# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001752724-23-016734
**Filing Date:** 2023-1
**Character Count:** 1728007
**Document Hash:** d61ace54b8bb7cd21790eeec5ae301a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016734.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016734

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Trust I
- **CENTRAL INDEX KEY:** 0001217286
- **IRS NUMBER:** 331043149
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 23563125

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

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

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

## Series and Classes Contracts Data

### JPMorgan National Municipal Income Fund (Series ID: S000002946)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008063 | Class I      | JITIX           |
| C000008064 | Class A      | JITAX           |
| C000008066 | Class C      | JITCX           |
| C000195047 | Class R6     | JITZX           |

## Nport-Ex

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)**

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

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED MUTUAL FUNDS HOLDINGS" LIST ("the <br> List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS <br> NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR <br> SALES LITERATURE WITH THE GENERAL PUBLIC. The list is <br> submitted for the general information of the shareholders of the Fund. <br> It is not authorized for distribution to prospective investors in the Fund <br> unless preceded or accompanied by a prospectus. The list has been <br> created from the books and records of the Fund. Holdings are <br> available 60 days after the fund's fiscal quarter, using a trade date <br> accounting convention, by contacting the appropriate service center. <br> The list is subject to change without notice. The list is for <br> informational purposes only and is not intended as an offer or <br> solicitation with respect to the purchase or sale of any security.<br>|
| &nbsp;&nbsp; JPMorgan Asset Management is the marketing name for the asset <br> management business of J.P. Morgan Chase & Co.<br>|
| J.P. Morgan Distribution Services, Inc., member FINRA. |
|© J.P. Morgan Chase & Co., 2022. |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 97.4%** (a) | **Municipal Bonds — 97.4%** (a) | **Municipal Bonds — 97.4%** (a) |
| **Alabama — 3.9%** | **Alabama — 3.9%** | **Alabama — 3.9%** |
| &nbsp;&nbsp;&nbsp; Alabama Community College System, Special Fee, Board of Trustees Rev., AGM, 4.00%, 9/1/2031 | 345 | 358 |
| &nbsp;&nbsp;&nbsp; Alabama Federal Aid Highway Finance Authority Series B, Rev., 5.00%, 9/1/2023 (b) | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama Special Care Facilities Financing Authority-Birmingham, Children's Hospital Health Care Facility Rev., 5.00%, <br> 6/1/2023<br>| 115 | 116 |
| &nbsp;&nbsp;&nbsp; Birmingham Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2031 | 175 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2032 | 150 | 165 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-1, Rev., 4.00%, 10/1/2027 (c) | 8455 | 8292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 6/1/2028 (c) | 13050 | 13606 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (c) | 18140 | 17364 |
| &nbsp;&nbsp;&nbsp; City of Birmingham, Warrant |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 4.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 4.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 4.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 4.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp; City of Huntsville, Warrants Series 2018-A, GO, 5.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; County of Mobile, Warrants GO, 5.00%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infirmary Health System Special Care Facilities Financing Authority of Mobile, Infirmary Health System, Inc. Series 2016A, <br> Rev., 5.00%, 2/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp; Montgomery County Public Building Authority, Facilities Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2024 (b) | &nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp; 1735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1784 |
| &nbsp;&nbsp;&nbsp; Shelby County Board of Education, Special Tax 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District (The), Project No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 4/1/2024 (c) | 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 33959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 4/1/2024 | 20845 | &nbsp;&nbsp;&nbsp;&nbsp; 21116 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 1 Series 2021A, Rev., 4.00%, 10/1/2028 (c) | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 977 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (c) | 15430 | &nbsp;&nbsp;&nbsp;&nbsp; 14843 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 4 Series 2022B-1, Rev., 5.00%, 8/1/2028 (c) | 14065 | &nbsp;&nbsp;&nbsp;&nbsp; 14436 |
| &nbsp;&nbsp;&nbsp; UAB Medicine Finance Authority Series 2019B, Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp; 137516 |
| **Alaska — 0.2%** | **Alaska — 0.2%** | **Alaska — 0.2%** |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., State Capital Project Series 2019B, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp; 1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp; 1530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1651 |
| &nbsp;&nbsp;&nbsp; Municipality of Anchorage Series C, GO, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1871 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8763 |
| **Arizona — 1.8%** | **Arizona — 1.8%** | **Arizona — 1.8%** |
| &nbsp;&nbsp;&nbsp; Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 3.00%, 12/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/15/2041 (d) | 250 | 204 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Children's National Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 9/1/2035 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 9/1/2036 | 355 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 9/1/2037 | 820 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 9/1/2039 | 810 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 9/1/2046 | 2750 | 2601 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2026 (d) | 115 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2027 (d) | 120 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2028 (d) | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2034 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/15/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2033 | &nbsp;&nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp; 1775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1890 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp; 1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp; 3670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp; 4265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp; 4440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp; 1770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp; 2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp; 1835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.25%, 1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.25%, 1/1/2040 | &nbsp;&nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2043 | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1194 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Macombs Facility Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2035 | 360 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2036 | 155 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2041 | 365 | 312 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Pebble Campus Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 7/15/2030 (d) | 250 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/15/2040 (d) | 415 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project Series 2022A, Rev., 4.50%, <br> 7/15/2029 (d)<br>| 1100 | 1058 |
| &nbsp;&nbsp;&nbsp; Arizona State University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2034 | 920 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2035 | 1000 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2042 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; City of Mesa, Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2017D, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Senior Lien, Airport System Rev., AMT, 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp; City of Scottsdale, Water and Sewer System Rev., 5.25%, 7/1/2023 | &nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1905 |
| &nbsp;&nbsp;&nbsp; County of Pinal Rev., 4.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University <br> Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1346 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima (The) Series 2022B-3, Rev., 5.13%, 11/15/2029 (d) | &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Yavapai (The), Regional Medical Center Series 2013A, Rev., 5.25%, <br> 8/1/2033<br>| &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, HonorHealth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Ottawa University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.13%, 10/1/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp; Maricopa County Special Health Care District, Integrated Health Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, GO, 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, GO, 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 48 Scottsdale, School Improvement, Project of 2016 Series 2017B, GO, 5.00%, <br> 7/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 95, Queen Creek, School Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537 |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 216 Agua Fria, School Improvement GO, 4.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mohave County Unified School District No. 1 Lake Havasu, School Improvement, Project of 2016 Series 2017A, GO, 4.00%, <br> 7/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Pima County Community College District Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund Rev., 5.25%, <br> 7/1/2025<br>| 1000 | 1040 |
| &nbsp;&nbsp;&nbsp; Scottsdale Municipal Property Corp., Excise Tax Rev., 5.00%, 7/1/2026 | 1570 | 1692 |
| &nbsp;&nbsp;&nbsp; University of Arizona (The) Rev., 5.00%, 6/1/2026 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; University of Arizona (The), Stimulus Plan for Economic and Educational Development Series 2020A, Rev., 5.00%, 8/1/2036 | 85 | 94 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 65069 |
| **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; State of Arkansas, Federal Highway GO, 5.00%, 10/1/2025 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; University of Arkansas, Various Facility Fayetteville Campus Series 2014A, Rev., 4.50%, 11/1/2024 (b) | 45 | 47 |
| &nbsp;&nbsp;&nbsp; Total Arkansas |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| **California — 9.5%** | **California — 9.5%** | **California — 9.5%** |
| &nbsp;&nbsp;&nbsp; Alameda County Joint Powers Authority, Multiple Capital Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.25%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.25%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Anaheim Public Financing Authority, Public Improvement Project Series 1997C, Rev., AGM, Zero Coupon, 3/1/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Arcadia Unified School District GO, 4.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp; 9385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9451 |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, Toll Bridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019S-H, Rev., 5.00%, 4/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017S-7, Rev., 4.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Bay Area Water Supply and Conservation Agency Series 2013A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Beverly Hills Unified School District, Election of 2008 GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Brentwood Union School District, Election of 2016 GO, 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project Series 2021B-1, Rev., 4.00%, 8/1/2031 (c) | 39435 | &nbsp;&nbsp;&nbsp;&nbsp; 38906 |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Green Bond Series 2022-A-1, Rev., 4.00%, 8/1/2028 (c) | &nbsp;&nbsp;&nbsp; 2935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2934 |
| &nbsp;&nbsp;&nbsp; California Community College Financing Authority, West Valley Mission Community College District Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; California Community Housing Agency, Fountains at Emerald Park Series 2021A-2, Rev., 4.00%, 8/1/2046 (d) | &nbsp;&nbsp;&nbsp; 2965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2270 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp; California Educational Facilities Authority, Claremont McKenna College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 4.00%, 1/1/2026 (b) | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 1/1/2026 (b) | &nbsp;&nbsp;&nbsp; 6515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6973 |
| &nbsp;&nbsp;&nbsp; California Educational Facilities Authority, Santa Clara University Series 2017B, Rev., 5.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 6/1/2031 (d) | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 6/1/2042 (d) | &nbsp;&nbsp;&nbsp; 5450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4303 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Cedars-Sinai Medical Center Series A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Children's Hospital Series 2019A, Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Kaiser Permanente Series 2017A, Subseries 2017A-2, Rev., 4.00%, <br> 11/1/2038<br>| &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4023 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, On Lok Senior Health Service |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 8/1/2025 | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 8/1/2027 | 150 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 8/1/2028 | 130 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 8/1/2029 | 150 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/1/2040 | 600 | 624 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 3.25%, 11/15/2025 (b) | 1425 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/15/2032 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/15/2033 | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 11/15/2035 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 11/15/2036 | 35 | 37 |
| &nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund Rev., 5.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Series 2015A, Rev., 5.00%, <br> 10/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, California Lutheran University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Civic Center Infrastructure Improvement Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1318 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Linxs Apartments Project, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032 | &nbsp;&nbsp;&nbsp; 6680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035 | &nbsp;&nbsp;&nbsp; 4555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4127 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, San Antonio Gardens Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B2, Rev., 2.13%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B1, Rev., 2.75%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Enso Village Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-3, Rev., 2.13%, 11/15/2027 (d) | &nbsp;&nbsp;&nbsp; 6240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., 2.38%, 11/15/2028 (d) | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 3.13%, 5/15/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2046 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Henry Mayo Newhall Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Kipp Social Projects Series 2020A, Rev., 4.00%, 7/1/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455 |
| &nbsp;&nbsp;&nbsp; California State Public Works Board Series C, Rev., 5.00%, 3/1/2032 | &nbsp;&nbsp;&nbsp; 3025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3305 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, California State University, Various University Projects Series 2013H, Rev., 5.00%, <br> 9/1/2023 (b)<br>| 13405 | 13658 |
| &nbsp;&nbsp;&nbsp; California State Public Works Board, State Office Buildings Series F, Rev., 5.00%, 5/1/2027 | 5000 | 5277 |
| &nbsp;&nbsp;&nbsp; California State University, Systemwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/1/2034 | 2875 | 3125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/1/2045 | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, San Francisco Campus for Jewish Living Project Rev., 4.00%, <br> 11/1/2030<br>| 145 | 155 |
| &nbsp;&nbsp;&nbsp; Calleguas Municipal Water District Series 2016A, Rev., 5.00%, 7/1/2023 | 35 | 36 |
| &nbsp;&nbsp;&nbsp; Capistrano Unified School District Community Facilities District No. 90-2, Special Tax Rev., AGM, 4.00%, 9/1/2023 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project Series 1999A, COP, AMBAC, Zero Coupon, <br> 8/1/2025<br>| 10445 | 9657 |
| &nbsp;&nbsp;&nbsp; Central Unified School District GO, 5.00%, 8/1/2025 | 110 | 116 |
| &nbsp;&nbsp;&nbsp; Cerritos Community College District Series A, GO, 5.00%, 8/1/2029 | 45 | 47 |
| &nbsp;&nbsp;&nbsp; Citrus Community College District Series A, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; City of Alameda GO, 4.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; City of Brea, Water Utility Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; City of Livermore Series 2020B, COP, 4.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, International Airport Subordinate Series 2019C, Rev., 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries B, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 6/1/2026 | 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 12661 |
| &nbsp;&nbsp;&nbsp; City of Oakland Series 2015A, GO, 5.00%, 1/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City of Oceanside Series 2020A, Rev., 4.00%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp; City of Pasadena Series 2016A, Rev., 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; City of Richmond, Wastewater Series 2019B, Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; City of San Francisco, Public Utilities Commission Subseries A, Rev., 5.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1604 |
| &nbsp;&nbsp;&nbsp; City of San Jose, Disaster Preparedness, Public Safety and Infrastructure Series 2019A-1, GO, 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; City of San Jose, Libraries, Parks and Public Safety Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp; City of Santa Rosa, Wastewater Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4904 |
| &nbsp;&nbsp;&nbsp; City of Ukiah, Water System Rev., AGM, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Contra Costa Transportation Authority, Sales Tax Series 2012B, Rev., 5.00%, 3/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; County of San Benito, Jail Facility Project COP, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; County of Santa Clara, Election of 2008 Series 2017C, GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Altana-Glendale Series 2021A-1, Rev., 3.50%, 10/1/2046 (d) | &nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4359 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio Series 2021A-1, Rev., 2.80%, 3/1/2047 (d) | 13400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, <br> 12/1/2046 (d)<br>| &nbsp;&nbsp;&nbsp; 4065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3077 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Essential Housing, Senior Lien Series 2021A-1, Rev., 2.45%, 2/1/2047 (d) | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2175 |
| &nbsp;&nbsp;&nbsp; Desert Sands Unified School District COP, 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Desert Sands Unified School District, Election of 2014 GO, 4.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006 |
| &nbsp;&nbsp;&nbsp; Downey Public Finance Authority Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District, Water System Series 2015B, Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; East Side Union High School District Series 2016B, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; Escondido Union School District, Election of 2014 Series A, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Etiwanda School District Community Facilities District No. 9, Special Tax Rev., 4.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; Fremont Public Financing Authority Rev., 5.00%, 10/1/2028 | 325 | 366 |
| &nbsp;&nbsp;&nbsp; Fremont Union High School District Series 2019A, GO, 5.00%, 8/1/2030 | 75 | 83 |
| &nbsp;&nbsp;&nbsp; Garden Grove Unified School District, Election of 2010 Series C, GO, 5.00%, 8/1/2023 (b) | 1390 | 1413 |
| &nbsp;&nbsp;&nbsp; Glendale Unified School District Series 2015A, GO, 5.00%, 9/1/2023 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2025 (b) | 4000 | 4247 |
