMRLD Borrower LP                                | EMRLD Borrower LP                                                        | CUSIP: 26873CAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3287000 | PA      | $3363590.39   | 0.05%             | 2031-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| WR Grace Holdings LLC                            | WR Grace Holdings LLC                                                    | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    13268000 | PA      | $11690637.80  | 0.18%             | 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        |     6915000 | PA      | $6625857.57   | 0.10%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                       | Builders FirstSource, Inc.                                               | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     6517000 | PA      | $6577986.09   | 0.10%             | 2032-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                     | Scotts Miracle-Gro Co. (The)                                             | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     7629000 | PA      | $6866480.69   | 0.11%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                  | Permian Resources Operating LLC                                          | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    13590000 | PA      | $14842128.24  | 0.23%             | 2031-07-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                   | Rite Aid Corp.                                                           | CUSIP: 767754CR3<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |     2678665 | PA      | $0.03         | 0.00%             | 2031-08-30      | Variable      | 11.32%                | Yes           |                  3 | On Loan: No      |
| DaVita, Inc.                                     | DaVita, Inc.                                                             | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    19091000 | PA      | $16909198.43  | 0.26%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Yum! Brands, Inc.                                | Yum! Brands, Inc.                                                        | CUSIP: 988498AP6<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |     2229000 | PA      | $2113727.71   | 0.03%             | 2032-01-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Coinbase Global, Inc.                            | Coinbase Global, Inc.                                                    | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |     1567000 | PA      | $1457247.32   | 0.02%             | 2028-10-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                     | Tallgrass Energy Partners LP                                             | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4725000 | PA      | $4695619.48   | 0.07%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Terex Corp.                                      | Terex Corp.                                                              | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |     7165000 | PA      | $7046018.01   | 0.11%             | 2032-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Precision Drilling Corp.                         | Precision Drilling Corp.                                                 | CUSIP: 740212AL9<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |     3326000 | PA      | $3322291.18   | 0.05%             | 2026-01-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                                 | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     8364000 | PA      | $4747413.68   | 0.07%             | 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        |     6735000 | PA      | $3013912.50   | 0.05%             | 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        |     3130000 | PA      | $3278305.66   | 0.05%             | 2029-08-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Performance Food Group, Inc.                     | Performance Food Group, Inc.                                             | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    16013000 | PA      | $15946581.28  | 0.25%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                    | CommScope LLC                                                            | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    13845000 | PA      | $13809322.13  | 0.22%             | 2027-03-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397C50<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     2800000 | PA      | $2819247.14   | 0.04%             | 2026-03-06      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                      | Caesars Entertainment, Inc.                                              | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    10691000 | PA      | $10777009.10  | 0.17%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| IQVIA, Inc.                                      | IQVIA, Inc.                                                              | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     9965000 | PA      | $9900926.05   | 0.16%             | 2027-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The)                                                        | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    12934000 | PA      | $11421920.98  | 0.18%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                               | Chemours Co. (The)                                                       | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |      646000 | PA      | $528437.17    | 0.01%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| TriMas Corp.                                     | TriMas Corp.                                                             | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |     6045000 | PA      | $5689630.17   | 0.09%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                         | Wynn Resorts Finance LLC                                                 | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4590000 | PA      | $4539705.53   | 0.07%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| RingCentral, Inc.                                | RingCentral, Inc.                                                        | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |    12210000 | PA      | $12896433.99  | 0.20%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                   | Univision Communications, Inc.                                           | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     8641000 | PA      | $8078211.67   | 0.13%             | 2030-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| NCR Atleos Corp.                                 | NCR Atleos Corp., 1st Lien Term Loan B                                   | CUSIP: 63001PAF8<br>LEI: 9845005FC3S0VA714741 | Long             | LON              | CORP              | US        |      853333 | PA      | $857070.93    | 0.01%             | 2029-03-27      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance plc                     | Ardagh Packaging Finance plc                                             | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10415000 | PA      | $9467964.05   | 0.15%             | 2026-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Central Garden & Pet Co.                         | Central Garden & Pet Co.                                                 | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     1046000 | PA      | $953481.20    | 0.01%             | 2031-04-30      | Fixed         | 4.12%                 | 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        |     5945441 | PA      | $5896213.17   | 0.09%             | 2032-04-01      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| Avient Corp.                                     | Avient Corp.                                                             | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |     3409000 | PA      | $3512974.50   | 0.06%             | 2030-08-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                         | CUSIP: 629377CQ3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     5684000 | PA      | $5310025.20   | 0.08%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| CNX Midstream Partners LP                        | CNX Midstream Partners LP                                                | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1780000 | PA      | $1650074.24   | 0.03%             | 2030-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC                   | Anywhere Real Estate Group LLC                                           | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    12803000 | PA      | $9943650.96   | 0.16%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                 | Bombardier, Inc.                                                         | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     1444000 | PA      | $1450636.62   | 0.02%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Avantor Funding, Inc.                            | Avantor Funding, Inc.                                                    | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |    14816000 | PA      | $14439938.81  | 0.23%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| iHeartMedia, Inc.                                | iHeartMedia, Inc., Class A                                               | CUSIP: 45174J509<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      273140 | NS      | $357813.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The), Escrow                                                | CUSIP: 428ESCAB3<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     6563000 | PA      | $426595.00    | 0.01%             | 2024-10-15      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Buckeye Partners LP                              | Buckeye Partners LP                                                      | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     8082000 | PA      | $8342345.47   | 0.13%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Vital Energy, Inc.                               | Vital Energy, Inc.                                                       | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     6849000 | PA      | $5555410.88   | 0.09%             | 2032-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                         | CUSIP: 629377CT7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     2783000 | PA      | $3001715.97   | 0.05%             | 2033-03-15      | Fixed         | 7.00%                 | 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        |     8759647 | PA      | $4223025.95   | 0.07%             | 2026-06-30      | Variable      | 2.00%                 | No            |                  3 | On Loan: No      |
| Staples, Inc.                                    | Staples, Inc.                                                            | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    22985000 | PA      | $20807895.28  | 0.33%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     2000000 | PA      | $2041887.86   | 0.03%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Marriott Ownership Resorts, Inc.                 | Marriott Ownership Resorts, Inc.                                         | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |     4566000 | PA      | $4286736.59   | 0.07%             | 2029-06-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                                | CUSIP: 552953CD1<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    15175000 | PA      | $15110896.25  | 0.24%             | 2026-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Masterbrand, Inc.                                | Masterbrand, Inc.                                                        | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |     7840000 | PA      | $7795872.56   | 0.12%             | 2032-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| VICI Properties LP                               | VICI Properties LP                                                       | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    16880000 | PA      | $16692812.62  | 0.26%             | 2026-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CD&R Smokey Buyer, Inc.                          | CD&R Smokey Buyer, Inc.                                                  | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8169000 | PA      | $6780270.00   | 0.11%             | 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        |     1213000 | PA      | $1237138.91   | 0.02%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                              | Station Casinos LLC                                                      | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    20698000 | PA      | $20074011.60  | 0.31%             | 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        |     4548000 | PA      | $4593562.64   | 0.07%             | 2030-11-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Wand NewCo 3, Inc.                               | Wand NewCo 3, Inc.                                                       | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |     5214000 | PA      | $5424134.63   | 0.09%             | 2032-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                         | Blue Racer Midstream LLC                                                 | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3443000 | PA      | $3557228.41   | 0.06%             | 2029-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                                   | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     2073000 | PA      | $1990563.63   | 0.03%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ams-OSRAM AG                                     | ams-OSRAM AG                                                             | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |     8065000 | PA      | $8411262.71   | 0.13%             | 2029-03-30      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                      | Caesars Entertainment, Inc.                                              | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     4943000 | PA      | $4950261.27   | 0.08%             | 2027-07-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Xerox Corp.                                      | Xerox Corp.                                                              | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |     3482000 | PA      | $3578179.80   | 0.06%             | 2030-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                   | Entegris, Inc.                                                           | CUSIP: 29362UAD6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     6183000 | PA      | $5765837.94   | 0.09%             | 2029-05-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Albertsons Cos., Inc.                            | Albertsons Cos., Inc.                                                    | CUSIP: 013092AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3781000 | PA      | $3719996.59   | 0.06%             | 2026-03-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| Altice Financing SA                              | Altice Financing SA                                                      | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |     7883000 | PA      | $6025313.50   | 0.09%             | 2029-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Radiology Partners, Inc.                         | Radiology Partners, Inc.                                                 | CUSIP: 75041VAC8<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |     7199305 | PA      | $6950678.66   | 0.11%             | 2030-02-15      | Fixed         | 9.78%                 | Yes           |                  2 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                           | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     6471000 | PA      | $6217222.26   | 0.10%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| EQT Corp.                                        | EQT Corp.                                                                | CUSIP: 26884LAW9<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     6959000 | PA      | $6800263.26   | 0.11%             | 2029-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Wayfair LLC                                      | Wayfair LLC                                                              | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     6987000 | PA      | $6845523.66   | 0.11%             | 2030-09-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                      | Allied Universal Holdco LLC                                              | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7894000 | PA      | $7540392.53   | 0.12%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                                      | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     6609000 | PA      | $6710996.70   | 0.11%             | 2032-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Grifols SA                                       | Grifols SA                                                               | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |     8295000 | PA      | $7890702.53   | 0.12%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Interface, Inc.                                  | Interface, Inc.                                                          | CUSIP: 458665AS5<br>LEI: 549300VXZWQOIDFPU355 | Long             | DBT              | CORP              | US        |     7100000 | PA      | $7004499.32   | 0.11%             | 2028-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Archrock Partners LP                             | Archrock Partners LP                                                     | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1915000 | PA      | $1917761.43   | 0.03%             | 2027-04-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Baytex Energy Corp.                              | Baytex Energy Corp.                                                      | CUSIP: 07317QAK1<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |     5573000 | PA      | $5058933.66   | 0.08%             | 2032-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| First Student Bidco, Inc.                        | First Student Bidco, Inc., 1st Lien Term Loan C                          | CUSIP: 33718FAM2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2313725 | PA      | $2313077.31   | 0.04%             | 2028-07-21      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                         | AthenaHealth Group, Inc., 1st Lien Term Loan                             | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |     4804991 | PA      | $4781830.91   | 0.07%             | 2029-02-15      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                            | Directv Financing LLC                                                    | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9202000 | PA      | $9057607.92   | 0.14%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| White Cap Buyer LLC                              | White Cap Buyer LLC                                                      | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3761000 | PA      | $3686937.64   | 0.06%             | 2028-10-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                 | Goodyear Tire & Rubber Co. (The)                                         | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     4657000 | PA      | $4345397.34   | 0.07%             | 2031-07-15      | Fixed         | 5.25%                 | 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        |     7234938 | PA      | $7234937.85   | 0.11%             | 2026-06-30      | Variable      | 15.92%                | No            |                  3 | On Loan: No      |
| MIWD Holdco II LLC                               | MIWD Holdco II LLC                                                       | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4607000 | PA      | $4247376.66   | 0.07%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                                | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     6520000 | PA      | $6532857.44   | 0.10%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC                                   | 1011778 BC ULC                                                           | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      550000 | PA      | $560905.95    | 0.01%             | 2029-06-15      | Fixed         | 6.12%                 | 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        |     7618281 | PA      | $7637326.95   | 0.12%             | 2029-04-05      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| PetSmart LLC                                     | PetSmart LLC, 1st Lien Term Loan                                         | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     6535796 | PA      | $6504489.70   | 0.10%             | 2028-02-11      | Variable      | 8.18%                 | No            |                  2 | On Loan: No      |
| Trinity Industries, Inc.                         | Trinity Industries, Inc.                                                 | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |     5560000 | PA      | $5777785.20   | 0.09%             | 2028-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Northriver Midstream Finance LP                  | Northriver Midstream Finance LP                                          | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |     3611000 | PA      | $3643972.04   | 0.06%             | 2032-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                          | American Airlines, Inc.                                                  | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10471725 | PA      | $10453834.45  | 0.16%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                    | SM Energy Co.                                                            | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    12328000 | PA      | $12341227.94  | 0.19%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| EndoDesign                                       | EndoDesign                                                               | CUSIP: 292ESCB17<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     5067000 | PA      | $0.05         | 0.00%             | 2024-10-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| iShares iBoxx $ High Yield Corporate Bond ETF    | iShares iBoxx $ High Yield Corporate Bond ETF                            | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             |  | RF                | US        |      200000 | NS      | $15914000.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Holdings, Inc.                         | RB Global Holdings, Inc.                                                 | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |     1729000 | PA      | $1809921.57   | 0.03%             | 2031-03-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                 | Gray Media, Inc.                                                         | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     7252000 | PA      | $5178288.42   | 0.08%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| MGM Resorts International                        | MGM Resorts International                                                | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     6163000 | PA      | $6192298.90   | 0.10%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GFL Environmental, Inc.                          | GFL Environmental, Inc.                                                  | CUSIP: 36168QAL8<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     8070000 | PA      | $7757803.17   | 0.12%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Crown Finance US, Inc.                           | Crown Finance US, Inc., 1st Lien Term Loan                               | CUSIP: 22834KAU5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    11701962 | PA      | $11706175.21  | 0.18%             | 2031-12-02      | Variable      | 9.58%                 | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                              | Post Holdings, Inc.                                                      | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     8528000 | PA      | $8070740.58   | 0.13%             | 2030-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Standard Building Solutions, Inc.                | Standard Building Solutions, Inc.                                        | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     8208000 | PA      | $8335856.02   | 0.13%             | 2032-08-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Clarivate Science Holdings Corp.                 | Clarivate Science Holdings Corp.                                         | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5562000 | PA      | $5144445.64   | 0.08%             | 2029-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                          | Level 3 Financing, Inc.                                                  | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     6884000 | PA      | $6252279.69   | 0.10%             | 2029-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397YT4<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    10200000 | PA      | $9736542.80   | 0.15%             | 2027-11-02      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP                             | AmeriGas Partners LP                                                     | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3992000 | PA      | $4032109.54   | 0.06%             | 2030-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                        | Sunoco LP                                                                | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     2840000 | PA      | $2931058.92   | 0.05%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                              | Audacy, Inc.                                                             | CUSIP: 05070N129<br>LEI: N/A                  | N/A              | DO               |  | US        |       76887 | NS      | $1191.75      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.               | Nationstar Mortgage Holdings, Inc.                                       | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3448000 | PA      | $3440475.08   | 0.05%             | 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        |     3434761 | PA      | $3434761.42   | 0.05%             | 2029-01-02      | Variable      | 6.28%                 | No            |                  3 | On Loan: No      |
| Connect Finco SARL                               | Connect Finco SARL                                                       | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2590000 | PA      | $2468554.38   | 0.04%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Adient US LLC                                    | Adient US LLC, 1st Lien Term Loan B-2                                    | CUSIP: 00687MAH4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2066368 | PA      | $2054878.80   | 0.03%             | 2031-01-31      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                    | Smyrna Ready Mix Concrete LLC                                            | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     8361000 | PA      | $8585877.46   | 0.13%             | 2031-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                          | SS&C Technologies, Inc.                                                  | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |    19195000 | PA      | $19173593.74  | 0.30%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                | Clarios Global LP                                                        | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     3521000 | PA      | $3586173.71   | 0.06%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Americas, Inc.                     | Bausch Health Americas, Inc.                                             | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |     1925000 | PA      | $1814312.50   | 0.03%             | 2027-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| News Corp.                                       | News Corp.                                                               | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |     3028000 | PA      | $2871753.08   | 0.05%             | 2029-05-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                    | SM Energy Co.                                                            | CUSIP: 78454LAW0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     1977000 | PA      | $1966027.06   | 0.03%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Herc Holdings, Inc.                              | Herc Holdings, Inc.                                                      | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     4010000 | PA      | $3980823.24   | 0.06%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Resideo Funding, Inc.                            | Resideo Funding, Inc.                                                    | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |     6787000 | PA      | $6842823.08   | 0.11%             | 2032-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| United States of America                         | U.S. Treasury Notes                                                      | CUSIP: 91282CNA5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    47315000 | PA      | $46849242.97  | 0.73%             | 2032-04-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gap, Inc. (The)                                  | Gap, Inc. (The)                                                          | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     5311000 | PA      | $4849896.32   | 0.08%             | 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        |     9484000 | PA      | $7751641.18   | 0.12%             | 2029-03-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                                      | CUSIP: 432833AJ0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     1512000 | PA      | $1428486.34   | 0.02%             | 2029-05-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| APi Group DE, Inc.                               | APi Group DE, Inc.                                                       | CUSIP: 001877AA7<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |     5124000 | PA      | $4847015.01   | 0.08%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                              | Rocket Mortgage LLC                                                      | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6544000 | PA      | $6105434.86   | 0.10%             | 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        |    17263178 | PA      | $16766861.63  | 0.26%             | 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        |     1634000 | PA      | $1632599.83   | 0.03%             | 2026-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| ADT Security Corp. (The)                         | ADT Security Corp. (The)                                                 | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |     7299000 | PA      | $6960949.73   | 0.11%             | 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        |     9007000 | PA      | $8913274.06   | 0.14%             | 2027-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Scripps Escrow, Inc.                             | Scripps Escrow, Inc.                                                     | CUSIP: 81104PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7756000 | PA      | $6576024.65   | 0.10%             | 2027-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                                      | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     5297000 | PA      | $5480005.21   | 0.09%             | 2028-06-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| TEGNA, Inc.                                      | TEGNA, Inc.                                                              | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     3188000 | PA      | $3036621.65   | 0.05%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Williams Scotsman, Inc.                          | Williams Scotsman, Inc.                                                  | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     6005000 | PA      | $6248100.42   | 0.10%             | 2031-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                         | Energizer Holdings, Inc.                                                 | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    18011000 | PA      | $17367474.17  | 0.27%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Medline Borrower LP                              | Medline Borrower LP                                                      | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9413000 | PA      | $9578328.43   | 0.15%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Herc Holdings Escrow, Inc.                       | Herc Holdings Escrow, Inc.                                               | CUSIP: 42703NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4005000 | PA      | $4126053.61   | 0.06%             | 2030-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| ADT Security Corp. (The)                         | ADT Security Corp. (The)                                                 | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    10847000 | PA      | $10295833.56  | 0.16%             | 2032-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Wabash National Corp.                            | Wabash National Corp.                                                    | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |     6142000 | PA      | $5241580.96   | 0.08%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     8744000 | PA      | $7787058.21   | 0.12%             | 2030-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                      | Adient Global Holdings Ltd.                                              | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     5538000 | PA      | $5494393.46   | 0.09%             | 2033-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| EQT Corp.                                        | EQT Corp.                                                                | CUSIP: 26884LBG3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     4440000 | PA      | $4522654.33   | 0.07%             | 2027-06-01      | Fixed         | 7.50%                 | 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        |     3249204 | PA      | $3216711.75   | 0.05%             | 2026-01-16      | Variable      | 14.26%                | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                  | Madison IAQ LLC, 1st Lien Term Loan                                      | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |    11707810 | PA      | $11692004.55  | 0.18%             | 2028-06-21      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP                          | RHP Hotel Properties LP                                                  | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    17904000 | PA      | $17285391.73  | 0.27%             | 2029-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| LABL, Inc.                                       | LABL, Inc.                                                               | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |      388000 | PA      | $321241.42    | 0.01%             | 2031-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Park River Holdings, Inc.                        | Park River Holdings, Inc., 1st Lien Term Loan                            | CUSIP: 70082HAC0<br>LEI: 254900PGY077KWCROT75 | Long             | LON              | CORP              | US        |     5474424 | PA      | $5257308.51   | 0.08%             | 2027-12-28      | Variable      | 7.80%                 | No            |                  2 | On Loan: No      |
| Alcoa Nederland Holding BV                       | Alcoa Nederland Holding BV                                               | CUSIP: 013822AH4<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |     4576000 | PA      | $4750592.70   | 0.07%             | 2031-03-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| CNX Resources Corp.                              | CNX Resources Corp.                                                      | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     4113000 | PA      | $4083098.90   | 0.06%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Conduent Business Services LLC                   | Conduent Business Services LLC                                           | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9530000 | PA      | $8759712.30   | 0.14%             | 2029-11-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                                    | CUSIP: 682695AA9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      837000 | PA      | $877234.72    | 0.01%             | 2029-01-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Harvest Midstream I LP                           | Harvest Midstream I LP                                                   | CUSIP: 417558AB9<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |     3860000 | PA      | $3965864.36   | 0.06%             | 2032-05-15      | Fixed         | 7.50%                 | 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        |     4306000 | PA      | $4248482.17   | 0.07%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                        | ATI, Inc.                                                                | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     7269000 | PA      | $7268348.48   | 0.11%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NMG Parent LLC                                   | NMG Parent LLC, Escrow                                                   | CUSIP: 629ESC039<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       83132 | NS      | $2136492.40   | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| INEOS Finance plc                                | INEOS Finance plc                                                        | CUSIP: 44984WAJ6<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    14918000 | PA      | $14656090.64  | 0.23%             | 2029-04-15      | Fixed         | 7.50%                 | 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        |    10312000 | PA      | $10125146.56  | 0.16%             | 2031-12-02      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| Gray Media, Inc.                                 | Gray Media, Inc.                                                         | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    14223000 | PA      | $14124645.11  | 0.22%             | 2027-05-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                               | CUSIP: 053773BH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1035000 | PA      | $1047461.40   | 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        |     5083294 | PA      | $5766568.22   | 0.09%             | 2029-11-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                          | RHP Hotel Properties LP                                                  | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    19185000 | PA      | $18957615.54  | 0.30%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     4083000 | PA      | $4129438.41   | 0.06%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Escrow Rite Aid                                  | Escrow Rite Aid                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     2523888 | PA      | $0.03         | 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        |     3261000 | PA      | $3279554.96   | 0.05%             | 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        |     8352000 | PA      | $7959712.41   | 0.12%             | 2031-09-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Transocean, Inc.                                 | Transocean, Inc.                                                         | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     7050000 | PA      | $6357632.19   | 0.10%             | 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        |     7148000 | PA      | $7087330.64   | 0.11%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Matador Resources Co.                            | Matador Resources Co.                                                    | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     4204000 | PA      | $4116289.43   | 0.06%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Somnigroup International, Inc.                   | Somnigroup International, Inc.                                           | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    14792000 | PA      | $13932043.41  | 0.22%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                         | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     9093000 | PA      | $8292971.49   | 0.13%             | 2028-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Griffon Corp.                                    | Griffon Corp.                                                            | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |    15190000 | PA      | $15098392.15  | 0.24%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Archrock Partners LP                             | Archrock Partners LP                                                     | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3150000 | PA      | $3144887.87   | 0.05%             | 2028-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| SBA Communications Corp.                         | SBA Communications Corp.                                                 | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |      739000 | PA      | $687489.04    | 0.01%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                | Clarios Global LP                                                        | CUSIP: 69867DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5936000 | PA      | $5936559.23   | 0.09%             | 2026-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Serta Simmons Bedding LLC                        | Serta Simmons Bedding LLC, 1st Lien Term Loan                            | CUSIP: 81753HAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     6277418 | PA      | $5687780.00   | 0.09%             | 2028-06-29      | Variable      | 11.91%                | No            |                  2 | On Loan: No      |
| Staples, Inc.                                    | Staples, Inc.                                                            | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    13192943 | PA      | $8492468.92   | 0.13%             | 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        |     8108000 | PA      | $7379444.31   | 0.12%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DT Midstream, Inc.                               | DT Midstream, Inc.                                                       | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7517000 | PA      | $7159720.97   | 0.11%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Antero Resources Corp.                           | Antero Resources Corp.                                                   | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     5531000 | PA      | $5661537.13   | 0.09%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                       | Outfront Media Capital LLC                                               | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2005000 | PA      | $1881001.58   | 0.03%             | 2030-03-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                       | iHeartCommunications, Inc., 1st Lien Term Loan B                         | CUSIP: 45174UAJ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    10317658 | PA      | $8437883.99   | 0.13%             | 2029-05-01      | Variable      | 10.21%                | 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        |     5460000 | PA      | $5491520.58   | 0.09%             | 2032-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Par Pharmaceutical, Inc.                         | Par Pharmaceutical, Inc.                                                 | CUSIP: 698ESCAA8<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |     7307000 | PA      | $0.07         | 0.00%             | 2027-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| Aethon United BR LP                              | Aethon United BR LP                                                      | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4598000 | PA      | $4711887.86   | 0.07%             | 2029-10-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Garda World Security Corp.                       | Garda World Security Corp.                                               | CUSIP: 36485MAN9<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     6803000 | PA      | $6773592.67   | 0.11%             | 2032-08-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| Tallgrass Energy Partners LP                     | Tallgrass Energy Partners LP                                             | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4030000 | PA      | $4098925.09   | 0.06%             | 2029-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                             | NOVA Chemicals Corp.                                                     | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     5827000 | PA      | $5570813.03   | 0.09%             | 2029-05-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Energy Transfer LP                               | Energy Transfer LP                                                       | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     2720000 | PA      | $2848703.93   | 0.04%             | 2031-02-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                                 | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    13203000 | PA      | $10776948.75  | 0.17%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Endo Finance Holdings, Inc.                      | Endo Finance Holdings, Inc.                                              | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2236000 | PA      | $2314441.12   | 0.04%             | 2031-04-15      | Fixed         | 8.50%                 | Yes           |                  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        |    17811804 | PA      | $16466300.70  | 0.26%             | 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        |     6000000 | PA      | $6081378.00   | 0.10%             | 2029-09-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Weekley Homes LLC                                | Weekley Homes LLC                                                        | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      703000 | PA      | $675666.24    | 0.01%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corp.                                   | DISH DBS Corp.                                                           | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6717000 | PA      | $5684442.61   | 0.09%             | 2028-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Alumina Pty. Ltd.                                | Alumina Pty. Ltd.                                                        | CUSIP: 02220AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     4536000 | PA      | $4543126.06   | 0.07%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                    | Organon & Co.                                                            | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    13538000 | PA      | $12716585.91  | 0.20%             | 2028-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                         | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    12808000 | PA      | $12631065.16  | 0.20%             | 2029-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                         | Venture Global LNG, Inc.                                                 | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      680000 | PA      | $690296.56    | 0.01%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397XU2<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    14627000 | PA      | $14510147.38  | 0.23%             | 2026-01-08      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Endo DAC                                         | Endo DAC                                                                 | CUSIP: 292ESCB09<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     7570000 | PA      | $0.08         | 0.00%             | 2029-04-01      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                                    | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     6059000 | PA      | $5870516.63   | 0.09%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                | EMRLD Borrower LP                                                        | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    20595000 | PA      | $20803289.39  | 0.33%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Shift4 Payments LLC                              | Shift4 Payments LLC                                                      | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6228000 | PA      | $6354407.85   | 0.10%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PG&E Corp.                                       | PG&E Corp.                                                               | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     5972000 | PA      | $5826922.20   | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cinemark USA, Inc.                               | Cinemark USA, Inc.                                                       | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |     3985000 | PA      | $3931343.17   | 0.06%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Adient Global Holdings Ltd.                      | Adient Global Holdings Ltd.                                              | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    12898000 | PA      | $13164640.35  | 0.21%             | 2031-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| US Renal Care, Inc.                              | US Renal Care, Inc., 1st Lien Term Loan C                                | CUSIP: 90290PAS3<br>LEI: 54930058SS5MF69JGN89 | Long             | LON              | CORP              | US        |    11369770 | PA      | $10703843.00  | 0.17%             | 2028-06-28      | Variable      | 9.44%                 | No            |                  2 | On Loan: No      |
| Live Nation Entertainment, Inc.                  | Live Nation Entertainment, Inc.                                          | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     1161000 | PA      | $1114670.06   | 0.02%             | 2028-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                                   | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     8603000 | PA      | $8609116.73   | 0.13%             | 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        |     8571000 | PA      | $8469431.42   | 0.13%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Hillenbrand, Inc.                                | Hillenbrand, Inc.                                                        | CUSIP: 431571AB4<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |     1318000 | PA      | $1305900.76   | 0.02%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                         | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    41934000 | PA      | $39319448.65  | 0.62%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The)                                                        | CUSIP: 428ESCAD9<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    20858000 | PA      | $4275890.00   | 0.07%             | 2028-01-15      | Fixed         | 6.00%                 | No            |                  3 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397ZW6<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    18205000 | PA      | $17944963.06  | 0.28%             | 2026-08-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                    | Starwood Property Trust, Inc.                                            | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     2396000 | PA      | $2490821.70   | 0.04%             | 2029-04-01      | 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        |    12543000 | PA      | $12494631.68  | 0.20%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                              | Audacy, Inc.                                                             | CUSIP: 05070N137<br>LEI: N/A                  | N/A              | DO               |  | US        |       12814 | NS      | $198.62       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Gray Media, Inc.                                 | Gray Media, Inc.                                                         | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     9728000 | PA      | $7040640.00   | 0.11%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| VistaJet Malta Finance plc                       | VistaJet Malta Finance plc                                               | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5001000 | PA      | $4926492.60   | 0.08%             | 2028-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Rocket Mortgage LLC                              | Rocket Mortgage LLC                                                      | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1739000 | PA      | $1502250.80   | 0.02%             | 2033-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Entegris, Inc.                                   | Entegris, Inc.                                                           | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     4379000 | PA      | $4227781.31   | 0.07%             | 2028-04-15      | Fixed         | 4.38%                 | 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        |    10887072 | PA      | $10883043.59  | 0.17%             | 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        |     7496000 | PA      | $7604358.80   | 0.12%             | 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        |     2140000 | PA      | $2176410.45   | 0.03%             | 2033-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Endo, Inc.                                       | Endo, Inc.                                                               | CUSIP: 29290D117<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      311388 | NS      | $6539148.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments LLC                              | Shift4 Payments LLC, 1st Lien Term Loan                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     7000000 | PA      | $7040810.00   | 0.11%             | 2032-05-07      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| Shutterfly Finance LLC                           | Shutterfly Finance LLC                                                   | CUSIP: 82568NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    14538133 | PA      | $12808167.57  | 0.20%             | 2027-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.               | United Rentals North America, Inc.                                       | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |      810000 | PA      | $810389.61    | 0.01%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                             | NOVA Chemicals Corp.                                                     | CUSIP: 66977WAT6<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     7247000 | PA      | $7633583.97   | 0.12%             | 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        |    17934000 | PA      | $16834670.91  | 0.26%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Ally Financial, Inc.                             | Ally Financial, Inc.                                                     | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |     5745000 | PA      | $5754800.05   | 0.09%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Goat Holdco LLC                                  | Goat Holdco LLC                                                          | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2700000 | PA      | $2689591.50   | 0.04%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                          | Civitas Resources, Inc.                                                  | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     9806000 | PA      | $9587383.47   | 0.15%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| CCO Holdings LLC                                 | CCO Holdings LLC                                                         | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    14577000 | PA      | $14426616.38  | 0.23%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                        | ATI, Inc.                                                                | CUSIP: 01741RAL6<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     3202000 | PA      | $3105936.80   | 0.05%             | 2029-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                            | WR Grace Holdings LLC                                                    | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     9330000 | PA      | $9198988.14   | 0.14%             | 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        |     3726000 | PA      | $3846534.94   | 0.06%             | 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        |     3161411 | PA      | $3148765.73   | 0.05%             | 2028-09-22      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                  | Permian Resources Operating LLC                                          | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     6968000 | PA      | $7147739.56   | 0.11%             | 2032-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Hologic, Inc.                                    | Hologic, Inc.                                                            | CUSIP: 436440AM3<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |      470000 | PA      | $464333.68    | 0.01%             | 2028-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Chemours Co. (The)                               | Chemours Co. (The)                                                       | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    22275000 | PA      | $19945164.20  | 0.31%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                      | Allied Universal Holdco LLC                                              | CUSIP: 019579AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1766000 | PA      | $1690550.65   | 0.03%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Superior Plus LP                                 | Superior Plus LP                                                         | CUSIP: 86828LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     4512000 | PA      | $4289418.98   | 0.07%             | 2029-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC                       | Avis Budget Car Rental LLC                                               | CUSIP: 053773BF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11760000 | PA      | $11088627.48  | 0.17%             | 2029-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                           | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    17923000 | PA      | $17967832.59  | 0.28%             | 2027-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Univision Communications, Inc.                   | Univision Communications, Inc.                                           | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    11496000 | PA      | $11503357.44  | 0.18%             | 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        |    14447000 | PA      | $14643609.22  | 0.23%             | 2034-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                         | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     8500000 | PA      | $5747120.30   | 0.09%             | 2031-11-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                         | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      811000 | PA      | $735422.26    | 0.01%             | 2031-02-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Blue Racer Midstream LLC                         | Blue Racer Midstream LLC                                                 | CUSIP: 095796AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3776000 | PA      | $3785504.19   | 0.06%             | 2026-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| EchoStar Corp.                                   | EchoStar Corp.                                                           | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     4185000 | PA      | $4205506.50   | 0.07%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Concentra Health Services, Inc.                  | Concentra Health Services, Inc.                                          | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |     2566000 | PA      | $2639970.08   | 0.04%             | 2032-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Outfront Media Capital LLC                       | Outfront Media Capital LLC                                               | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2170000 | PA      | $2052298.12   | 0.03%             | 2029-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The)                                                        | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    11303000 | PA      | $11509087.60  | 0.18%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: No      |
| Noble Finance II LLC                             | Noble Finance II LLC                                                     | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4210000 | PA      | $4195033.45   | 0.07%             | 2030-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| VICI Properties, Inc.                            | VICI Properties, Inc.                                                    | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      392814 | NS      | $12456131.94  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Icon Parent, Inc.                                | Icon Parent, Inc., 2nd Lien Term Loan                                    | CUSIP: 45115MAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3333333 | PA      | $3333333.33   | 0.05%             | 2032-11-12      | Variable      | 9.21%                 | No            |                  2 | On Loan: No      |
| iShares Broad USD High Yield Corporate Bond ETF  | iShares Broad USD High Yield Corporate Bond ETF                          | CUSIP: 46435U853<br>LEI: 549300X7H67ZLUE3IZ46 | Long             |  | RF                | US        |     2409500 | NS      | $89223785.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Radio LLC                              | Sirius XM Radio LLC                                                      | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    13895000 | PA      | $13751208.98  | 0.22%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods LLC                                  | Moran Foods LLC, 1st Lien Term Loan                                      | CUSIP: 61647DAY8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2999684 | PA      | $2999684.06   | 0.05%             | 2029-01-02      | Variable      | 12.70%                | No            |                  3 | On Loan: No      |