| &nbsp;&nbsp;&nbsp; Grossmont-Cuyamaca Community College District, Election of 2002 Series 2008C, GO, AGC, Zero Coupon, 8/1/2026 | 19585 | 17464 |
| &nbsp;&nbsp;&nbsp; Hollister Joint Powers Financing Authority Rev., AGM, 5.00%, 6/1/2031 | 65 | 70 |
| &nbsp;&nbsp;&nbsp; La Canada Unified School District, Election of 2017 Series 2018A, GO, 5.00%, 8/1/2031 | 50 | 56 |
| &nbsp;&nbsp;&nbsp; Lincoln Public Financing Authority Series A, Rev., 4.00%, 10/1/2023 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; Long Beach Community College District, Election of 2016 Series 2019C, GO, 4.00%, 8/1/2045 | 40 | 39 |
| &nbsp;&nbsp;&nbsp; Los Angeles Community College District Series 2015A, GO, 4.00%, 8/1/2024 (b) | 2300 | 2358 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Facilities, Inc., Vermont Corridor County Administration Building Series 2018A, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority, Measure R Senior Sales Tax Series 2016A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B, Rev., 5.00%, 7/1/2029 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp; 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp; 3075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018D, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, Rev., 5.00%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Election of 2005 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M-1, GO, 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp; 2095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M-1, GO, 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp; 4305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4743 |
| &nbsp;&nbsp;&nbsp; Madera Irrigation District Rev., AGM, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp; Marin Community College District GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Menlo Park City School District, Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2033 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2036 | &nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2037 | &nbsp;&nbsp;&nbsp; 1950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2041 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; Merced City School District, Election of 2014 GO, 4.00%, 8/1/2025 | 50 | 52 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California, Waterworks Series 2016A, Rev., 5.00%, 1/1/2026 (b) | 30 | 32 |
| &nbsp;&nbsp;&nbsp; Morgan Hill Financing Authority Series 2015A, Rev., 5.00%, 11/1/2024 | 55 | 57 |
| &nbsp;&nbsp;&nbsp; Mountain View-Los Altos Union High School District, Election of 2010 Series C, GO, Zero Coupon, 8/1/2027 | 1000 | 864 |
| &nbsp;&nbsp;&nbsp; Murrieta Valley Unified School District, Election of 2014 Series 2014A, GO, AGM, 4.00%, 3/1/2025 (b) | 25 | 26 |
| &nbsp;&nbsp;&nbsp; Nevada Irrigation District, Joint Powers Authority Series 2016A, Rev., 5.00%, 3/1/2024 | 95 | 98 |
| &nbsp;&nbsp;&nbsp; Novato Unified School District, Election of 2019 Series 2019B, GO, 5.00%, 8/1/2026 | 25 | 27 |
| &nbsp;&nbsp;&nbsp; Oakland Joint Powers Financing Authority Rev., 5.00%, 11/1/2025 | 100 | 107 |
| &nbsp;&nbsp;&nbsp; Orange County Community Facilities District No. 2021-1, Rienda |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 8/15/2037 | 400 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 8/15/2042 | 800 | 822 |
| &nbsp;&nbsp;&nbsp; Orange County Sanitation District, Wastewater Series 2016A, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; Orange County Water District Series 2017A, Rev., 5.00%, 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange Redevelopment Agency, Orange Merged and Amended Redevelopment Project Series 2014A, Rev., AGM, 5.00%, <br> 9/1/2023<br>| &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; Orange Unified School District, Election of 2016 GO, 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; Pittsburg Unified School District GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Pleasanton Unified School District, Election of 2016 GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Plumas Unified School District, Election of 2016 Series B, GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Pomona Unified School District GO, AGM, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; Rancho Water District Financing Authority Series 2019A, Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Series 2016L, Rev., 5.00%, 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; River Islands Public Financing Authority, Facilities District No. 2003 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., AGM, 5.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., AGM, 4.00%, 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 9/1/2042 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp; Riverside County Infrastructure Financing Authority Series 2016A, Rev., 4.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Riverside County Infrastructure Financing Authority, Capital Projects Series 2017C, Rev., 5.00%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Riverside County Public Financing Authority, Capital Facilities Project Rev., 4.25%, 11/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside County Public Financing Authority, Desert Communities and Interstate 215 Corridor Projects Series 2017A, Rev., <br> 5.00%, 10/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riverside County Redevelopment Successor Agency, Desert Communities Redevelopment Project Series 2014D, Rev., AGM, <br> 5.00%, 10/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; Riverside County Transportation Commission, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.25%, 6/1/2023 (b) | &nbsp;&nbsp;&nbsp; 4525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Riverside Public Financing Authority Series 2012A, Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Riverside Unified School District, Election of 2016 Series B, GO, 4.00%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Ross Valley Public Financing Authority Series A, Rev., 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Rowland Unified School District, Election of 2012 Series A, GO, 5.25%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2801 |
| &nbsp;&nbsp;&nbsp; Sacramento Area Flood Control Agency, Consolidated Capital Assessment District No. 2 Series 2016A, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; Sacramento City Financing Authority, Master Lease Program Facilities Series 2015A, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; Sacramento County Sanitation Districts Financing Authority Series 2014A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; San Bruno Park School District, Election of 2018 Series 2022C, GO, 4.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp; San Diego Community College District GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority, Fire and Life Safety Facilities Series 2012B, Rev., 4.00%, 4/15/2027 | 70 | 70 |
| &nbsp;&nbsp;&nbsp; San Dieguito School Facilities Financing Authority, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2024 | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2025 | 125 | 131 |
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, Election of 2004 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019F-1, GO, 5.00%, 8/1/2031 | 85 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 8/1/2032 | 55 | 58 |
| &nbsp;&nbsp;&nbsp; San Francisco City and County Airport Commission, San Francisco International Airport Series A, Rev., AMT, 5.00%, 5/1/2032 | 5065 | 5529 |
| &nbsp;&nbsp;&nbsp; San Francisco Municipal Transportation Agency Series 2018B, Rev., 5.00%, 3/1/2028 | 60 | 65 |
| &nbsp;&nbsp;&nbsp; San Joaquin County Transportation Authority, Measure K Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2032 | 2000 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817 |
| &nbsp;&nbsp;&nbsp; San Juan Unified School District, Election of 2002 GO, 5.00%, 8/1/2023 (b) | &nbsp;&nbsp;&nbsp; 7540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7668 |
| &nbsp;&nbsp;&nbsp; San Luis Coastal Unified School District, Election of 2014 Series C, GO, 4.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; San Luis Obispo Public Financing Authority, Los Osos Valley Road Interchange Project Rev., 4.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; San Marcos Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; San Marcos Unified School, District No. 4, Community Facilities, Special Tax Rev., 4.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; San Mateo Joint Powers Financing Authority, Maple Street Correctional Center Series 2014A, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; San Mateo Joint Powers Financing Authority, Youth Services Campus Series 2016A, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; San Mateo Union High School District, Election of 2006 Series 2013A, GO, 5.00%, 9/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Financing Authority, County Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Financing Authority, Multiple Facilities Projects Series 2015P, Rev., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp; 8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8927 |
| &nbsp;&nbsp;&nbsp; Santa Clara Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Santa Clara Valley Water District, Water System Series 2017A, Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp; 3115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3371 |
| &nbsp;&nbsp;&nbsp; Santa Clarita Public Finance Authority, Open Space and Parkland Acquisition Program Series 2016B, Rev., 4.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; Santa Cruz County Redevelopment Successor Agency Series 2015A, Rev., AGM, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Santa Cruz Libraries Facilities Financing Authority, Special Tax Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; Santa Margarita-Dana Point Authority, Water District Improvement District No. 2, 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp; 1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1581 |
| &nbsp;&nbsp;&nbsp; Santa Monica Community College District, Election of 2016 Series 2018A, GO, 4.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Santa Monica Public Financing Authority, City Yards Projects Series 2021, Rev., 4.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; Santa Monica-Malibu Unified School District Series 2016C, GO, 4.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santa Rosa Regional Resources Authority, Facilities Acquisition and Improvement Projects Series 2017A, Rev., 5.00%, <br> 8/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; Schools Infrastructure Financing Agency, Special Tax Rev., AGM, 4.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Scotts Valley Unified School District GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Sierra View Local Health Care District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2029 | 160 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | 155 | 168 |
| &nbsp;&nbsp;&nbsp; Sonoma Valley Unified School District, Election of 2016 GO, 4.00%, 8/1/2042 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; South Orange County Public Financing Authority Rev., 5.00%, 4/1/2027 | 50 | 54 |
| &nbsp;&nbsp;&nbsp; Southern California Water Replenishment District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/1/2023 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/1/2026 | 75 | 80 |
| &nbsp;&nbsp;&nbsp; Southwestern Community College District Series 2016B, GO, 4.00%, 8/1/2023 | 35 | 35 |
| &nbsp;&nbsp;&nbsp; Southwestern Community College District, Election of 2016 Series A, GO, 4.00%, 8/1/2038 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp; State of California Department of Water Resources, Central Valley Project, Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AR, Rev., 5.00%, 12/1/2022 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AX, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BA, Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.13%, 4/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AMBAC, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 A, GO, 5.00%, 8/1/2030 | 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 25205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1390 |
| &nbsp;&nbsp;&nbsp; Union Elementary School District Series C, GO, 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; University of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017AY, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018AZ, Rev., 5.00%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; University of California, Limited Project Series 2017M, Rev., 5.00%, 5/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Ventura County Public Financing Authority Series 2016A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; West Hills Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Hills Community College District, School Facilities Improvement District No. 2, 2008 Election Series 2012B, GO, AGM, <br> 4.00%, 8/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; West Valley-Mission Community College District, Election of 2012, Tax Exempt Series 2015B, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp; 335671 |
| **Colorado — 4.6%** | **Colorado — 4.6%** | **Colorado — 4.6%** |
| &nbsp;&nbsp;&nbsp; Adams 12 Five Star Schools, The City & County of Broomfield |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 12/15/2030 | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717 |
| &nbsp;&nbsp;&nbsp; Adams County School District No. 1, Mapleton Public Schools GO, 4.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Board of Governors of Colorado State University System Series 2019A, Rev., 4.00%, 3/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Broadway Park North Metropolitan District No. 2, Limited Tax GO, 5.00%, 12/1/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp; Canyon Pines Metropolitan District Special Improvement District No. 1 Series 2021A-2, 3.75%, 12/1/2040 | &nbsp;&nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 11/15/2034 | &nbsp;&nbsp;&nbsp; 4565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4948 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.50%, 11/15/2035 | 12500 | 13979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/1/2035 | 18390 | 19226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 5.00%, 12/1/2036 | 2500 | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., AMT, 5.00%, 11/15/2037 | 8750 | 9320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.50%, 11/15/2038 | 15000 | 16585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2040 | 1000 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., AMT, 5.50%, 11/15/2040 | 8750 | 9578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2041 | 1220 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.50%, 11/15/2042 | 3340 | 3631 |
| &nbsp;&nbsp;&nbsp; City of Aurora, First Lien Water Rev., 5.00%, 8/1/2024 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; City of Commerce City COP, AGM, 4.00%, 12/15/2037 | 150 | 154 |
| &nbsp;&nbsp;&nbsp; City of Englewood GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Clear Creek Transit Metropolitan District No. 2, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp; Colorado Crossing Metropolitan District No. 2, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2, GO, 4.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-1, GO, 5.00%, 12/1/2047 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1726 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, University Denver Project Rev., NATL - RE, 5.00%, 3/1/2035 | &nbsp;&nbsp;&nbsp; 5055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5754 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Boulder Community Health Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp; 2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp; 1865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1263 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 3.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 9/1/2045 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, School Health System Series 2013A, Rev., 5.50%, 1/1/2024 (b) | &nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4636 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, SCL Health System Series 2019-A, Rev., 4.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp; 2605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2637 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Tax Exempt Series 2021B-3, Rev., 2.13%, 5/15/2028 | 1155 | 1055 |
| &nbsp;&nbsp;&nbsp; Colorado Mountain College Project COP, 5.00%, 8/1/2031 | 30 | 32 |
| &nbsp;&nbsp;&nbsp; Colorado State Board for Community Colleges and Occupational Educational System Series 2019A, Rev., 5.00%, 11/1/2025 | 40 | 42 |
| &nbsp;&nbsp;&nbsp; County of Adams |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2031 | 1100 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2034 | 500 | 526 |
| &nbsp;&nbsp;&nbsp; County of Eagle COP, 5.00%, 12/1/2028 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; County of Gunnison COP, 4.00%, 12/1/2033 | 50 | 52 |
| &nbsp;&nbsp;&nbsp; Denver Health and Hospital Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2030 | 1000 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2031 | 1425 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp; 1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp; 2540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2316 |
| &nbsp;&nbsp;&nbsp; Dominion Water and Sanitation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/1/2032 | &nbsp;&nbsp;&nbsp; 1905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1870 |
| &nbsp;&nbsp;&nbsp; Ebert Metropolitan District Series 2018A-2, GO, 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp; El Paso County School District No. 49 Falcon Series 2017B, COP, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Jefferson Center Metropolitan District No. 1 Series 2020A-2, Rev., 4.13%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp; Jefferson County School District R-1 COP, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Larimer County School District No. R-1 Poudre GO, 5.00%, 12/15/2037 | &nbsp;&nbsp;&nbsp; 2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2677 |
| &nbsp;&nbsp;&nbsp; Montrose County School District RE-1J GO, 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp; Peak Metropolitan District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 12/1/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/1/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/1/2051 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp; Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District, Denver Transit Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2033 | &nbsp;&nbsp;&nbsp; 1935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2035 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1903 |
| &nbsp;&nbsp;&nbsp; Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp; Rocky Mountain Rail Park Metropolitan District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644 |
| &nbsp;&nbsp;&nbsp; State of Colorado Series 2018A, COP, 4.00%, 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement <br> COP, 5.00%, 6/15/2041<br>| &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577 |
| &nbsp;&nbsp;&nbsp; State of Colorado, Building Excellent Schools Today Series 2018N, COP, 5.00%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Third Creek Metropolitan District No. 1, Limited Tax Series 2022A-1, GO, 4.75%, 12/1/2051 | &nbsp;&nbsp;&nbsp; 1515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| &nbsp;&nbsp;&nbsp; University of Colorado, Enterprise System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 6/1/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-1, Rev., 4.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; University of Northern Colorado, Institutional Enterprise Series 2018B, Rev., 4.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp; Verve Metropolitan District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp; Waterview II Metropolitan District Series 2022A, GO, 5.00%, 12/1/2041 | 1250 | 1114 |
| &nbsp;&nbsp;&nbsp; Weld County School District No. RE-2 Eaton GO, 5.00%, 12/1/2035 | 40 | 44 |
| &nbsp;&nbsp;&nbsp; Windler Public Improvement Authority, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 A-1, Rev., 4.00%, 12/1/2031 | 535 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 4.00%, 12/1/2036 | 7500 | 5799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 4.00%, 12/1/2041 | 6750 | 4791 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp; 164677 |
| **Connecticut — 1.3%** | **Connecticut — 1.3%** | **Connecticut — 1.3%** |
| &nbsp;&nbsp;&nbsp; City of Stamford, Water Pollution Control System and Facility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.50%, 8/15/2023 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 8/15/2024 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp; Connecticut Municipal Electric Energy Cooperative Series A, Rev., 5.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Connecticut State University System Series N, Rev., 5.00%, <br> 11/1/2025<br>| &nbsp;&nbsp;&nbsp; 4165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4243 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, McLean |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2045 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Nuvance Health Series 2019A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp; 2630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2738 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Sacred Heart University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp; 1725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1778 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Trinity College Series R, Rev., 4.00%, 6/1/2045 | &nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2079 |
| &nbsp;&nbsp;&nbsp; Stamford Housing Authority Rev., BAN, 11.00%, 12/1/2027 (d) (e) | &nbsp;&nbsp;&nbsp; 7150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7160 |
| &nbsp;&nbsp;&nbsp; State of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, 4.00%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 4/15/2034 | &nbsp;&nbsp;&nbsp; 3450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 4/15/2035 | &nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 4.00%, 3/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 4/15/2036 | &nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 4.00%, 4/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 4/15/2038 | &nbsp;&nbsp;&nbsp; 3625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3660 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Clean Water Fund, State Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; State of Connecticut, Special Tax Transportation Infrastructure Purposes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Connecticut — continued** | **Connecticut — continued** | **Connecticut — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 8/1/2032 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; Steel Point Infrastructure Improvement District, Steelpointe Harbor Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2031 (d) | 300 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2036 (d) | 485 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2041 (d) | 550 | 467 |
| &nbsp;&nbsp;&nbsp; Town of Trumbull Series B, GO, 5.00%, 9/1/2025 | 50 | 53 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 45641 |
| **Delaware — 0.2%** | **Delaware — 0.2%** | **Delaware — 0.2%** |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Newark Charter School, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2025 | 385 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2030 | 530 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2040 | &nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, St. Andrews School Project Rev., 4.00%, 7/1/2041 | &nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2717 |
| &nbsp;&nbsp;&nbsp; Delaware Transportation Authority, Transportation System Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Total Delaware |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5852 |
| **District of Columbia — 1.3%** | **District of Columbia — 1.3%** | **District of Columbia — 1.3%** |
| &nbsp;&nbsp;&nbsp; District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 6/1/2030 | &nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 6/1/2035 | &nbsp;&nbsp; 7175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 6/1/2036 | &nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4391 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 3/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 3/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Kipp DC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series B, Rev., 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., AMT, 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road, Metrorail and Capital Improvement Projects Series 2019B, Rev., <br> AGM, 4.00%, 10/1/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp; Washington Convention and Sports Authority, Senior Lien Dedicated Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp; 5005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp; 4620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp; 4035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4421 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2029 | 2690 | 2938 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2030 | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2030 | 5185 | 5673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2034 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2034 | 75 | 80 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 44500 |
| **Florida — 3.5%** | **Florida — 3.5%** | **Florida — 3.5%** |
| &nbsp;&nbsp;&nbsp; Alachua County Health Facilities Authority, Shands Teaching Hospital and Clinic Series 2019B-1, Rev., 5.00%, 12/1/2035 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp; Bay County School Board Series 2020A, COP, AGM, 5.00%, 7/1/2033 | 675 | 757 |
| &nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Health First, Inc., Project Rev., 5.00%, 4/1/2024 | 1400 | 1441 |
| &nbsp;&nbsp;&nbsp; Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-1, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-1, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-1, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-1, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-1, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Legends Academy Project Series 2021A, Rev., 5.00%, 12/1/2045 (d) | &nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1164 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Sustainability Bonds - The Marie Rev., 4.00%, 6/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charlotte County Industrial Development Authority, Town and Country Utilities Project Series 2021A, Rev., AMT, 4.00%, <br> 10/1/2041 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp; City of Gainesville, Utilities System Series 2017A, Rev., 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville Series 2016A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville, Health Care Facilities, Brooks Rehabilitation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2045 | &nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5818 |
| &nbsp;&nbsp;&nbsp; City of Lakeland, Department of Electric Utilities Rev., 5.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp; City of Pompano Beach, John Knox Village Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 9/1/2030 | &nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 3.50%, 9/1/2035 | &nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810 |
| &nbsp;&nbsp;&nbsp; City of Tampa, H. Lee Moffitt Cancer Center Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp; 2390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp; 7400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6704 |
| &nbsp;&nbsp;&nbsp; City of West Palm Beach, Special Obligation Series C, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; County of Broward, Airport System Series 2019A, Rev., AMT, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1976 |
| &nbsp;&nbsp;&nbsp; County of Broward, Professional Sports Facilities, Civic Arena Project Rev., 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; County of Escambia, Sales Tax Rev., 5.00%, 10/1/2025 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; County of Lee, Airport Series 2021A, Rev., AMT, 5.00%, 10/1/2031 | 11550 | 12582 |
| &nbsp;&nbsp;&nbsp; County of Lee, Transportation Facilities Rev., AGM, 5.00%, 10/1/2035 | 190 | 195 |
| &nbsp;&nbsp;&nbsp; County of Manatee, Public Utilities Rev., 5.00%, 10/1/2031 | 815 | 897 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Aviation System Rev., AMT, 5.00%, 10/1/2028 | 1500 | 1536 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Building Better Communities Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 7/1/2033 | 2835 | 3008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 7/1/2034 | 5355 | 5669 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Capital Asset Acquisition Series 2019B, Rev., 5.00%, 4/1/2040 | 45 | 49 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Subordinate Special Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2025 | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Transit System, Sales Surtax Rev., 4.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; County of Palm Beach, Airport System Rev., AMT, 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp; County of Palm Beach, Public Improvement Rev., 5.00%, 5/1/2038 | &nbsp;&nbsp;&nbsp; 1545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1638 |
| &nbsp;&nbsp;&nbsp; County of Sarasota, Guaranteed Entitlement Rev., 4.50%, 10/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; County of Sarasota, Utility System Series 2019A, Rev., 5.00%, 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group Series 2020A, Rev., 5.00%, <br> 8/15/2040<br>| &nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3656 |
| &nbsp;&nbsp;&nbsp; Florida Atlantic University Finance Corp., Student Housing Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp; 1715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp; 1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1619 |
| &nbsp;&nbsp;&nbsp; Florida Department of Environmental Protection Series 2017A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Florida Department of Management Services Series 2018A, COP, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Central Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 8/15/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.25%, 8/15/2037 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Cornerstone Charter Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 10/1/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 10/1/2042 (d) | &nbsp;&nbsp;&nbsp; 1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1318 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Educational Facilities, Renaissance Charter School, Inc. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 4.00%, 9/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 9/15/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., IDEA Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (d) | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Imagine School at Broward Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 2.63%, 12/15/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/15/2029 (d) | 265 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/15/2039 (d) | 305 | 312 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Mater Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2025 | 110 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/15/2026 | 370 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2026 | 135 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/15/2027 | 390 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2027 | 145 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/15/2028 | 410 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/15/2029 | 400 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2029 | 235 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/15/2035 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 6/15/2035 | &nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1287 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Mayflower Retirement Community |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B2, Rev., 1.75%, 6/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 2.38%, 6/1/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 |
| &nbsp;&nbsp;&nbsp; Florida Gulf Coast University Financing Corp., Housing Project Series 2019A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, Airport Facilities Series 2019A, Rev., AMT, 5.00%, 10/1/2038 | &nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1891 |
| &nbsp;&nbsp;&nbsp; Hillsborough County, Aviation Authority, Tampa International Airport Series 2018F, Rev., 5.00%, 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp; JEA Electric System Series D, Rev., 5.00%, 4/1/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Key West Utility Board, Electric System Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Lee County School Board (The) Series 2016A, COP, 5.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Lee Memorial Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp; 3375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2715 |
| &nbsp;&nbsp;&nbsp; Manatee County School District, Sales Tax Rev., AGM, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Health Facilities Authority, Variety Children's Hospital Series 2021A, Rev., 4.00%, 8/1/2046 | &nbsp;&nbsp; 2140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1869 |
| &nbsp;&nbsp;&nbsp; Middleton Community Development District A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760 |
| &nbsp;&nbsp;&nbsp; Orange County School Board Series 2016C, COP, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Orlando Utilities Commission, Utility System Series 2012A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Jupiter Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/1/2022 | &nbsp;&nbsp; 3530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2031 | 1250 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2041 | 1600 | 1256 |
| &nbsp;&nbsp;&nbsp; Palm Beach County School District Series C, COP, 5.00%, 8/1/2029 | 16000 | 17631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinellas County Educational Facilities Authority, Discovery Academy of Science Project Series 2022A, Rev., 4.00%, <br> 6/1/2036 (d)<br>| 1660 | 1407 |
| &nbsp;&nbsp;&nbsp; School Board of Miami-Dade County (The) Series 2015A, COP, 5.00%, 5/1/2030 | 70 | 73 |
| &nbsp;&nbsp;&nbsp; School District of Broward County Series 2019A, COP, 5.00%, 7/1/2029 | 35 | 39 |
| &nbsp;&nbsp;&nbsp; Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2036 (d) | 155 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2041 (d) | 215 | 174 |
| &nbsp;&nbsp;&nbsp; South Florida Water Management District COP, 5.00%, 10/1/2036 | 125 | 131 |
| &nbsp;&nbsp;&nbsp; St. Johns County Industrial Development Authority, Vicar's Landing Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp; State of Florida Board of Education, Public Education Capital Outlay Series 2015F, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System Series 2013A, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Tohopekaliga Water Authority, Utility System Rev., 4.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Volusia County Educational Facility Authority, Embry-Riddle Aeronautical University, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 10/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 10/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp; 125201 |
| **Georgia — 2.5%** | **Georgia — 2.5%** | **Georgia — 2.5%** |
| &nbsp;&nbsp;&nbsp; Albany-Dougherty Inner City Authority, State University Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp; 1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp; Cherokee County Board of Education, School System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp; City of Atlanta, Water and Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp; 2110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4476 |
| &nbsp;&nbsp;&nbsp; City of Columbus, Water and Sewerage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp; Clayton County Development Authority, Clayton State University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp; Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 506 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 3.00%, 4/1/2037 | 700 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 4/1/2039 | 475 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 3.00%, 4/1/2045 | 1785 | 1327 |
| &nbsp;&nbsp;&nbsp; County of DeKalb, Water and Sewerage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 10/1/2023 | 8660 | 8853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006B, Rev., 5.25%, 10/1/2026 | 5500 | 6013 |
| &nbsp;&nbsp;&nbsp; DeKalb Private Hospital Authority, Children's Healthcare of Atlanta, Inc. Series 2019B, Rev., 5.00%, 7/1/2032 | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project Series 2017A, Rev., 5.00%, <br> 2/15/2028<br>| 115 | 121 |
| &nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel First |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 2.38%, 1/1/2031 | 500 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 1/1/2036 | 500 | 460 |
| &nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel Second |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 3.63%, 1/1/2031 (d) | &nbsp;&nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 1/1/2036 (d) | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933 |
| &nbsp;&nbsp;&nbsp; Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2033 | &nbsp;&nbsp;&nbsp; 1660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2035 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/15/2036 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/15/2037 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/15/2039 | &nbsp;&nbsp;&nbsp; 1785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1742 |
| &nbsp;&nbsp;&nbsp; Georgia Ports Authority Series 2022, Rev., 4.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4041 |
| &nbsp;&nbsp;&nbsp; Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458 |
| &nbsp;&nbsp;&nbsp; Henry County, Water and Sewerage Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM-CR, BHAC - CR, NATL - RE, 5.25%, 2/1/2028 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM-CR, BHAC - CR, NATL - RE, 5.25%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 9/1/2027 (c) | &nbsp;&nbsp;&nbsp; 9430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Rev., 4.00%, 12/1/2028 (c) | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 6/1/2029 (c) | 13780 | &nbsp;&nbsp;&nbsp;&nbsp; 14215 |
| &nbsp;&nbsp;&nbsp; Milledgeville & Baldwin County Development Authority Rev., 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758 |
| &nbsp;&nbsp;&nbsp; Polk County School District, Sales Tax Series 2018, GO, 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp; Private Colleges and Universities Authority, Emory University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 10/1/2043 | 2005 | 2026 |
| &nbsp;&nbsp;&nbsp; State of Georgia Series E, GO, 5.00%, 12/1/2023 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 87498 |
| **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City and County of Honolulu Series 2017D, GO, 5.00%, 9/1/2023 | 20 | 20 |
| **Idaho — 0.2%** | **Idaho — 0.2%** | **Idaho — 0.2%** |
| &nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Federal Highway Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/15/2025 | 2550 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/15/2026 | 4800 | 5161 |
| &nbsp;&nbsp;&nbsp; Total Idaho |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7855 |
| **Illinois — 7.3%** | **Illinois — 7.3%** | **Illinois — 7.3%** |
| &nbsp;&nbsp;&nbsp; Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp; City of Aurora Series 2015-C, GO, 3.00%, 12/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; City of Chicago, Waterworks, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp; City of Decatur GO, AGM, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; City of Rockford, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp; City of Springfield, Electric System, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 3.50%, 3/1/2030 | &nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3521 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 111, Burbank GO, AGM, 4.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Cook County Township High School District No. 225, Glenbrook Series 2016A, GO, 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; County of Cook, Sales Tax Rev., 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3875 |
| &nbsp;&nbsp;&nbsp; County of Du Page, Courthouse Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779 |
| &nbsp;&nbsp;&nbsp; County of Will GO, 4.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; DuPage and Cook Counties Community Consolidated School District No. 181 Hinsdale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 4.00%, 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; DuPage County Community Unit School District No. 200 Wheaton-Warrenville GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; DuPage County High School District No. 87 Glenbard GO, 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Advocate Health and Hospital Corp. Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.13%, 5/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.13%, 5/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Clark-Lindsey Village |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.60%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.13%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Memorial Health System Series 2019, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Mercy Health System Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Play Mouth Place, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-3, Rev., 4.75%, 11/15/2027 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-2, Rev., 5.25%, 11/15/2027 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B-1, Rev., 6.00%, 11/15/2027 | 500 | 502 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Plymouth Place, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 5/15/2032 | 140 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 5/15/2033 | 145 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 5/15/2034 | 300 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 5/15/2035 | 315 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 5/15/2036 | 325 | 299 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Riverside Health System Rev., 4.00%, 11/15/2030 | 45 | 46 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Rush Obligated Group Series 2015A, Rev., 4.00%, 11/15/2039 | &nbsp;&nbsp;&nbsp; 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1862 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Rush University Medical Center Obligated Group Series 2015A, Rev., 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Smith Crossing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2031 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Social Bonds-Learn Chapter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Township High School District Rev., 4.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Illinois Sports Facilities Authority (The), State Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1581 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Kane Cook and DuPage Counties School District No. U-46 Elgin Series 2015D, GO, 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1723 |
| &nbsp;&nbsp;&nbsp; Kane County Community Unit School District No. 304 Geneva GO, 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Kane County School District No. 131 Aurora East Side |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 4.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, AGM, 4.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 4.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 4.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 4.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 4.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 4.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 4.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 4.00%, 12/1/2036 | 250 | 253 |
| &nbsp;&nbsp;&nbsp; Lake County Community Consolidated School District No. 3 Beach Park |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 2/1/2030 | 730 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 2/1/2031 | 830 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 2/1/2032 | 535 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 2/1/2033 | 500 | 522 |
| &nbsp;&nbsp;&nbsp; McHenry County Community Consolidated School District No. 47 Crystal Lake Rev., 4.00%, 2/1/2028 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; Northern Illinois University, Auxiliary Facilities System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, Rev., 5.00%, 4/1/2025 | 425 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2027 | 350 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2028 | 325 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp; Peoria County Community Unit School District No. 323 GO, 4.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority Series 2002A, Rev., NATL - RE, 6.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.50%, 1/1/2030 | 18250 | &nbsp;&nbsp;&nbsp;&nbsp; 20073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.50%, 1/1/2031 | &nbsp;&nbsp;&nbsp; 3540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Rev., 5.50%, 1/1/2032 | 22820 | &nbsp;&nbsp;&nbsp;&nbsp; 25026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.25%, 1/1/2034 | 13520 | &nbsp;&nbsp;&nbsp;&nbsp; 14557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Rev., 5.25%, 1/1/2035 | &nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9636 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 5/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 4.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 11/1/2024 | 15715 | &nbsp;&nbsp;&nbsp;&nbsp; 16129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp; 5175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.13%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.50%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.13%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 3/1/2032 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, GO, 5.00%, 10/1/2032 | 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 19217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 3/1/2033 | 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 13280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2034 | 10765 | &nbsp;&nbsp;&nbsp;&nbsp; 11327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2035 | 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12533 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 3/1/2036 | 5940 | 6152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 12/1/2037 | 5000 | 4625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 3/1/2038 | 1705 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2039 | 2255 | 2263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 3/1/2039 | 2975 | 2704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 3/1/2040 | 1300 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 11/1/2042 | 5880 | 5167 |
| &nbsp;&nbsp;&nbsp; State of Illinois, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2023 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 6/15/2024 | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 6/15/2029 | 150 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Rev., 4.00%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982 |
| &nbsp;&nbsp;&nbsp; Village of Bolingbrook, Capital Appreciation Series C, GO, NATL - RE, Zero Coupon, 1/1/2023 | &nbsp;&nbsp;&nbsp; 2195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2189 |
| &nbsp;&nbsp;&nbsp; Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and 2002-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, AGM, 5.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; Village of Westmont GO, 4.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Will County Community Unit School District No. 365-U Valley View |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1557 |
| &nbsp;&nbsp;&nbsp; Will County Forest Preservation District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp; Will Grundy Etc Counties Community College District No. 525, Joliet Junior College GO, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp; 260112 |
| **Indiana — 1.5%** | **Indiana — 1.5%** | **Indiana — 1.5%** |
| &nbsp;&nbsp;&nbsp; Brownsburg 1999 School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Carmel Redevelopment Authority, Option Income Tax Lease Rental Series 2014B, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City of Franklin, Otterbeit Homes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673 |
| &nbsp;&nbsp;&nbsp; City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp; City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 5.25%, 11/1/2040 (d) | &nbsp;&nbsp;&nbsp; 4560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3676 |
| &nbsp;&nbsp;&nbsp; City of Rockport, Indiana Michigan Power Co. Project Series 2009A, Rev., 3.05%, 6/1/2025 | 11600 | &nbsp;&nbsp;&nbsp;&nbsp; 11630 |
| &nbsp;&nbsp;&nbsp; City of Valparaiso Rev., 5.38%, 12/1/2041 (d) | &nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1222 |
| &nbsp;&nbsp;&nbsp; East Allen Multi School Building Corp., Indiana Ad Valorem Property Tax, First Mortgage Rev., 5.00%, 1/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp; Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2033 | 245 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/15/2035 | 550 | 564 |
| &nbsp;&nbsp;&nbsp; Hobart Building Corp Rev., 5.00%, 1/15/2029 | 65 | 70 |
| &nbsp;&nbsp;&nbsp; Huntington Countywide School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2035 | 35 | 39 |
| &nbsp;&nbsp;&nbsp; Indiana Bond Bank, Hamilton County Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., Zero Coupon, 7/15/2027 | 320 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., Zero Coupon, 1/15/2028 | 350 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., Zero Coupon, 7/15/2028 | 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., Zero Coupon, 1/15/2029 | 560 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., Zero Coupon, 7/15/2029 | 735 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., Zero Coupon, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., Zero Coupon, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, DePauw University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp; 1395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp; 1530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp; 1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1781 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project Series 2020A, Rev., 4.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Educational Facilities, Valparaiso University Project Rev., 4.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, First Lien Wastewater, CWA Authority Project Series 2016A, Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Goshen Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/1/2031 | &nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/1/2033 | &nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, State Revolving Fund Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 2/1/2023 (b) | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Vita of Marion Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 4/1/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.25%, 4/1/2041 (d) | 1875 | 1503 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project Series 2019A, Rev., 5.00%, 2/1/2032 | 225 | 251 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project Series 2017C, Rev., 5.00%, 1/1/2035 | 195 | 211 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2013D, Rev., 5.00%, 1/1/2024 | 1250 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan School District of Warren Township Vision 2005 School Building Corp., First Mortgage, Ad Valorem Property Tax <br> Rev., 4.00%, 7/10/2032<br>| 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Adams Community Schools Renovation Building Corp., First Mortgage, Ad Valorem Property Tax Rev., 5.00%, <br> 7/15/2032<br>| 25 | 28 |
| &nbsp;&nbsp;&nbsp; Northern Wells Multi-School Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 4.00%, 7/15/2035 | 50 | 51 |
| &nbsp;&nbsp;&nbsp; Plainfield High School Building Corp., Ad Valorem Property Tax, First Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2024 | 1255 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/15/2028 | 30 | 33 |
| &nbsp;&nbsp;&nbsp; Whitley County Multi School Building Corp. Rev., 5.00%, 7/15/2038 | 3200 | 3456 |
| &nbsp;&nbsp;&nbsp; Yorktown Redevelopment Authority, Ad Valorem Property Tax Lease Rev., 4.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 53091 |
| **Iowa — 0.1%** | **Iowa — 0.1%** | **Iowa — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of Cedar Rapids, Sewer Series 2019C, Rev., 4.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; County of Linn |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; State of Iowa, Special Obligation Rev., 5.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2954 |
| **Kansas — 0.3%** | **Kansas — 0.3%** | **Kansas — 0.3%** |
| &nbsp;&nbsp;&nbsp; Butler County, Unified School District No. 385 Andover, School Building GO, 5.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872 |
| &nbsp;&nbsp;&nbsp; City of Manhattan, Meadowlark Hills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374 |
| &nbsp;&nbsp;&nbsp; City of Topeka |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., 5.13%, 12/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.75%, 12/1/2033 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp; City of Wichita, Airport Bonds Series 2015A, GO, 4.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Johnson and Miami Counties Unified School District No. 230 Spring Hills Series 2018-A, GO, 4.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp; 2965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3035 |
| &nbsp;&nbsp;&nbsp; Riley County Unified School District No. 383, Manhattan-Ogden Series 2018A, GO, 5.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; State of Kansas Department of Transportation Series B, Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp; 4375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4590 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kansas — continued** | **Kansas — continued** | **Kansas — continued** |
| &nbsp;&nbsp;&nbsp; Wyandotte County Unified School District No. 203 Piper |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 9/1/2041 | 1000 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 9/1/2042 | 30 | 32 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 12183 |
| **Kentucky — 1.8%** | **Kentucky — 1.8%** | **Kentucky — 1.8%** |
| &nbsp;&nbsp;&nbsp; City of Hermiston |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 3.70%, 1/1/2032 (d) | 3955 | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., AMT, 4.45%, 1/1/2042 (d) | 500 | 454 |
| &nbsp;&nbsp;&nbsp; County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027 | 5220 | 5158 |
| &nbsp;&nbsp;&nbsp; County of Carroll, Kentucky Environmental Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008A, Rev., AMT, 2.00%, 2/1/2032 | 11025 | 8789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 2.13%, 10/1/2034 | &nbsp;&nbsp;&nbsp; 7440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series B, Rev., 5.00%, <br> 8/15/2028<br>| &nbsp;&nbsp;&nbsp; 2885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3086 |
| &nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Commonspirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Owensboro Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., AGM, 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp; 2795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2866 |
| &nbsp;&nbsp;&nbsp; Kentucky Municipal Power Agency Series A, Rev., NATL - RE, 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 4/1/2024 (c) | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 4.00%, 2/1/2028 (c) | 10300 | &nbsp;&nbsp;&nbsp;&nbsp; 10132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, Rev., 4.00%, 8/1/2030 (c) | 12815 | &nbsp;&nbsp;&nbsp;&nbsp; 12455 |
| &nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2016A, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Warren County School District Finance Corp. Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 62093 |
| **Louisiana — 0.9%** | **Louisiana — 0.9%** | **Louisiana — 0.9%** |
| &nbsp;&nbsp;&nbsp; City of Alexandria Series 2013A, Rev., 5.00%, 5/1/2023 (b) | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1415 |
| &nbsp;&nbsp;&nbsp; City of Shreveport, Water and Sewer Series 2016B, Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp; City of Shreveport, Water and Sewer, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AGM, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AGM, 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AGM, 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AGM, 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AGM, 4.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Lincoln Preparatory School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Louisiana — continued** | **Louisiana — continued** | **Louisiana — continued** |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Materra Campus Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 4.00%, 6/1/2031 (d) | 245 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2041 (d) | 1330 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 4.00%, 6/1/2041 (d) | 440 | 358 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Mentorship Steam Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2036 (d) | 385 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2042 (d) | 440 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2051 (d) | 705 | 552 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2033 | 700 | 754 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Tulane University Project Series 2016A, Rev., 5.00%, 12/15/2027 | 160 | 171 |
| &nbsp;&nbsp;&nbsp; Louisiana State University, Agricultural and Mechanical College, Auxiliary Facilities System Rev., 3.75%, 7/1/2024 (b) | 75 | 76 |
| &nbsp;&nbsp;&nbsp; State of Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 3/1/2035 | 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 14391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 3/1/2038 | &nbsp;&nbsp;&nbsp; 3470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 30748 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of Portland GO, 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority, John F Murphy Homes, Inc. Series 2019B, Rev., 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942 |
| &nbsp;&nbsp;&nbsp; Maine Municipal Bond Bank Series C, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1712 |
| **Maryland — 1.3%** | **Maryland — 1.3%** | **Maryland — 1.3%** |
| &nbsp;&nbsp;&nbsp; City of Baltimore, Consolidated Public Improvement Series 2017B, GO, 5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2212 |
| &nbsp;&nbsp;&nbsp; City of Baltimore, Wastewater Projects Series 2017A, Rev., 5.00%, 7/1/2041 | 13845 | &nbsp;&nbsp;&nbsp;&nbsp; 14530 |
| &nbsp;&nbsp;&nbsp; County of Anne Arundel, Consolidated General Improvements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp; 2395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3627 |
| &nbsp;&nbsp;&nbsp; County of Anne Arundel, Consolidated Water and Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2064 |
| &nbsp;&nbsp;&nbsp; County of Baltimore, Metropolitan District, 2019 Crossover GO, 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; County of Prince George's, Consolidated Public Improvement Series 2018A, GO, 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Port Covington Project Rev., 4.00%, 9/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.25%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2050 | &nbsp;&nbsp;&nbsp; 1295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1134 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017A, Rev., 5.00%, 5/15/2045 | &nbsp;&nbsp;&nbsp; 1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1231 |
| &nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, Stevenson University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maryland — continued** | **Maryland — continued** | **Maryland — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2033 | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2034 | 350 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2035 | 475 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2037 | 445 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2039 | 465 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2040 | 250 | 224 |
| &nbsp;&nbsp;&nbsp; State of Maryland, State and Local Facilities Loan of 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 3/15/2024 | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 3/15/2030 | 7225 | 7604 |
| &nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, Consolidated Public Improvement Rev., GTD, 5.00%, 6/1/2030 | 25 | 29 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 46923 |
| **Massachusetts — 2.8%** | **Massachusetts — 2.8%** | **Massachusetts — 2.8%** |
| &nbsp;&nbsp;&nbsp; City of Lawrence, State Qualified Municipal Purpose Loan of 2022 Bonds GO, 4.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1248 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.25%, 8/1/2023 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp; 3535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3684 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan Series E, GO, AMBAC, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5337 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2015 Series 2015D, GO, 4.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp; 9460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9771 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039 | 13125 | &nbsp;&nbsp;&nbsp;&nbsp; 13220 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp; 9145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 4/1/2033 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2018 Series 2018A, GO, 5.00%, 1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Essex North Shore Agricultural and Technical School District, State Qualified School Bonds GO, 4.00%, 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Assessment Series 2006A, Rev., 5.25%, 7/1/2025 | &nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2401 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-2, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006A, Rev., 5.25%, 7/1/2029 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp; 1255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.25%, 7/1/2033 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6071 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Mass General Brigham Issue Series 2020A-2, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Milford Regional Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 7/15/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 7/15/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 7/15/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 7/15/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 7/15/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 7/15/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 7/15/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Salem Community Corp. Rev., 5.13%, 1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Suffolk University Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 844 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2034 | 550 | 577 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Wellforce Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., AGM, 5.00%, 10/1/2031 | 635 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., AGM, 5.00%, 10/1/2033 | 1290 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., AGM, 5.00%, 10/1/2034 | 1175 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., AGM, 3.00%, 10/1/2045 | 1770 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series M, Rev., 5.25%, <br> 7/1/2025<br>| 4070 | 4346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured, <br> Subordinated Series 2019C, Rev., 5.00%, 1/1/2035<br>| 40 | 44 |
| &nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AGM, 5.25%, 8/1/2024 | 3110 | 3244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 8/1/2030 | 55 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AGM, 5.25%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; Town of Stoughton, Municipal Purpose Loan GO, 4.00%, 10/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; University of Massachusetts Building Authority Series 2019-1, Rev., 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 99751 |
| **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** |
| &nbsp;&nbsp;&nbsp; Bendle Public School District, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Cadillac Area Public Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Caledonia Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, GO, 5.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, GO, 5.00%, 4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp; City of Grand Rapids, Sanitary Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; County of Genesee, Water Supply System GO, 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; Dansville Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp; 2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2037 | &nbsp;&nbsp;&nbsp; 4575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4393 |
| &nbsp;&nbsp;&nbsp; Grand Rapids Public Schools, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 11/1/2032 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/1/2037 | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1894 |
| &nbsp;&nbsp;&nbsp; Grosse Pointe Public School System GO, 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Hartford Public Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Holland School District GO, AGM, 4.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Holt Public Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Hudsonville Public Schools, Unlimited Tax Series 2020-I, GO, Q-SBLF, 5.00%, 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| &nbsp;&nbsp;&nbsp; Huron School District, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2044 | 35 | 37 |
| &nbsp;&nbsp;&nbsp; Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.63%, 5/15/2025 | 1150 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.88%, 5/15/2026 | 1545 | 1446 |
| &nbsp;&nbsp;&nbsp; Lansing Community College, Building and Site, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 5/1/2030 | 600 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 5/1/2032 | 635 | 693 |
| &nbsp;&nbsp;&nbsp; Lawrence Public Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2026 | 30 | 31 |
| &nbsp;&nbsp;&nbsp; Macomb Interceptor Drain Drainage District, Limited Tax GO, GTD, 5.00%, 5/1/2028 | 85 | 94 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Aqunias College Project Rev., 4.00%, 5/1/2031 | 540 | 478 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Clean Water Revolving Fund Series 2016B, Rev., 5.00%, 10/1/2024 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System Rev., 4.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Kettering University Project Rev., 4.00%, 9/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Lawrence Technological University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Local Government Loan Program, Detroit Water and Sewerage Department Water Supply System <br> Local Project Series 2014D-4, Rev., 5.00%, 7/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019MI-1, Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017MI, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-MI, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016MI, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-MI, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013MI-4, Rev., 4.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project Rev., AMT, 4.00%, <br> 10/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1087 |
| &nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Holland Home Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2029 | &nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project <br> Rev., 5.00%, 5/15/2037<br>| &nbsp;&nbsp;&nbsp; 2360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2266 |
| &nbsp;&nbsp;&nbsp; Novi Community School District, School Building and Site, Unlimited Tax Series 2020-I, GO, 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Plymouth-Canton Community School District Series 2015B, GO, AGM, 4.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Roseville Community Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; South Lyon Community Schools, School Building and Site GO, 4.00%, 5/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; State of Michigan, Environmental Program Series 2014A, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4493 |
| &nbsp;&nbsp;&nbsp; University of Michigan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Utica Community Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Warren Consolidated Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Waterford School District GO, Q-SBLF, 4.00%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| &nbsp;&nbsp;&nbsp; West Ottawa Public Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/1/2039 | 1055 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/1/2040 | 700 | 697 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 43460 |
| **Minnesota — 0.5%** | **Minnesota — 0.5%** | **Minnesota — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of Brainerd Series 2016A, GO, 5.00%, 10/1/2024 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, Health Care System, Fairview Health Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 11/15/2037 | 6230 | 6044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 11/15/2038 | 750 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 11/15/2048 | 2000 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 11/15/2049 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp; City of Savage Series 2019A, GO, 4.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; City of Woodbury, Charter School Lease, MSA Building Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp; City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Benedictine Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749 |
| &nbsp;&nbsp;&nbsp; Duluth Independent School District No. 709 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itasca County Independent School District No. 318, School Building, Minnesota School District Credit Enhancement Program <br> Series 2018A, GO, 5.00%, 2/1/2030<br>| &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1526 |
| &nbsp;&nbsp;&nbsp; Lakeville Independent School District No. 194 Series 2020B, COP, 4.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., LIQ : Royal Bank of Canada, 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., LIQ : Royal Bank of Canada, 4.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 17998 |
| **Mississippi — 1.2%** | **Mississippi — 1.2%** | **Mississippi — 1.2%** |
| &nbsp;&nbsp;&nbsp; City of Tupelo GO, 4.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Community College Improvement Project Rev., 4.00%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project Rev., <br> 5.00%, 8/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Mississippi — continued** | **Mississippi — continued** | **Mississippi — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Department of Transportation, Industrial Development Authority Series 2015A, Rev., 5.00%, <br> 1/1/2026<br>| 35 | 37 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Public Improvement Rev., 4.00%, 3/1/2025 | 100 | 102 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Rankin County Bond Project Rev., 5.00%, 3/1/2023 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Rankin County School District Project Rev., 3.50%, 6/1/2042 | 450 | 408 |
| &nbsp;&nbsp;&nbsp; State of Mississippi |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 4.00%, 11/1/2026 (b) | 5030 | 5277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 11/1/2026 (b) | 11595 | 12600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 10/1/2033 | 30 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 4.00%, 11/1/2038 | 21155 | 21499 |
| &nbsp;&nbsp;&nbsp; State of Mississippi, Gaming Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/15/2025 | 1005 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1605 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 42976 |
| **Missouri — 0.9%** | **Missouri — 0.9%** | **Missouri — 0.9%** |
| &nbsp;&nbsp;&nbsp; City of Bridgeton Series 2021A, Rev., 4.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp; City of Gladstone Series A, COP, 3.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; County of Jackson, Special Obligation Rev., 4.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; County of St. Louis, Special Obligation Series 2021F, Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Coxhealth and Obligated Group Series 2019A, Rev., <br> 5.00%, 11/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 4.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, SSM Health System Series 2014A, Rev., 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of St. Louis Missouri (The), Innovation District Rev., 5.00%, 5/15/2041 | &nbsp;&nbsp;&nbsp; 2815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2742 |
| &nbsp;&nbsp;&nbsp; Jefferson City School District, Missouri Direct Deposit Program GO, 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, City International Airport Terminal Modernization Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AMT, 5.00%, 3/1/2032 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AMT, 5.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Rev., AMT, 5.00%, 3/1/2034 | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900 |
| &nbsp;&nbsp;&nbsp; Metropolitan St. Louis Sewer District, Wastewater System Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp; 6765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 5/1/2032 | &nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp; 3185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 5/1/2034 | &nbsp;&nbsp;&nbsp; 1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1739 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 5/1/2035 | 2125 | 2208 |
| &nbsp;&nbsp;&nbsp; Pattonville-Bridgeton Terrace Fire Protection District GO, 4.00%, 11/1/2025 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 32138 |
| **Montana — 0.5%** | **Montana — 0.5%** | **Montana — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of Missoula, Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2026 | 300 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2027 | 535 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2028 | 480 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2029 | 1000 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2030 | 690 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2031 | 870 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 7/1/2044 | &nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3380 |
| &nbsp;&nbsp;&nbsp; County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2032 (d) | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1811 |
| &nbsp;&nbsp;&nbsp; Gallatin County School District No. 44 Belgrade, School Building |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp; Montana Facility Finance Authority, School Health System Series 2019A, Rev., 4.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp; Montana State Board of Regents, Montana State University Series 2019B, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Total Montana |  | &nbsp;&nbsp;&nbsp;&nbsp; 18455 |
| **Nebraska — 1.5%** | **Nebraska — 1.5%** | **Nebraska — 1.5%** |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2042 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1552 |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 4 Series 2018A, Rev., 5.00%, 1/1/2024 (c) | &nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9083 |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 5 Series 1, Rev., 5.00%, 10/1/2029 (c) | &nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2358 |
| &nbsp;&nbsp;&nbsp; City of Columbus, Combined Utilities System Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; City of Lincoln, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; City of Lincoln, Water Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp; City of Omaha, Sanitary Sewerage System Rev., 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp; 1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1899 |
| &nbsp;&nbsp;&nbsp; City of Omaha, Various Purpose GO, 4.00%, 4/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nebraska — continued** | **Nebraska — continued** | **Nebraska — continued** |
| &nbsp;&nbsp;&nbsp; County of Cherry, Limited Tax GO, 3.00%, 12/15/2023 | 15 | 15 |
| &nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/15/2026 | 400 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/15/2029 | 285 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/15/2030 | 225 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/15/2031 | 275 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/15/2033 | 625 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/15/2034 | 600 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 11/15/2035 | 550 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 11/15/2036 | 425 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 11/15/2037 | 525 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 11/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Health Facilities, Nebraska Medicine |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Douglas County School District No. 001, Omaha Public |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2041 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2042 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10020 |
| &nbsp;&nbsp;&nbsp; Douglas County School District No. 010, Elkhorn Public Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp; Municipal Energy Agency of Nebraska, Power Supply System Series 2022A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated <br> Group<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1283 |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/1/2037 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2163 |
| &nbsp;&nbsp;&nbsp; Public Power Generation Agency, Whelan Energy Center Unit 2 Series A, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 53760 |
| **Nevada — 0.4%** | **Nevada — 0.4%** | **Nevada — 0.4%** |
| &nbsp;&nbsp;&nbsp; Clark County School District, Limited Tax Series 2017A, GO, 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp; 2080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2237 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nevada — continued** | **Nevada — continued** | **Nevada — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, McCarran International Airport Series <br> 2019A, Rev., 5.00%, 7/1/2026<br>| 110 | 118 |
| &nbsp;&nbsp;&nbsp; County of Clark, Flood Control Crossover, Limited Tax GO, 5.00%, 11/1/2024 | 200 | 209 |
| &nbsp;&nbsp;&nbsp; County of Clark, Las Vegas Convention and Visitors Authority, Limited Tax Series 2015A, GO, 4.00%, 7/1/2033 | 75 | 77 |
| &nbsp;&nbsp;&nbsp; County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., AMT, 5.00%, 7/1/2024 | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, Rev., 5.00%, 7/1/2027 | 195 | 213 |
| &nbsp;&nbsp;&nbsp; County of Clark, Southern California Edison Co. Series 2008-A, Rev., 2.10%, 6/1/2031 | 1215 | 993 |
| &nbsp;&nbsp;&nbsp; County of Clark, Stadium Improvement, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/1/2026 | 1985 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/1/2028 | 1165 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/1/2030 | 4030 | 4467 |
| &nbsp;&nbsp;&nbsp; County of Washoe, Fuel Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, Limited Tax Series 2019A, GO, 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; State of Nevada Highway Improvement, Motor Vehicle Fuel Tax Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Washoe County School District, Limited Tax, School Improvement Series 2020A, GO, 4.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp; 12321 |
| **New Jersey — 4.4%** | **New Jersey — 4.4%** | **New Jersey — 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project Series 2021A, Rev., AGM, 5.00%, <br> 7/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Bergen County Improvement Authority (The), Guaranteed Governmental Loan Rev., GTD, 5.00%, 8/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; Burlington County Bridge Commission, Governmental Leasing Program Rev., 5.00%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| &nbsp;&nbsp;&nbsp; Freehold Township Board of Education GO, 4.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Motor Vehicle Surcharges Series 2017A, Rev., 4.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series LLL, Rev., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series LLL, Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp; 1970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 4.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LLL, Rev., 5.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 4.00%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 4.00%, 6/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 4.00%, 6/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EEE, Rev., 5.00%, 6/15/2043 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2047 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, State Police Barracks Project Rev., 5.00%, 6/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Transit Transportation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 11/1/2037 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3135 |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Stevens Institute of Technology Series 2020A, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/15/2024 | 10880 | &nbsp;&nbsp;&nbsp;&nbsp; 11222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp; 9585 | &nbsp;&nbsp;&nbsp;&nbsp; 10090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/15/2031 | 11500 | &nbsp;&nbsp;&nbsp;&nbsp; 12075 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019BB, Rev., 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020AA, Rev., 4.00%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020AA, Rev., 4.00%, 6/15/2036 | 2000 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013AA, Rev., 5.00%, 6/15/2036 | 5000 | 5024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020AA, Rev., 4.00%, 6/15/2037 | 3000 | 2915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020AA, Rev., 4.00%, 6/15/2038 | 1000 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 6/15/2041 | 2000 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 6/15/2042 | 3000 | 2791 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System Series B, Rev., AMBAC, 5.25%, 12/15/2022 | 5000 | 5005 |
| &nbsp;&nbsp;&nbsp; Rutgers The State University of New Jersey Series 2016M, Rev., 5.00%, 5/1/2030 | 100 | 106 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, COVID-19 Emergency Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2031 | 28340 | 30016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2032 | 28260 | 29894 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp; 3645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942 |
| &nbsp;&nbsp;&nbsp; Township of Harrison GO, 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Township of Hazlet GO, 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Township of Montclair, General Improvement Series 2017A, GO, 4.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Township of Mount Laurel GO, 4.00%, 4/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Township of North Brunswick, General Improvement GO, 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp; 1540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1568 |
| &nbsp;&nbsp;&nbsp; Washington Borough Board of Education Series 2021, GO, AGM, 4.00%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp; 156072 |
| **New Mexico — 0.2%** | **New Mexico — 0.2%** | **New Mexico — 0.2%** |
| &nbsp;&nbsp;&nbsp; Albuquerque Municipal School District No. 12, School Building |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2161 |
| &nbsp;&nbsp;&nbsp; Baltimore County, Gross Receipts Tax Series B, Rev., NATL - RE-IBC, 5.70%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875 |
| &nbsp;&nbsp;&nbsp; City of Santa Fe, Water Utility System Rev., 4.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Tax-Exempt Series 2019C-1, Rev., 4.00%, <br> 6/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; State of New Mexico, Severance Tax Permanent Fund Series 2017A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7824 |
| **New York — 12.7%** | **New York — 12.7%** | **New York — 12.7%** |
| &nbsp;&nbsp;&nbsp; Bedford Central School District, Boces Project GO, 4.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1211 |
| &nbsp;&nbsp;&nbsp; Buffalo and Erie County Industrial Land Development Corp., D'youville College Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 967 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Global Community Charter School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 6/15/2032 | 135 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 6/15/2042 | 365 | 346 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Grand Concourse Academy Charter School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 7/1/2032 | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 7/1/2042 | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 7/1/2052 | 350 | 348 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., New World Preparatory Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2041 | 240 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2051 | 320 | 238 |
| &nbsp;&nbsp;&nbsp; City of Buffalo Series 2021-A, GO, 5.00%, 4/1/2026 | 50 | 53 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2006 Series H, Subseries 2006H-A, GO, 4.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2013 Series 2013J, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2014 Series G, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp; 9520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9764 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2016 Series E, GO, 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2017 Series 2017B-1, GO, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B-1, GO, 4.00%, 10/1/2041 | &nbsp;&nbsp; 6450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6339 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Subseries B-1, GO, 5.00%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Subseries B-1, GO, 5.00%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp; County of Suffolk |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B, GO, AGM, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp; County of Suffolk, Public Improvement Series 2021A, GO, 4.00%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913 |
| &nbsp;&nbsp;&nbsp; Erie County Fiscal Stability Authority, Sales Tax and State Aid Secured Series 2017D, Rev., 5.00%, 9/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project Series 2013A, Rev., 5.00%, <br> 5/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., Second Indenture |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 2/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Huntington Local Development Corp., Fountaingate Garden Project Series 2021C, Rev., 3.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; Hyde Park Central School District GO, 4.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3241 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries C-1, Rev., 5.25%, 11/15/2029 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C-1, Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp; 4885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries C-1, Rev., 5.00%, 11/15/2035 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3032 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Dedicated Tax Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B-1, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 7/1/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.63%, 7/1/2042 (d) | &nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1337 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Rochester Schools Modernization Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2032 | 675 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2033 | 810 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project Series 2020A, Rev., <br> 5.00%, 6/1/2040 (d)<br>| 630 | 633 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System Subseries CC-2, Rev., 4.00%, 6/15/2042 | 5000 | 4987 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015S-2, Rev., 5.00%, 7/15/2040 | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S-1, Rev., 5.00%, 7/15/2040 | 45 | 46 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016S-1, Rev., 5.00%, 7/15/2029 | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 S-1, Rev., 5.00%, 7/15/2033 | 70 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016S-1, Rev., 4.00%, 7/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016S-1, Rev., 5.00%, 7/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018S-2, Rev., 5.00%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018S-2, Rev., 5.00%, 7/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018S-4, Rev., 5.00%, 7/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S-3, Subseries S-3A, Rev., 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S-2A, Rev., 4.00%, 7/15/2037 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S-3, Subseries S-3A, Rev., 5.00%, 7/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Series 2014B-1, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Subseries B-1, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A-1, Rev., 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 202, Rev., 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E-1, Rev., 5.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp; 7295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7631 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp; 5685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Subseries E-1, Rev., 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp; 1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Subseries E-1, Rev., 5.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017F-1, Rev., 5.00%, 5/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Subseries E-1, Rev., 5.00%, 2/1/2033 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-1, Rev., 4.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries E-1, Rev., 5.00%, 2/1/2039 | &nbsp;&nbsp;&nbsp; 2525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2662 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 1, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C-1, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C-1, Rev., 5.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021 Series 2021-A, Rev., 4.00%, 11/1/2038 | 10575 | &nbsp;&nbsp;&nbsp;&nbsp; 10574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022 Series C, Subseries C-1, Rev., 4.00%, <br> 2/1/2047<br>| &nbsp;&nbsp;&nbsp; 7750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7360 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A-2, Rev., 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A-2, Rev., 5.00%, 8/1/2038 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-3, Rev., 5.00%, 5/1/2039 | 70 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C-3, Rev., 5.00%, 5/1/2041 | 2100 | 2230 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Subseries A-2, Rev., 5.00%, 5/1/2035 | 125 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-1, Rev., 5.00%, 11/1/2035 | 35 | 39 |
| &nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FF, Rev., 5.00%, 6/15/2031 | 5000 | 5281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015AA, Rev., 4.00%, 6/15/2044 | 25 | 24 |
| &nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution, Fiscal Year 2017 Series EE, Rev., 5.00%, 6/15/2036 | 5000 | 5356 |
| &nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution, Fiscal Year 2018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018EE, Rev., 5.00%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018FF, Rev., 5.00%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019 Subseries 2019EE-2, Rev., 5.00%, <br> 6/15/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020CC-1, Rev., 4.00%, 6/15/2038 | 14705 | &nbsp;&nbsp;&nbsp;&nbsp; 14794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020AA, Rev., 5.00%, 6/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries 202DD-3, Rev., 5.00%, 6/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries 202DD-3, Rev., 4.00%, 6/15/2042 | &nbsp;&nbsp;&nbsp; 1880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875 |
| &nbsp;&nbsp;&nbsp; New York Convention Center Development Corp., Hotel Unit Fee Secured Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2110 |
| &nbsp;&nbsp;&nbsp; New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 11/15/2026 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 11/15/2027 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., Zero Coupon, 11/15/2028 | &nbsp;&nbsp;&nbsp; 1960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 11/15/2030 | &nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 11/15/2031 | &nbsp;&nbsp;&nbsp; 1835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 11/15/2032 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., AGM-CR, Zero Coupon, 11/15/2052 | 10625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2340 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp. Series 1WTC-2021, Rev., 2.25%, 2/15/2041 | &nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3165 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Secured by Port Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM-CR, 3.00%, 2/15/2042 | &nbsp;&nbsp;&nbsp; 3345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.75%, 2/15/2044 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1455 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority Series 2018-C, Rev., 5.00%, 3/15/2036 | &nbsp;&nbsp;&nbsp; 8020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8659 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Barnard College Series 2020A, Rev., 4.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Cornell University Series 2019A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Municipal Health Facilities Improvement Program Series 2018 1, Rev., 5.00%, <br> 1/15/2031<br>| &nbsp;&nbsp;&nbsp; 3445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3787 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 7/1/2043 | 3500 | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 7/1/2045 | 13000 | 12698 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 4/1/2028 | 80 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2030 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2031 | 75 | 81 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 12/15/2022 | 5000 | 5005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 2/15/2023 (b) | 3000 | 3016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., 5.00%, 2/15/2023 (b) | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 2/15/2024 (b) | 20015 | 20590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, Rev., 5.00%, 2/15/2028 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp; 4985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015E, Rev., 5.00%, 3/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 3/15/2030 | &nbsp;&nbsp;&nbsp; 7570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, Rev., 5.00%, 3/15/2033 | 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 2/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 2/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 3/15/2032 | &nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 3/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018E, Rev., 5.00%, 3/15/2038 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 3/15/2039 | &nbsp;&nbsp;&nbsp; 2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 3/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018E, Rev., 5.00%, 3/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 3/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State University Dormitory Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp; 2190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp; 4430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp; 3130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State University of New York Dormitory Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, The Rockefeller University Series 2020-A, Rev., 5.00%, 7/1/2053 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2659 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance <br> Authority Projects - Second Resolution<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 4.00%, 6/15/2028 | 10000 | 10062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 4.00%, 6/15/2037 | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 6/15/2039 | 150 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 6/15/2043 | 50 | 53 |
| &nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Revolving Fund Series 2021A, Rev., 4.00%, 6/15/2038 | 7515 | 7645 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, Rev., 5.00%, 1/1/2027 | 1250 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 4.00%, 1/1/2039 | 5000 | 4903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Rev., 5.00%, 3/15/2041 | 12000 | 13134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 4.00%, 1/1/2045 | 3900 | 3670 |
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp. Series 2019-A, Rev., 5.00%, 3/15/2039 | 13555 | &nbsp;&nbsp;&nbsp;&nbsp; 14703 |
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A-1, Rev., 4.00%, 3/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, Rev., 5.00%, 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 3/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Sales Tax Series 2021-A, Rev., 4.00%, 3/15/2046 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1918 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp; 9885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp; 5350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5331 |
| &nbsp;&nbsp;&nbsp; Orange County Funding Corp., Mount Saint Mary College Project Series 2012B, Rev., 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 179, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 207, Rev., AMT, 5.00%, 9/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 209, Rev., 5.00%, 7/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 224, Rev., 4.00%, 7/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 214, Rev., AMT, 4.00%, 9/1/2043 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 93, Rev., 6.13%, 6/1/2094 | 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12449 |
| &nbsp;&nbsp;&nbsp; Port Washington Union Free School District GO, 3.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Sales Tax Asset Receivable Corp., Fiscal Year 2015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 10/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 10/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013B, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C-1, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012B, Rev., Zero Coupon, 11/15/2032 | &nbsp;&nbsp;&nbsp; 8860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6054 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 4.00%, 11/15/2038 | 4000 | 4022 |
| &nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TE, Rev., 5.00%, 12/15/2029 | 1500 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2037 | 5250 | 5519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013TE, Rev., 5.00%, 12/15/2041 | 4250 | 4337 |
| &nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, Federally Tax-Exempt Series TE, Rev., 5.00%, 12/15/2032 | 3500 | 3583 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Kendal on Hudson Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 1/1/2037 | 260 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 1/1/2041 | 250 | 245 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021D, Rev., 2.88%, 7/1/2026 (d) | 3765 | 3628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 3.20%, 7/1/2028 (d) | 13350 | &nbsp;&nbsp;&nbsp;&nbsp; 12631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Rev., 5.00%, 7/1/2041 (d) | 10450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8812 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project Rev., 5.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp; 450712 |
| **North Carolina — 1.0%** | **North Carolina — 1.0%** | **North Carolina — 1.0%** |
| &nbsp;&nbsp;&nbsp; City of Charlotte Series 2016A, GO, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1134 |
| &nbsp;&nbsp;&nbsp; City of Charlotte, Airport Special Facilities, Charlotte Douglas International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; City of High Point, Combined Water and Sewer System Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; City of Wilmington Series 2014A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp; County of Buncombe, Limited Obligation Series 2020A, Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; County of Duplin Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; County of Onslow, Public Facilities Company Ltd., Limited Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp; North Carolina Capital Facilities Finance Agency, High Point University Rev., 4.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp; 2210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2241 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Retirement Facilities, Friends Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 2.30%, 9/1/2025 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-1, Rev., 2.55%, 9/1/2026 | &nbsp;&nbsp;&nbsp; 1575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project Series 2020A, Rev., 5.00%, <br> 10/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, The Forest at Duke Project Rev., 4.00%, 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, The Presbyterian Homes Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp; Raleigh Durham Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., AMT, 5.00%, 5/1/2032 | &nbsp;&nbsp;&nbsp; 2335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2535 |
| &nbsp;&nbsp;&nbsp; State of North Carolina Rev., 5.00%, 3/1/2033 | 15345 | &nbsp;&nbsp;&nbsp;&nbsp; 17116 |
| &nbsp;&nbsp;&nbsp; University of North Carolina at Charlotte (The) Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; University of North Carolina, School of the Arts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2034 | &nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1510 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/1/2040 | 500 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 2/1/2045 | 1750 | 1621 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 33765 |
| **North Dakota — 0.0% ^** | **North Dakota — 0.0% ^** | **North Dakota — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City of Fargo Series 2014E, GO, 5.00%, 5/1/2025 | 290 | 299 |
| **Ohio — 2.0%** | **Ohio — 2.0%** | **Ohio — 2.0%** |
| &nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2028 | 130 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2029 | 275 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2030 | 350 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2031 | 300 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Solar Electricity Prepayment Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2, Rev., 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2, Rev., 4.00%, 6/1/2039 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1865 |
| &nbsp;&nbsp;&nbsp; City of Cincinnati, Water System Series B, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; City of Huber Heights, Limited Tax, Various Purpose GO, 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; City of Middleburg Heights, Southwest General Health Center Project, Tax-Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 8/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus City School District, Ohio School Facilities Construction and Improvement, Unlimited Tax Series 2016-A, GO, 5.00%, <br> 12/1/2031<br>| &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3210 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga, Eliza Jennings Senior Care Network Series 2022-A, Rev., 5.00%, 5/15/2032 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1172 |
| &nbsp;&nbsp;&nbsp; County of Franklin, Health Care Facilities, Ohio Living Communities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/1/2031 | 925 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/1/2032 | 1440 | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/1/2033 | 385 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/1/2034 | 475 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/1/2035 | 365 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2040 | 5290 | 5300 |
| &nbsp;&nbsp;&nbsp; County of Hamilton, Sales Tax Series 2016A, Rev., 5.00%, 12/1/2025 | 50 | 53 |
| &nbsp;&nbsp;&nbsp; County of Hardin, Economic Development Facilities Improvement, Ohio Northern University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2026 | 225 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2030 | 500 | 474 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Dayton Children's Hospital Rev., 4.00%, 8/1/2046 | 950 | 884 |
| &nbsp;&nbsp;&nbsp; County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.75%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.75%, 7/1/2033 | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, American Electric Power Co. Project Series 2014A, Rev., 2.40%, 10/1/2029 (c) | &nbsp;&nbsp;&nbsp; 1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1607 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Capital University 2022 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 9/1/2037 | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1461 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Tiffin University 2019 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp; 1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1481 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, University of Dayton 2018 Project Series B, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp; 1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1190 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, University of Findlay 2019 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2034 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3028 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Xavier University 2020 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673 |
| &nbsp;&nbsp;&nbsp; Ohio State University (The), General Receipts Series 2010D, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Ohio Turnpike and Infrastructure Commission, Junior Lien, Infrastructure Project Series 2018A, Rev., 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Fresh Water Series 2016A, Rev., 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Water Pollution Control Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 12/1/2029 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 12/1/2035 | 55 | 62 |
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, FC Cincinnati Public Improvements Project Rev., 3.75%, 12/1/2031 (d) | 245 | 210 |
| &nbsp;&nbsp;&nbsp; Shaker Heights City School District, School Facilities Improvement, Unlimited Tax Series 2018A, GO, 5.00%, 12/15/2026 | 1000 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation Administrative Building Fund Projects Series 2017A, Rev., 5.00%, <br> 4/1/2027 (b)<br>| 760 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects Series 2017A, Rev., <br> 5.00%, 12/1/2032<br>| 35 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation Transportation Building Fund Projects Series 2018A, Rev., 5.00%, <br> 4/1/2029<br>| 1760 | 1951 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Cleveland Clinic Health System Obligated Group Series 2017A, Rev., 5.00%, 1/1/2032 | 170 | 186 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Higher Education Series 2018-A, GO, 5.00%, 2/1/2024 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Major New Infrastructure Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7513 |
| &nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health System, Inc. Series 2021E, Rev., 4.00%, 1/15/2037 | &nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1621 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 70558 |
| **Oklahoma — 0.3%** | **Oklahoma — 0.3%** | **Oklahoma — 0.3%** |
| &nbsp;&nbsp;&nbsp; Grand River Dam Authority Series 2016A, Rev., 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McClain County Economic Development Authority, Educational Facilities, Blanchard Public Schools Project Rev., 4.00%, <br> 9/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702 |
| &nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority Series 2014C, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535 |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., 5.00%, 8/15/2033 | &nbsp;&nbsp;&nbsp; 6030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5762 |
| &nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, Second Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2104 |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, Master Trust, Drinking Water Program Rev., 4.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; University of Oklahoma (The) Series 2014C, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9839 |
| **Oregon — 0.9%** | **Oregon — 0.9%** | **Oregon — 0.9%** |
| &nbsp;&nbsp;&nbsp; City of Medford, Limited Tax GO, 5.00%, 7/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City of Portland, 4th and Montgomery and Streetcar Projects Series A, GO, 5.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721 |
| &nbsp;&nbsp;&nbsp; City of Portland, Sewer System, Second Lien Series 2019A, Rev., 5.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; City of Portland, Water System, Second Lien Series 2020A, Rev., 5.00%, 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; City of Tualatin GO, 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Hillsboro School District No. 1J Series 2017, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1612 |
| &nbsp;&nbsp;&nbsp; Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series 2019A, GO, Zero Coupon, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366 |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oregon — continued** | **Oregon — continued** | **Oregon — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2029 | 300 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2030 | 300 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2035 | 140 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2040 | 1165 | 1186 |
| &nbsp;&nbsp;&nbsp; Oregon State Lottery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, Rev., 5.00%, 4/1/2024 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, Rev., 5.00%, 4/1/2026 | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 4/1/2027 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/1/2031 | 1950 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/1/2032 | 1750 | 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/1/2033 | 3500 | 3765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp; 2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2645 |
| &nbsp;&nbsp;&nbsp; Port of Portland Rev., AMT, 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2365 |
| &nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Capital Manor Project Rev., 4.00%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-G State Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, GO, 5.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp; 1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, GO, 5.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp; 1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2134 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-Q State Projects Series 2016F, GO, 5.00%, 5/1/2032 | &nbsp;&nbsp;&nbsp; 2885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Department of Transportation Highway User Subordinate Lien, Tax-Exempt Series 2019A, Rev., 5.00%, <br> 11/15/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; Union County Hospital Facility Authority, Grande Ronde Hospital, Inc. Series 2022, Rev., 5.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp; Washington and Multnomah Counties School District No. 48J Beaverton Series 2014B, GO, 5.00%, 6/15/2024 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; Yamhill County Hospital Authority, Friendsview, Tax Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-3, Rev., 1.75%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-1, Rev., 2.50%, 11/15/2028 | &nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp; Yamhill County School District No. 40 McMinnville |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 31069 |
| **Pennsylvania — 4.2%** | **Pennsylvania — 4.2%** | **Pennsylvania — 4.2%** |
| &nbsp;&nbsp;&nbsp; Abington School District, Limited Tax Series 2017A, GO, 4.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, Chatham University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp; 8785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4064 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; Allegheny County Sanitary Authority, Sewer Rev., AGM, 4.00%, 12/1/2035 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; Allentown City School District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 2/1/2029 | 3110 | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 2/1/2030 | 4300 | 4785 |
| &nbsp;&nbsp;&nbsp; Berks County Industrial Development Authority, Tower Health Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2025 | 500 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 5.00%, 11/1/2027 | 1150 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2028 | 1535 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2029 | 350 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2030 | 600 | 498 |
| &nbsp;&nbsp;&nbsp; Berks County Municipal Authority (The), Tower Health Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-1, Rev., 5.00%, 2/1/2025 (c) | &nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 5.00%, 2/1/2027 (c) | &nbsp;&nbsp;&nbsp; 2985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-3, Rev., 5.00%, 2/1/2030 (c) | &nbsp;&nbsp;&nbsp; 2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607 |
| &nbsp;&nbsp;&nbsp; Bucks County Industrial Development Authority, Grand View Hospital Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp; Cambria County General Financing Authority, Mount Aloysius Project Series 2021TT4, Rev., 4.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492 |
| &nbsp;&nbsp;&nbsp; Chester County Industrial Development Authority, Longwood Gardens Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp; City of Erie, Higher Education Building Authority, Gannon University Project - AICUP Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021TT1, Rev., 4.00%, 5/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021TT1, Rev., 4.00%, 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia, Airport System Series 2017B, Rev., AMT, 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp; 1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1621 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2028 | 2620 | 2873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | 1120 | 1226 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 6/15/2024 (b) | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 7/1/2028 | 400 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 7/1/2029 | 300 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 7/1/2030 | 375 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 7/1/2031 | 425 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 7/1/2034 | 450 | 489 |
| &nbsp;&nbsp;&nbsp; County of Allegheny Series C-77, GO, 5.00%, 11/1/2043 | 50 | 54 |
| &nbsp;&nbsp;&nbsp; County of Berks GO, 5.00%, 11/15/2023 | 20 | 20 |
| &nbsp;&nbsp;&nbsp; County of Cambria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, AGM, 4.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, AGM, 4.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, AGM, 4.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720 |
| &nbsp;&nbsp;&nbsp; County of Chester GO, 4.00%, 7/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Delaware County Authority, Haverford College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Delaware Valley Regional Finance Authority, Local Government Series D, Rev., 4.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2058 |
| &nbsp;&nbsp;&nbsp; DuBois Hospital Authority, Penn Highlands Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2030 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2031 | &nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2032 | &nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2034 | &nbsp;&nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/15/2043 | &nbsp;&nbsp;&nbsp; 5670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5080 |
| &nbsp;&nbsp;&nbsp; Easton Area School District Series 2020B, GO, 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; Erie City Water Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AGM, 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AGM, 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018D, Rev., 4.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Kiski Valley Water Pollution Control Authority Series 2020A, Rev., AGM, 4.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, Health Center, Masonic Villages Project Series 2015, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1248 |
| &nbsp;&nbsp;&nbsp; Lehigh County Industrial Development Authority, Seven Generation Charter School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 5/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 5/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Arcadia University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2036 | 515 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2037 | 545 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2038 | 695 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2039 | 305 | 278 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Thomas Jefferson University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 9/1/2030 | 3125 | 3386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 9/1/2038 | 2950 | 2843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2020C, <br> Rev., 4.00%, 11/15/2043<br>| 300 | 250 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2024 | 155 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2025 | 150 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp; Nazareth Area School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 11/15/2025 (b) | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 11/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863 |
| &nbsp;&nbsp;&nbsp; North Allegheny School District GO, 4.00%, 5/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project Rev., 4.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1616 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Trustees of the University Series 2015A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Electrical and Charter School Project Series 2021A, Rev., 4.00%, <br> 6/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Holy Family University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 9/1/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.50%, 9/1/2037 (e) | &nbsp;&nbsp;&nbsp; 2135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, MAST Community Charter School II Project Series 2020A, Rev., 5.00%, <br> 8/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; Pittsburgh Water and Sewer Authority Series B, Rev., AGM, 5.00%, 9/1/2033 | 1300 | 1513 |
| &nbsp;&nbsp;&nbsp; School District of the City of Erie (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, AGM, 5.00%, 4/1/2027 | 1275 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, AGM, 5.00%, 4/1/2028 | 925 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, AGM, 5.00%, 4/1/2029 | 1000 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, AGM, 5.00%, 4/1/2030 | 500 | 560 |
| &nbsp;&nbsp;&nbsp; School District of the City of Erie (The), Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 5.00%, 4/1/2027 | 525 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 5.00%, 4/1/2028 | 550 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 5.00%, 4/1/2029 | 310 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 5.00%, 4/1/2030 | 425 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 4.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 5.00%, 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907 |
| &nbsp;&nbsp;&nbsp; Spring-Ford Area School District GO, 5.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; St. Mary Hospital Authority, Trinity Health Credit Group Series 2019PA, Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Swarthmore Borough Authority, Swarthmore College Series 2016B, Rev., 4.00%, 9/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Township of Hampton GO, 4.00%, 1/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Township of Lower Paxton GO, 4.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Township of Spring GO, 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Upper Merion Area School District GO, 5.00%, 1/15/2026 (b) | &nbsp;&nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1419 |
| &nbsp;&nbsp;&nbsp; West Chester Area School District GO, 4.00%, 5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Wilkes-Barre Area School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.50%, 4/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.50%, 4/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.75%, 4/15/2044 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1362 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp; 150145 |
| **Puerto Rico — 0.3%** | **Puerto Rico — 0.3%** | **Puerto Rico — 0.3%** |
| &nbsp;&nbsp;&nbsp; Puerto Rico Public Finance Corp. Series E, Rev., AGC-ICC, AGM-CR, 6.00%, 8/1/2026 (b) | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 11039 |
| **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Rhode Island Infrastructure Bank, Municipal Road and Bridge Series 2018A, Rev., 5.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Series 2019A, Rev., 4.00%, 10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462 |
| &nbsp;&nbsp;&nbsp; Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| **South Carolina — 0.2%** | **South Carolina — 0.2%** | **South Carolina — 0.2%** |
| &nbsp;&nbsp;&nbsp; Berkeley County School District Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp; 1505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1542 |
| &nbsp;&nbsp;&nbsp; Charleston County Airport District Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp; City of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2035 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2036 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2038 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; City of Spartanburg, Water System Series B, Rev., 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp; Lexington County Health Services District, Inc., LexMed Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 768 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **South Carolina — continued** | **South Carolina — continued** | **South Carolina — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2031 | 500 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2032 | 535 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/1/2033 | 200 | 202 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project Rev., 8.75%, 7/1/2025 (d) | 625 | 645 |
| &nbsp;&nbsp;&nbsp; South Carolina State Fiscal Accountability Authority, Department of Mental Health Project Rev., 5.00%, 10/1/2037 | 300 | 320 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6364 |
| **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Brookings School District No. 005-1 GO, 4.00%, 7/1/2026 | 25 | 26 |
| **Tennessee — 7.7%** | **Tennessee — 7.7%** | **Tennessee — 7.7%** |
| &nbsp;&nbsp;&nbsp; Chattanooga Health Educational and Housing Facility Board, Commonspirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2031 | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp; City of Johnson City Series 2019B, GO, 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; City of Kingsport Series B, GO, 5.00%, 3/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp; City of Knoxville, Electric System Series 2017-II, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; County of Knox GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp; 1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp; County of Shelby, Public Improvement Series 2019A, GO, 4.00%, 4/1/2034 | &nbsp;&nbsp;&nbsp; 9470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9894 |
| &nbsp;&nbsp;&nbsp; County of Sullivan GO, 4.00%, 5/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Franklin Special School District, School Improvement, Limited Tax GO, 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp; 8860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp; 4840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4857 |
| &nbsp;&nbsp;&nbsp; Knox County Health Educational and Housing Facility Board, East Tennessee Children's Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2043 | &nbsp;&nbsp;&nbsp; 6145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5784 |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority Series 2021A, Rev., AMT, 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University <br> Project Series 2021B, Rev., 4.00%, 10/1/2041<br>| &nbsp;&nbsp;&nbsp; 2590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2219 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2029 | 27295 | &nbsp;&nbsp;&nbsp;&nbsp; 30427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 7/1/2031 | 17400 | &nbsp;&nbsp;&nbsp;&nbsp; 18035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2031 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 11120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 7/1/2036 | 24290 | &nbsp;&nbsp;&nbsp;&nbsp; 24804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 7/1/2037 | 16205 | &nbsp;&nbsp;&nbsp;&nbsp; 16478 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.50%, 7/1/2036 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.50%, 7/1/2037 (e) | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.50%, 7/1/2039 (e) | &nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.50%, 7/1/2040 (e) | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.50%, 7/1/2041 (e) | &nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.50%, 7/1/2042 (e) | 2000 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Rev., AMT, 5.25%, 7/1/2047 (e) | 9470 | 9906 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The), Subordinate Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2033 | 825 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2034 | 275 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2035 | 545 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AMT, 5.00%, 7/1/2035 | 300 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2039 | 1800 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AMT, 5.00%, 7/1/2039 | 625 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2044 | 2440 | 2553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2049 | 180 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AMT, 4.00%, 7/1/2054 | &nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Rev., AMT, 5.00%, 7/1/2054 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5055 |
| &nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.75%, 10/1/2049 | &nbsp;&nbsp;&nbsp; 2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.75%, 10/1/2054 | &nbsp;&nbsp;&nbsp; 4280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.75%, 10/1/2059 | &nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1062 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Commodity Project Series 2021A, Rev., 5.00%, 11/1/2031 (c) | 18045 | &nbsp;&nbsp;&nbsp;&nbsp; 18600 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Gas Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 4.00%, 11/1/2025 (c) | 56650 | &nbsp;&nbsp;&nbsp;&nbsp; 56386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006B, Rev., 5.63%, 9/1/2026 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5279 |
| &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, Higher Educational Facilities Second Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp; 3645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp; 272370 |
| **Texas — 3.9%** | **Texas — 3.9%** | **Texas — 3.9%** |
| &nbsp;&nbsp;&nbsp; Alto Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Wayside Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 8/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 8/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp; Arlington Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 2.50%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 10/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp; Belton Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Bexar County Hospital District, Limited Tax GO, 4.00%, 2/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 1/1/2040 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 1/1/2041 | 1000 | 961 |
| &nbsp;&nbsp;&nbsp; City of Austin, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2033 | 500 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AMT, 5.00%, 11/15/2036 | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., AMT, 5.00%, 11/15/2046 | 5000 | 5027 |
| &nbsp;&nbsp;&nbsp; City of Carrollton GO, 5.00%, 8/15/2024 | 10 | 10 |
| &nbsp;&nbsp;&nbsp; City of College Station GO, 5.00%, 2/15/2024 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; City of Copperas Cove, Combination Tax GO, 5.00%, 8/15/2027 | 20 | 22 |
| &nbsp;&nbsp;&nbsp; City of Dallas GO, 5.00%, 2/15/2029 | 2505 | 2620 |
| &nbsp;&nbsp;&nbsp; City of Denton GO, 5.00%, 2/15/2025 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; City of El Paso GO, 4.00%, 8/15/2031 | 75 | 77 |
| &nbsp;&nbsp;&nbsp; City of Fort Worth, General Purpose, Tarrant Denton Parker Johnson, General Purpose GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; City of Frisco Series 2011, GO, 5.00%, 2/15/2023 | &nbsp;&nbsp;&nbsp; 2160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2164 |
| &nbsp;&nbsp;&nbsp; City of Grand Prairie, Combination Tax Series 2019A, GO, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; City of Houston, Airport System, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., AMT, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018D, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Airport System, United Airlines, Inc., Terminal Improvements Projects Series 2021B-1, Rev., AMT, 4.00%, <br> 7/15/2041<br>| &nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3014 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, Rev., 5.00%, 5/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 4.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 11/15/2036 | &nbsp;&nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 4.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (b) | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2503 |
| &nbsp;&nbsp;&nbsp; City of Houston, Public Improvement Series 2014A, GO, 5.00%, 3/1/2024 (b) | &nbsp;&nbsp;&nbsp; 5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5457 |
| &nbsp;&nbsp;&nbsp; City of Irving, Hotel Occupancy, Occupancy Tax GO, 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; City of Irving, Waterworks and Sewer System, New Lien Rev., 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; City of Killeen GO, 4.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; City of Laredo, Waterworks and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 3/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; City of McAllen GO, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp; City of Midland, Certificates of Obligation GO, 5.00%, 3/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; City of Pflugerville, Combination Tax, Certificates of Obligation GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; City of Pflugerville, Limited Tax GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; City of Plano GO, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp; 1855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Electric and Gas Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, General Improvement GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; City of Victoria, Utility System Rev., 5.00%, 12/1/2023 (b) | &nbsp;&nbsp;&nbsp; 1740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1782 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; City of Waco, Combination Tax, Certificates of Obligation GO, 5.00%, 2/1/2028 | 35 | 39 |
| &nbsp;&nbsp;&nbsp; Cleveland Independent School District, Unlimited Tax School Building Series 2018A, GO, PSF-GTD, 5.00%, 2/15/2031 | 80 | 88 |
| &nbsp;&nbsp;&nbsp; Coastal Water Authority, City of Houston Projects Rev., 5.00%, 12/15/2025 | 5115 | 5124 |
| &nbsp;&nbsp;&nbsp; Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 2.50%, 10/1/2031 | 125 | 104 |
| &nbsp;&nbsp;&nbsp; County of Denton, Permanent Improvement GO, 5.00%, 7/15/2027 | 50 | 54 |
| &nbsp;&nbsp;&nbsp; County of Harris, Toll Road, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/15/2028 | 4500 | 4838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/15/2036 | 60 | 64 |
| &nbsp;&nbsp;&nbsp; County of Hays, Unlimited Tax GO, 5.00%, 2/15/2031 | 45 | 50 |
| &nbsp;&nbsp;&nbsp; County of Hidalgo Series 2018B, GO, 5.00%, 8/15/2028 | 25 | 28 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Unlimited Tax Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2031 | 25 | 28 |
| &nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Sales Tax, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp; 9905 | &nbsp;&nbsp;&nbsp;&nbsp; 10565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport Series F, Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5096 |
| &nbsp;&nbsp;&nbsp; Fort Bend County Municipal Utility District No. 25, Unlimited Tax GO, 4.00%, 10/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Garland Independent School District, Unlimited Tax, School Building Series 2015 A, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Georgetown Independent School District, Unlimited Tax Series 2019-D, GO, 4.00%, 8/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., System Toll Series 2018A, Rev., 5.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp; Harris County Toll Road Authority (The) Series 2018A, Rev., 5.00%, 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Harris County-Houston Sports Authority, Taxable Senior Lien Series A, Rev., AGM, 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Haskell Consolidated Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Houston Community College System, Combined Fee Rev., 4.00%, 4/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Houston Higher Education Finance Corp., Houston Baptist University Rev., 3.38%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Maintenance Tax Notes GO, 5.00%, 7/15/2031 | &nbsp;&nbsp;&nbsp; 9700 | &nbsp;&nbsp;&nbsp;&nbsp; 10787 |
| &nbsp;&nbsp;&nbsp; Killeen Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; La Porte Independent School District, Unlimited Tax GO, 4.00%, 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, PSF-GTD, 5.00%, 8/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, PSF-GTD, 4.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521 |
| &nbsp;&nbsp;&nbsp; Longview Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matagorda County Navigation District No.1, Pollution Control, Central Power and Light Co. Project Series 2001A, Rev., 2.60%, <br> 11/1/2029<br>| &nbsp;&nbsp;&nbsp; 4625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4131 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transit Authority of Harris County, Sales and Use Tax, Contractual Obligations Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp, Outlook at Windhaven Forefront Living Series 2022B-3, Rev., 4.25%, <br> 10/1/2026<br>| &nbsp;&nbsp;&nbsp; 2225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2188 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Centre |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/15/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/15/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/15/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/15/2036 (d) | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1761 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2032 | 420 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2037 | 525 | 419 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Westminster Project Rev., 4.00%, 11/1/2055 | 600 | 443 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System Rev., 5.00%, 9/1/2035 | 20 | 21 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System Rev., 5.00%, 6/1/2027 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, Wastewater System Rev., 5.00%, 6/1/2027 | 15 | 16 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2030 | 1115 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Rev., 4.00%, 1/2/2038 | 5000 | 4978 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1160 |
| &nbsp;&nbsp;&nbsp; Pearland Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - Texas A&M University System Series 2009A, Rev., 5.25%, 7/1/2028 | &nbsp;&nbsp;&nbsp; 2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2147 |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., Hallmark University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., University of the Incarnate Word Project Series 2021A, Rev., 4.00%, 4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773 |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Junior Lien Series C, Rev., 5.00%, 5/15/2031 | &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1214 |
| &nbsp;&nbsp;&nbsp; San Jacinto Community College District, Limited Tax Series 2016A, GO, 5.00%, 2/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Southwest Houston Redevelopment Authority, Tax Increment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 9/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Christus Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Health Resources System Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children's Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 3.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-1, Rev., 4.00%, 11/15/2027 | 18900 | &nbsp;&nbsp;&nbsp;&nbsp; 17905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 6.25%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 6.63%, 11/15/2041 | &nbsp;&nbsp;&nbsp; 2545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2438 |
| &nbsp;&nbsp;&nbsp; Tarrant Regional, Water Control and Improvement District, Water System Rev., 4.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp., I Gas Supply Senior Lien Series D, Rev., 6.25%, 12/15/2026 | &nbsp;&nbsp;&nbsp; 2890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3020 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board Series 2018-B, Rev., 5.00%, 4/15/2031 | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7849 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, State Revolving Fund Rev., 5.00%, 8/1/2038 | 45 | 50 |
| &nbsp;&nbsp;&nbsp; Town of Addison GO, 4.00%, 2/15/2023 | 100 | 100 |
| &nbsp;&nbsp;&nbsp; University of Houston Series 2017A, Rev., 5.00%, 2/15/2037 | 30 | 32 |
| &nbsp;&nbsp;&nbsp; University of North Texas System Series 2015A, Rev., 5.00%, 4/15/2040 | 50 | 52 |
| &nbsp;&nbsp;&nbsp; Waxahachie Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 8/15/2041 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; Weslaco Independent School District, Limited Maintenance Tax Notes GO, AGM, 5.00%, 2/15/2028 | 25 | 27 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp; 139546 |
| **Utah — 0.5%** | **Utah — 0.5%** | **Utah — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of Salt Lake, International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 5.00%, 7/1/2031 | 120 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2048 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake, Public Utilities Rev., 5.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; County of Davis, Sales Tax Series 2019B, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; County of Utah, IHC Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Davis School District, School District Bond Guaranty Program Series 2019A, GO, 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Local Building Authority of Alpine School District Rev., 5.00%, 3/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax GO, 4.25%, 6/1/2041 (d) | &nbsp;&nbsp; 1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871 |
| &nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/1/2024 (d) | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/1/2026 (d) | &nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/1/2028 (d) | &nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 8/1/2031 (d) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 912 |
| &nbsp;&nbsp;&nbsp; Military Installation Development Authority, Tax Allocation Series 2021A-2, Rev., 4.00%, 6/1/2036 | &nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966 |
| &nbsp;&nbsp;&nbsp; Military Installation Development Authority, Tax Allocation and Hotel Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 4.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-1, Rev., 4.00%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp; University of Utah (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Beehive Science and Technology Academy Project Series 2021A, Rev., 4.00%, <br> 10/15/2031 (d)<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency Rev., 5.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Clearfield City Project Rev., 4.00%, 10/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Tax-Exempt Telecommunications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/15/2025 | &nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/15/2028 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.25%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Telecommunications Franchise and Sales tax Rev., 4.00%, 10/15/2038 | &nbsp;&nbsp; 1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1568 |
| &nbsp;&nbsp;&nbsp; Utah Transit Authority, Subordinate Sales Tax Rev., 4.00%, 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Utah Water Finance Agency, Loan Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Utah — continued** | **Utah — continued** | **Utah — continued** |
| &nbsp;&nbsp;&nbsp; West Jordan Municipal Building Authority Rev., 5.00%, 10/1/2023 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; West Valley City Municipal Building Authority Rev., AGM, 5.00%, 2/1/2039 | 30 | 32 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 16693 |
| **Vermont — 0.0% ^** | **Vermont — 0.0% ^** | **Vermont — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City of Burlington, Public Improvement Series 2019-A, GO, 4.00%, 11/1/2034 | 125 | 130 |
| &nbsp;&nbsp;&nbsp; University of Vermont and State Agricultural College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2024 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Rev., 5.00%, 10/1/2039 | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vermont Educational and Health Buildings Financing Agency, University of Vermont Medical Center Series 2016A, Rev., <br> 5.00%, 12/1/2025<br>| 30 | 31 |
| &nbsp;&nbsp;&nbsp; Vermont Municipal Bond Bank Series 4, Rev., 5.00%, 12/1/2028 | 400 | 442 |
| &nbsp;&nbsp;&nbsp; Total Vermont |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645 |
| **Virginia — 1.6%** | **Virginia — 1.6%** | **Virginia — 1.6%** |
| &nbsp;&nbsp;&nbsp; City of Newport News Rev., 5.00%, 7/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; City of Portsmouth, Tax Exempt Series 2017A, GO, 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp; 5215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5731 |
| &nbsp;&nbsp;&nbsp; County of Fairfax, Sewer Series 2016A, Rev., 4.00%, 7/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Fairfax County Water Authority Subseries B, Rev., 5.25%, 4/1/2025 | &nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien Series 2018A, Rev., 5.00%, <br> 7/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Lynchburg Economic Development Authority, Centra Health Obligated Group Rev., 4.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp; 1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1527 |
| &nbsp;&nbsp;&nbsp; Lynchburg Economic Development Authority, Central Health, Inc. Rev., 4.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp; Northern Virginia Transportation Authority, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp; 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp; 2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2356 |
| &nbsp;&nbsp;&nbsp; Powhatan County Economic Development Authority Rev., 5.00%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Virginia Beach Development Authority, Public Facility Series B, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp; 2635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2794 |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority, Education Facilities, Regent University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority, Educational Facilities, Washington and Lee University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL - RE, 5.25%, 1/1/2026 | &nbsp;&nbsp;&nbsp; 4135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL - RE, 5.25%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Capital Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 5/15/2030 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 11057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 5/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Federal Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., GAN, 5.00%, 3/15/2023 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., GAN, 5.00%, 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority, School Financing 1997 Resolution Series 2015A, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Resources Authority, Infrastructure Moral Obligation, Pooled Financing Program Series 2019C, Rev., 5.00%, <br> 11/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp; 3875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3238 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 1/1/2031 | 2250 | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 1/1/2032 | 5000 | 4951 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2028 | 1200 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2029