| Comstock Resources, Inc.                         | Comstock Resources, Inc.                                                 | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    18273000 | PA      | $18010345.73  | 0.28%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                           | CUSIP: 143658BW1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     3196000 | PA      | $3354166.84   | 0.05%             | 2029-08-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Emergent BioSolutions, Inc.                      | Emergent BioSolutions, Inc.                                              | CUSIP: 29089QAC9<br>LEI: 549300YW6TUOX8BE5103 | Long             | DBT              | CORP              | US        |     3375000 | PA      | $2556292.50   | 0.04%             | 2028-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                       | iHeartCommunications, Inc.                                               | CUSIP: 45174HBJ5<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    25116578 | PA      | $20783596.57  | 0.33%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| Performance Food Group, Inc.                     | Performance Food Group, Inc.                                             | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     2777000 | PA      | $2799343.74   | 0.04%             | 2032-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                    | Six Flags Entertainment Corp.                                            | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |     6205000 | PA      | $6340355.87   | 0.10%             | 2031-05-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Chart Industries, Inc.                           | Chart Industries, Inc.                                                   | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     1085000 | PA      | $1156216.15   | 0.02%             | 2031-01-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.               | Nationstar Mortgage Holdings, Inc.                                       | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      947000 | PA      | $964542.23    | 0.02%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Arches Buyer, Inc.                               | Arches Buyer, Inc.                                                       | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |     5478000 | PA      | $5159596.18   | 0.08%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                     | Rockies Express Pipeline LLC                                             | CUSIP: 77340RAR8<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |     3400000 | PA      | $3283594.88   | 0.05%             | 2029-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| Cleveland-Cliffs, Inc.                           | Cleveland-Cliffs, Inc.                                                   | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     4190000 | PA      | $3767797.16   | 0.06%             | 2031-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.               | Nationstar Mortgage Holdings, Inc.                                       | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7740000 | PA      | $7752144.06   | 0.12%             | 2031-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                         | WESCO Distribution, Inc.                                                 | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    10553000 | PA      | $10771995.86  | 0.17%             | 2029-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                     | Fibercop SpA                                                             | CUSIP: 683879AD2<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     1484000 | PA      | $1389601.87   | 0.02%             | 2034-09-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.            | Global Infrastructure Solutions, Inc.                                    | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |     5843000 | PA      | $5830252.33   | 0.09%             | 2032-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| CoreCivic, Inc.                                  | CoreCivic, Inc.                                                          | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    11987000 | PA      | $12669466.06  | 0.20%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                               | Chord Energy Corp.                                                       | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     4755000 | PA      | $4722097.30   | 0.07%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Rite Aid Corp.                                   | Rite Aid Corp.                                                           | CUSIP: 767ESCAC0<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | USGA              | US        |    15338000 | PA      | $0.15         | 0.00%             | 2026-11-15      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Crescent Energy Finance LLC                      | Crescent Energy Finance LLC                                              | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     9793000 | PA      | $9232707.22   | 0.14%             | 2032-04-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| SSB Equipment Co., Inc.                          | SSB Equipment Co., Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      394567 | NS      | $0.39         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bausch Health Americas, Inc.                     | Bausch Health Americas, Inc.                                             | CUSIP: 91911XAV6<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |    29914000 | PA      | $29471272.80  | 0.46%             | 2026-04-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                              | CDI                                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |    50000000 | PA      | $1572366.93   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Serta Simmons Bedding LLC                        | Serta Simmons Bedding LLC                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      394567 | NS      | $4142953.50   | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| 1261229 BC Ltd.                                  | 1261229 BC Ltd., 1st Lien Term Loan                                      | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |     5854545 | PA      | $5548001.45   | 0.09%             | 2030-10-08      | Variable      | 10.59%                | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC, 1st Lien Term Loan                                     | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    15036914 | PA      | $14830155.95  | 0.23%             | 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        |    17340000 | PA      | $17903715.94  | 0.28%             | 2028-02-15      | Fixed         | 9.25%                 | 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        |     5313526 | PA      | $4317239.95   | 0.07%             | 2028-10-12      | Variable      | 14.32%                | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                                     | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9321000 | PA      | $9345299.85   | 0.15%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                          | Civitas Resources, Inc.                                                  | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     3070000 | PA      | $3074568.62   | 0.05%             | 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        |     4030000 | PA      | $3304636.67   | 0.05%             | 2029-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc.                                 | Gray Media, Inc.                                                         | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    18594000 | PA      | $19775109.47  | 0.31%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                        | Standard Industries, Inc.                                                | CUSIP: 853496AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3188000 | PA      | $2820708.29   | 0.04%             | 2031-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                        | Sunoco LP                                                                | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11008000 | PA      | $10388522.60  | 0.16%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings, Inc.            | Clydesdale Acquisition Holdings, Inc.                                    | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    13105000 | PA      | $13243626.79  | 0.21%             | 2032-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                        | ATI, Inc.                                                                | CUSIP: 01741RAN2<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     4319000 | PA      | $4522632.21   | 0.07%             | 2030-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc.                                                 | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     4809185 | PA      | $4932300.14   | 0.08%             | 2032-10-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Hilcorp Energy I LP                              | Hilcorp Energy I LP                                                      | CUSIP: 431318AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      233000 | PA      | $230135.85    | 0.00%             | 2028-11-01      | Fixed         | 6.25%                 | 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        |     3242816 | PA      | $3210387.77   | 0.05%             | 2026-07-16      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                   | EchoStar Corp.                                                           | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    15234838 | PA      | $13101960.68  | 0.21%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Genesys Cloud Services, Inc.                     | Genesys Cloud Services, Inc., 1st Lien Term Loan                         | CUSIP: 39479UAY9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4607240 | PA      | $4590791.99   | 0.07%             | 2032-01-30      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                    | SM Energy Co.                                                            | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     7457000 | PA      | $7444361.88   | 0.12%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Seagate HDD Cayman                               | Seagate HDD Cayman                                                       | CUSIP: 81180WBN0<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     6514000 | PA      | $6943044.61   | 0.11%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                              | Hilcorp Energy I LP                                                      | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3597000 | PA      | $3412260.60   | 0.05%             | 2030-04-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media, Inc.                              | Nexstar Media, Inc.                                                      | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    19908000 | PA      | $19153251.89  | 0.30%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Raven Acquisition Holdings LLC                   | Raven Acquisition Holdings LLC                                           | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5475000 | PA      | $5450153.36   | 0.09%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC               | Venture Global Plaquemines LNG LLC                                       | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     1770000 | PA      | $1863891.42   | 0.03%             | 2035-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Owens & Minor, Inc.                              | Owens & Minor, Inc., 1st Lien Term Loan B                                | CUSIP: 69073LAF7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     5610000 | PA      | $5567925.00   | 0.09%             | 2030-04-02      | Variable      | 9.38%                 | No            |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                           | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    17396000 | PA      | $17438958.20  | 0.27%             | 2033-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Esab Corp.                                       | Esab Corp.                                                               | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     5354000 | PA      | $5444214.90   | 0.09%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Topgolf Callaway Brands Corp.                    | Topgolf Callaway Brands Corp., 1st Lien Term Loan                        | CUSIP: 89071LAB6<br>LEI: 5493005UB0KFRKBPCU72 | Long             | LON              | CORP              | US        |     3258319 | PA      | $3176046.87   | 0.05%             | 2030-03-18      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                                     | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    16853000 | PA      | $14898894.82  | 0.23%             | 2029-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| New Evhc Physical Equity                         | New Evhc Physical Equity                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      106975 | NS      | $1554507.21   | 0.02%             |  |  |  | No            |                  3 | 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        |     7828000 | PA      | $7843656.00   | 0.12%             | 2031-11-25      | Variable      | 7.83%                 | No            |                  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        |     4044438 | PA      | $4032425.52   | 0.06%             | 2031-03-28      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                   | EchoStar Corp.                                                           | CUSIP: 278768AB2<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     6980342 | PA      | $6699543.01   | 0.10%             | 2030-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                    | Six Flags Entertainment Corp.                                            | CUSIP: 83001WAC8<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |      662000 | PA      | $662646.11    | 0.01%             | 2025-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Charter Communications Operating LLC             | Charter Communications Operating LLC, 1st Lien Term Loan B-4             | CUSIP: 16117LCB3<br>LEI: 549300TPZNMN50BJ3745 | Long             | LON              | CORP              | US        |    12837500 | PA      | $12814906.00  | 0.20%             | 2030-12-09      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| National CineMedia, Inc.                         | National CineMedia, Inc.                                                 | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |      549413 | NS      | $2994300.85   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean, Inc.                                 | Transocean, Inc.                                                         | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     2800800 | PA      | $2839325.00   | 0.04%             | 2030-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| INEOS Quattro Finance 2 plc                      | INEOS Quattro Finance 2 plc                                              | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |     4702000 | PA      | $4678584.04   | 0.07%             | 2029-03-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| NuStar Logistics LP                              | NuStar Logistics LP                                                      | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     7938000 | PA      | $7957757.68   | 0.12%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Matador Resources Co.                            | Matador Resources Co.                                                    | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     6852000 | PA      | $6600100.61   | 0.10%             | 2033-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc.                                                 | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    10784962 | PA      | $10474894.34  | 0.16%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397D42<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     2281000 | PA      | $2367509.55   | 0.04%             | 2030-06-10      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc.                         | CUSIP: 024747AF4<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |     1225000 | PA      | $1182716.19   | 0.02%             | 2028-01-15      | Fixed         | 4.00%                 | 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   | 0.03%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corp.                       | Garda World Security Corp.                                               | CUSIP: 36485MAL3<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |     8025000 | PA      | $7632494.84   | 0.12%             | 2029-06-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                        | Sunoco LP                                                                | CUSIP: 86765LAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      318000 | PA      | $317260.27    | 0.00%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                     | DaVita, Inc.                                                             | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     4210000 | PA      | $4276694.53   | 0.07%             | 2032-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP                          | RHP Hotel Properties LP                                                  | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2309000 | PA      | $2380599.78   | 0.04%             | 2028-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Expand Energy Corp.                              | Expand Energy Corp.                                                      | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     6998000 | PA      | $6597180.45   | 0.10%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Perrigo Finance Unlimited Co.                    | Perrigo Finance Unlimited Co., Series USD                                | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |     3494000 | PA      | $3487818.42   | 0.05%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                               | VICI Properties LP                                                       | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2030000 | PA      | $1968869.39   | 0.03%             | 2029-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Nationstar Mortgage Holdings, Inc.               | Nationstar Mortgage Holdings, Inc.                                       | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4235000 | PA      | $4409875.86   | 0.07%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Kennedy-Wilson, Inc.                             | Kennedy-Wilson, Inc.                                                     | CUSIP: 489399AM7<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |       90000 | PA      | $78027.78     | 0.00%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IQVIA, Inc.                                      | IQVIA, Inc.                                                              | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    19379000 | PA      | $19315896.16  | 0.30%             | 2026-10-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                  | TransDigm, Inc.                                                          | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    11986000 | PA      | $12181335.84  | 0.19%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Fibercop SpA                                     | Fibercop SpA, Series 2033                                                | CUSIP: 683879AB6<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     2024000 | PA      | $1953160.00   | 0.03%             | 2033-11-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                       | Pike Corp.                                                               | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |     8114000 | PA      | $8047582.04   | 0.13%             | 2028-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SM Energy Co.                                    | SM Energy Co.                                                            | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     4183000 | PA      | $4015714.72   | 0.06%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| United States Cellular Corp.                     | United States Cellular Corp.                                             | CUSIP: 911684AD0<br>LEI: 549300B164AZXESI6E03 | Long             | DBT              | CORP              | US        |     4403000 | PA      | $4737914.20   | 0.07%             | 2033-12-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                                    | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     2057000 | PA      | $1850839.85   | 0.03%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Radiology Partners, Inc.                         | Radiology Partners, Inc.                                                 | CUSIP: 75041VAB0<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |     6084106 | PA      | $6114526.53   | 0.10%             | 2029-01-31      | Fixed         | 7.78%                 | Yes           |                  2 | On Loan: No      |
| Xerox Holdings Corp.                             | Xerox Holdings Corp.                                                     | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |      877000 | PA      | $613956.22    | 0.01%             | 2028-08-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Prairie Acquiror LP                              | Prairie Acquiror LP                                                      | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |     4715000 | PA      | $4793207.71   | 0.08%             | 2029-08-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ACI Worldwide, Inc.                              | ACI Worldwide, Inc.                                                      | CUSIP: 004498AB7<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | DBT              | CORP              | US        |     4030000 | PA      | $4027179.00   | 0.06%             | 2026-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Miter Brands Acquisition Holdco, Inc.            | Miter Brands Acquisition Holdco, Inc.                                    | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7543000 | PA      | $7599776.16   | 0.12%             | 2032-04-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                         | Venture Global LNG, Inc.                                                 | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     3035000 | PA      | $3244858.11   | 0.05%             | 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        |    10668000 | PA      | $10030454.72  | 0.16%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Station Casinos LLC                              | Station Casinos LLC, 1st Lien Term Loan B                                | CUSIP: 85769EBB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2856150 | PA      | $2854864.73   | 0.04%             | 2031-03-14      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                     | Royal Caribbean Cruises Ltd.                                             | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    14347000 | PA      | $14540684.50  | 0.23%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Graham Packaging Co., Inc.                       | Graham Packaging Co., Inc.                                               | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |     4038000 | PA      | $3964535.86   | 0.06%             | 2028-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Star Parent, Inc.                                | Star Parent, Inc., 1st Lien Term Loan                                    | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |     3316500 | PA      | $3256803.00   | 0.05%             | 2030-09-27      | Variable      | 8.30%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397D67<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     2073000 | PA      | $2105886.90   | 0.03%             | 2033-11-07      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Audacy, Inc.                                     | Audacy, Inc.                                                             | CUSIP: 05070N301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       63431 | NS      | $999038.25    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| EquipmentShare.com, Inc.                         | EquipmentShare.com, Inc.                                                 | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     4127000 | PA      | $4327785.11   | 0.07%             | 2032-05-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                 | Cooper-Standard Automotive, Inc.                                         | CUSIP: 216762AJ3<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |    32735437 | PA      | $27706340.92  | 0.43%             | 2027-05-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                                      | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     1706000 | PA      | $1649170.92   | 0.03%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Builders FirstSource, Inc.                       | Builders FirstSource, Inc.                                               | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     9419000 | PA      | $8545902.03   | 0.13%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                         | Lumen Technologies, Inc.                                                 | CUSIP: 550241AA1<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     6750000 | PA      | $5973750.00   | 0.09%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Venture Global LNG, Inc.                         | Venture Global LNG, Inc.                                                 | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    10701000 | PA      | $10951403.40  | 0.17%             | 2028-06-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| JELD-WEN, Inc.                                   | JELD-WEN, Inc.                                                           | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    16721000 | PA      | $14599339.19  | 0.23%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| 180 Medical, Inc.                                | 180 Medical, Inc.                                                        | CUSIP: 682357AA6<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |     1918000 | PA      | $1821766.65   | 0.03%             | 2029-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| SS&C Technologies, Inc.                          | SS&C Technologies, Inc.                                                  | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |     8450000 | PA      | $8676392.40   | 0.14%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Vail Resorts, Inc.                               | Vail Resorts, Inc.                                                       | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     5181000 | PA      | $5307411.22   | 0.08%             | 2032-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Madison IAQ LLC                                  | Madison IAQ LLC                                                          | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    13679000 | PA      | $13231840.33  | 0.21%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Hilton Domestic Operating Co., Inc.              | Hilton Domestic Operating Co., Inc.                                      | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     8764000 | PA      | $8823200.82   | 0.14%             | 2033-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| JetBlue Airways Corp.                            | JetBlue Airways Corp.                                                    | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    12696000 | PA      | $12558447.98  | 0.20%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| US Foods, Inc.                                   | US Foods, Inc.                                                           | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     3411000 | PA      | $3507299.35   | 0.05%             | 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        |     6866000 | PA      | $6828695.58   | 0.11%             | 2030-03-15      | Fixed         | 5.38%                 | 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        |     1491071 | PA      | $1495112.14   | 0.02%             | 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        |     8631394 | PA      | $8629409.22   | 0.14%             | 2028-11-15      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                    | Six Flags Entertainment Corp.                                            | CUSIP: 150190AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2675000 | PA      | $2674012.93   | 0.04%             | 2027-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Energizer Holdings, Inc.                         | Energizer Holdings, Inc.                                                 | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     3440000 | PA      | $3462256.80   | 0.05%             | 2027-12-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| NGL Energy Operating LLC                         | NGL Energy Operating LLC                                                 | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6968000 | PA      | $6811091.16   | 0.11%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| DaVita, Inc.                                     | DaVita, Inc.                                                             | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    11340000 | PA      | $10596559.81  | 0.17%             | 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        |     3588998 | PA      | $3580025.51   | 0.06%             | 2027-10-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| Graham Packaging Co., Inc.                       | Graham Packaging Co., Inc., 1st Lien Term Loan                           | CUSIP: 38469EAE3<br>LEI: 549300YS0ZFT826HIK72 | Long             | LON              | CORP              | US        |     7360947 | PA      | $7358959.15   | 0.12%             | 2027-08-04      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                       | iHeartCommunications, Inc.                                               | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |     9243050 | PA      | $7118322.55   | 0.11%             | 2030-08-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                              | Iron Mountain, Inc.                                                      | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    11799000 | PA      | $11513606.97  | 0.18%             | 2030-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ACCO Brands Corp.                                | ACCO Brands Corp.                                                        | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |    13540000 | PA      | $11960468.28  | 0.19%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                                     | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2191000 | PA      | $2220977.26   | 0.03%             | 2029-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| TEGNA, Inc.                                      | TEGNA, Inc.                                                              | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |      328000 | PA      | $317977.48    | 0.00%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Comstock Resources, Inc.                         | Comstock Resources, Inc.                                                 | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     4767000 | PA      | $4507599.88   | 0.07%             | 2030-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Co.                       | Edgewell Personal Care Co.                                               | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    10240000 | PA      | $10067508.33  | 0.16%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CoreWeave, Inc.                                  | CoreWeave, Inc.                                                          | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     8149000 | PA      | $8139857.56   | 0.13%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| CNX Resources Corp.                              | CNX Resources Corp.                                                      | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     3300000 | PA      | $3378883.20   | 0.05%             | 2031-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CommScope LLC                                    | CommScope LLC                                                            | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    17223000 | PA      | $16491557.96  | 0.26%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BWX Technologies, Inc.                           | BWX Technologies, Inc.                                                   | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     8384000 | PA      | $8032016.20   | 0.13%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Altice France SA                                 | Altice France SA                                                         | CUSIP: 02156LAC5<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |      230000 | PA      | $197986.99    | 0.00%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Pike Corp.                                       | Pike Corp.                                                               | CUSIP: 721283AB5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |     3240000 | PA      | $3489739.20   | 0.05%             | 2031-01-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| ATS Corp.                                        | ATS Corp.                                                                | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |     3399000 | PA      | $3200515.73   | 0.05%             | 2028-12-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Fair Isaac Corp.                                 | Fair Isaac Corp.                                                         | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     4157000 | PA      | $4149152.08   | 0.07%             | 2033-05-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Transocean Poseidon Ltd.                         | Transocean Poseidon Ltd.                                                 | CUSIP: 89383JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     7186200 | PA      | $7194586.30   | 0.11%             | 2027-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Hertz Corp. (The)                                | Hertz Corp. (The), 1st Lien Term Loan B                                  | CUSIP: 42804VBB6<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |     6700037 | PA      | $5531751.47   | 0.09%             | 2028-06-30      | Variable      | 7.94%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                 | Goodyear Tire & Rubber Co. (The)                                         | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     2832000 | PA      | $2834741.38   | 0.04%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp.                                   | DISH DBS Corp.                                                           | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    26748000 | PA      | $22997100.68  | 0.36%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC                                   | 1011778 BC ULC                                                           | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    10076000 | PA      | $9266569.83   | 0.15%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.             | Clear Channel Outdoor Holdings, Inc.                                     | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    10819000 | PA      | $9885861.25   | 0.15%             | 2028-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                                   | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    11753000 | PA      | $11868159.65  | 0.19%             | 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        |     7210640 | PA      | $0.07         | 0.00%             | 2024-10-18      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Community Health Systems, Inc.                   | Community Health Systems, Inc.                                           | CUSIP: 12543DBK5<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     9398000 | PA      | $8044265.75   | 0.13%             | 2031-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Spectrum Brands, Inc.                            | Spectrum Brands, Inc.                                                    | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |      667000 | PA      | $532478.71    | 0.01%             | 2031-03-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Antero Resources Corp.                           | Antero Resources Corp.                                                   | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     2042000 | PA      | $2004721.04   | 0.03%             | 2030-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Liberty Interactive LLC                          | Liberty Interactive LLC                                                  | CUSIP: 530715AG6<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |     2570000 | PA      | $337312.50    | 0.01%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PM General Purchaser LLC                         | PM General Purchaser LLC                                                 | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9466000 | PA      | $6084271.50   | 0.10%             | 2028-10-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                           | Sonic Automotive, Inc.                                                   | CUSIP: 83545GBE1<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |     5087000 | PA      | $4740375.89   | 0.07%             | 2031-11-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Cooper-Standard Automotive, Inc.                 | Cooper-Standard Automotive, Inc.                                         | CUSIP: 216762AH7<br>LEI: ITCH5B3Q4RTX2PH9UN62 | Long             | DBT              | CORP              | US        |    57666381 | PA      | $60477617.07  | 0.95%             | 2027-03-31      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| Bombardier, Inc.                                 | Bombardier, Inc.                                                         | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     3920000 | PA      | $4009042.80   | 0.06%             | 2032-06-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| United Rentals North America, Inc.               | United Rentals North America, Inc.                                       | CUSIP: 911365BG8<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     5152000 | PA      | $5097333.93   | 0.08%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Expand Energy Corp.                              | Expand Energy Corp.                                                      | CUSIP: 845467AR0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     2594000 | PA      | $2585552.38   | 0.04%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Wynn Resorts Finance LLC                         | Wynn Resorts Finance LLC                                                 | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2806000 | PA      | $2943092.74   | 0.05%             | 2031-02-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| 1261229 BC Ltd.                                  | 1261229 BC Ltd.                                                          | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    20544000 | PA      | $20338907.60  | 0.32%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| GFL Environmental, Inc.                          | GFL Environmental, Inc.                                                  | CUSIP: 36168QAN4<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    12820000 | PA      | $12507540.70  | 0.20%             | 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        |     3180513 | PA      | $31805.13     | 0.00%             | 2025-12-31      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Scotts Miracle-Gro Co. (The)                     | Scotts Miracle-Gro Co. (The)                                             | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     9126000 | PA      | $9091678.03   | 0.14%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WESCO Distribution, Inc.                         | WESCO Distribution, Inc.                                                 | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    13632000 | PA      | $13793130.24  | 0.22%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| AmeriGas Partners LP                             | AmeriGas Partners LP                                                     | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3829000 | PA      | $3866838.18   | 0.06%             | 2028-06-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                        | Vistra Operations Co. LLC                                                | CUSIP: 92840VAH5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     3765000 | PA      | $3639712.10   | 0.06%             | 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        |    26510000 | PA      | $26076431.60  | 0.41%             | 2029-07-01      | Fixed         | 5.50%                 | 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        |     7073842 | PA      | $7064999.27   | 0.11%             | 2031-10-31      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                      | Block, Inc.                                                              | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     3597000 | PA      | $3250184.45   | 0.05%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Steel Corp.                        | United States Steel Corp.                                                | CUSIP: 912909AU2<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |      449000 | PA      | $452913.93    | 0.01%             | 2029-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MYT Holding LLC                                  | MYT Holding LLC, Series A                                                | CUSIP: 55406N202<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    13477203 | NS      | $17183433.83  | 0.27%             |  |  |  | No            |                  3 | On Loan: No      |
| Rockies Express Pipeline LLC                     | Rockies Express Pipeline LLC                                             | CUSIP: 77340RAT4<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |      605000 | PA      | $571353.53    | 0.01%             | 2030-05-15      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| Clarios Global LP                                | Clarios Global LP                                                        | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    18385000 | PA      | $18464404.82  | 0.29%             | 2027-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Coty, Inc.                                       | Coty, Inc.                                                               | CUSIP: 222070AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6131000 | PA      | $5894564.73   | 0.09%             | 2029-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Amer Sports Co.                                  | Amer Sports Co.                                                          | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |     9371000 | PA      | $9675744.92   | 0.15%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Neon Maple US Debt Mergersub, Inc.               | Neon Maple US Debt Mergersub, Inc., 1st Lien Term Loan B-1               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    10185000 | PA      | $10164528.16  | 0.16%             | 2031-11-17      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp.                           | Tenet Healthcare Corp.                                                   | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    19863000 | PA      | $20459922.88  | 0.32%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Hess Midstream Operations LP                     | Hess Midstream Operations LP                                             | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4561000 | PA      | $4656270.17   | 0.07%             | 2029-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                             | NOVA Chemicals Corp.                                                     | CUSIP: 66977WAR0<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    18174000 | PA      | $18145328.70  | 0.28%             | 2027-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Novelis Corp.                                    | Novelis Corp.                                                            | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     1794000 | PA      | $1594925.56   | 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        |     1704000 | PA      | $1783086.05   | 0.03%             | 2028-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Transocean Titan Financing Ltd.                  | Transocean Titan Financing Ltd.                                          | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1488333 | PA      | $1511405.62   | 0.02%             | 2028-02-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Hilton Worldwide Finance LLC                     | Hilton Worldwide Finance LLC                                             | CUSIP: 432891AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5087000 | PA      | $5070823.85   | 0.08%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Rockies Express Pipeline LLC                     | Rockies Express Pipeline LLC                                             | CUSIP: 77340RAU1<br>LEI: W2ZGZGZKY5GGNY6F3V51 | Long             | DBT              | CORP              | US        |     3367000 | PA      | $3467831.55   | 0.05%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                                      | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     1696000 | PA      | $1564879.02   | 0.02%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Block, Inc.                                      | Block, Inc.                                                              | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     3330000 | PA      | $3247182.40   | 0.05%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AmeriGas Partners LP                             | AmeriGas Partners LP                                                     | CUSIP: 030981AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4477000 | PA      | $4519553.89   | 0.07%             | 2026-08-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Lamb Weston Holdings, Inc.                       | Lamb Weston Holdings, Inc.                                               | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |       75000 | PA      | $69183.91     | 0.00%             | 2032-01-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Sensata Technologies, Inc.                       | Sensata Technologies, Inc.                                               | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |      279000 | PA      | $247734.62    | 0.00%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                        | Standard Industries, Inc.                                                | CUSIP: 853496AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    20815000 | PA      | $20439091.51  | 0.32%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Incora Intermediate II LLC                       | Incora Intermediate LLC                                                  | CUSIP: 45338XAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    23743739 | PA      | $23743739.00  | 0.37%             | 2030-01-31      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| SM Energy Co.                                    | SM Energy Co.                                                            | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     4884000 | PA      | $4785753.94   | 0.07%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NCR Atleos Corp.                                 | NCR Atleos Corp.                                                         | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    10795000 | PA      | $11791594.40  | 0.18%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| AthenaHealth Group, Inc.                         | AthenaHealth Group, Inc.                                                 | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |     7810000 | PA      | $7525110.73   | 0.12%             | 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        |    20873000 | PA      | $10536242.05  | 0.17%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Moran Foods Backstop Equity                      | Moran Foods Backstop Equity                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        | 95914057217 | NS      | $95914.06     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| OneMain Finance Corp.                            | OneMain Finance Corp.                                                    | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     9802000 | PA      | $9934709.28   | 0.16%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                    | Six Flags Entertainment Corp.                                            | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6267000 | PA      | $6084484.28   | 0.10%             | 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        |      317000 | PA      | $274026.53    | 0.00%             | 2032-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ACC Claims Holdings LLC                          | ACC Claims Holdings LLC                                                  | CUSIP: 00084K104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     7076475 | NS      | $14152.95     | 0.00%             |  |  |  | No            |                  3 | 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        |    10402500 | PA      | $10350487.50  | 0.16%             | 2032-02-10      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                         | EquipmentShare.com, Inc.                                                 | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     3298000 | PA      | $3388437.76   | 0.05%             | 2033-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                          | Level 3 Financing, Inc.                                                  | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     4861000 | PA      | $4095392.50   | 0.06%             | 2030-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| NRG Energy, Inc.                                 | NRG Energy, Inc.                                                         | CUSIP: 629377CW0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     5418000 | PA      | $5368949.76   | 0.08%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| New Albertsons LP                                | New Albertsons LP                                                        | CUSIP: 013104AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2278000 | PA      | $2339152.91   | 0.04%             | 2026-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Brink's Co. (The)                                | Brink's Co. (The)                                                        | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     2569000 | PA      | $2621240.62   | 0.04%             | 2029-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Axalta Coating Systems LLC                       | Axalta Coating Systems LLC                                               | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |     8402000 | PA      | $7819571.09   | 0.12%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| Conair Holdings LLC                              | Conair Holdings LLC, 1st Lien Term Loan B                                | CUSIP: 20600RAB8<br>LEI: 549300804G00T34FLV17 | Long             | LON              | CORP              | US        |     8431688 | PA      | $5923260.80   | 0.09%             | 2028-05-17      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| Calpine Corp.                                    | Calpine Corp.                                                            | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     2564000 | PA      | $2498866.20   | 0.04%             | 2029-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Chart Industries, Inc.                           | Chart Industries, Inc.                                                   | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    12043000 | PA      | $12570495.44  | 0.20%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397A60<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    25380000 | PA      | $25378982.52  | 0.40%             | 2025-06-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co. LLC                        | Vistra Operations Co. LLC                                                | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     4681000 | PA      | $4869840.90   | 0.08%             | 2032-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| RB Global Holdings, Inc.                         | RB Global Holdings, Inc.                                                 | CUSIP: 76774LAB3<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |     4301000 | PA      | $4392635.51   | 0.07%             | 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        |    14751000 | PA      | $14415479.65  | 0.23%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Standard Industries, Inc.                        | Standard Industries, Inc.                                                | CUSIP: 853496AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6020000 | PA      | $5978998.38   | 0.09%             | 2027-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ATI, Inc.                                        | ATI, Inc.                                                                | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     3000000 | PA      | $2895018.90   | 0.05%             | 2031-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                          | American Airlines, Inc.                                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    23210625 | PA      | $22792315.22  | 0.36%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| EquipmentShare.com, Inc.                         | EquipmentShare.com, Inc.                                                 | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    13502000 | PA      | $14016898.77  | 0.22%             | 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        |    20038000 | PA      | $19997112.46  | 0.31%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC             | Frontier Communications Holdings LLC                                     | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1741000 | PA      | $1764117.00   | 0.03%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Calpine Corp.                                    | Calpine Corp.                                                            | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |      880000 | PA      | $853465.98    | 0.01%             | 2031-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Newell Brands, Inc.                              | Newell Brands, Inc.                                                      | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     6396000 | PA      | $6408894.34   | 0.10%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Claire's Stores, Inc.                            | Claire's Stores, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       18232 | NS      | $0.02         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     3018000 | PA      | $3036900.89   | 0.05%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Altice France SA                                 | Altice France SA                                                         | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     5724000 | PA      | $4863057.17   | 0.08%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Prestige Brands, Inc.                            | Prestige Brands, Inc.                                                    | CUSIP: 74112BAL9<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |     3577000 | PA      | $3559681.60   | 0.06%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Global Infrastructure Solutions, Inc.            | Global Infrastructure Solutions, Inc.                                    | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |     6628000 | PA      | $6468920.71   | 0.10%             | 2029-06-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ON Semiconductor Corp.                           | ON Semiconductor Corp.                                                   | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |    18578000 | PA      | $17743636.01  | 0.28%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Organon & Co.                                    | Organon & Co.                                                            | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    14447000 | PA      | $12139533.83  | 0.19%             | 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        |     2478000 | PA      | $2645943.97   | 0.04%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                                 | CUSIP: 071734AM9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    10680000 | PA      | $6781800.00   | 0.11%             | 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        |      873000 | PA      | $845024.28    | 0.01%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Diamond Foreign Asset Co.                        | Diamond Foreign Asset Co.                                                | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     9332000 | PA      | $9348256.34   | 0.15%             | 2030-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                  | TransDigm, Inc.                                                          | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     6905000 | PA      | $7053492.03   | 0.11%             | 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        |     9194000 | PA      | $9536927.01   | 0.15%             | 2031-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Bausch + Lomb Corp.                              | Bausch + Lomb Corp., 1st Lien Term Loan                                  | CUSIP: C0787FAB8<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    17871929 | PA      | $17806875.12  | 0.28%             | 2027-05-10      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                              | Hilcorp Energy I LP                                                      | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1643000 | PA      | $1569537.86   | 0.02%             | 2029-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Brink's Co. (The)                                | Brink's Co. (The)                                                        | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    14553000 | PA      | $14358136.79  | 0.23%             | 2027-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. (The)                 | Goodyear Tire & Rubber Co. (The)                                         | CUSIP: 382550BJ9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     3334000 | PA      | $3113377.55   | 0.05%             | 2031-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bombardier, Inc.                                 | Bombardier, Inc.                                                         | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     3199000 | PA      | $3243821.19   | 0.05%             | 2033-06-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                      | Caesars Entertainment, Inc.                                              | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     5720000 | PA      | $5869463.60   | 0.09%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Global Medical Response, Inc.                    | Global Medical Response, Inc.                                            | CUSIP: 37960BAB1<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    14518543 | PA      | $14518543.00  | 0.23%             | 2028-10-31      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| UKG, Inc.                                        | UKG, Inc., 1st Lien Term Loan                                            | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     2828625 | PA      | $2833150.80   | 0.04%             | 2031-02-10      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                 | CSC Holdings LLC                                                         | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      505000 | PA      | $346558.42    | 0.01%             | 2030-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397A45<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    14888000 | PA      | $14564865.49  | 0.23%             | 2027-01-09      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Acadia Healthcare Co., Inc.                      | Acadia Healthcare Co., Inc.                                              | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     1657000 | PA      | $1688391.87   | 0.03%             | 2033-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corp.                                   | Carnival Corp.                                                           | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     8361000 | PA      | $8383037.25   | 0.13%             | 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        |      138232 | NS      | $11928246.63  | 0.19%             |  |  |  | No            |                  3 | On Loan: No      |
| Civitas Resources, Inc.                          | Civitas Resources, Inc.                                                  | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     6095000 | PA      | $6010709.20   | 0.09%             | 2030-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                         | Bausch Health Cos., Inc.                                                 | CUSIP: 071734AH0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     5316000 | PA      | $4209208.80   | 0.07%             | 2028-01-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Civitas Resources, Inc.                          | Civitas Resources, Inc.                                                  | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    13272000 | PA      | $13371606.36  | 0.21%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Ford Motor Credit Co. LLC                        | Ford Motor Credit Co. LLC                                                | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    14575000 | PA      | $14060882.91  | 0.22%             | 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        |     8005000 | PA      | $7997820.32   | 0.13%             | 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        |     3328000 | PA      | $3339152.13   | 0.05%             | 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        |    14200000 | PA      | $13759105.62  | 0.22%             | 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        |     9003000 | PA      | $9035315.91   | 0.14%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                     | Hess Midstream Operations LP                                             | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5477000 | PA      | $5220302.32   | 0.08%             | 2030-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Iron Mountain, Inc.                              | Iron Mountain, Inc.                                                      | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |      872000 | PA      | $880189.82    | 0.01%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Hillenbrand, Inc.                                | Hillenbrand, Inc.                                                        | CUSIP: 431571AF5<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |     2010000 | PA      | $2016936.51   | 0.03%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Gates Corp.                                      | Gates Corp.                                                              | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |     2026000 | PA      | $2076161.94   | 0.03%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust II

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer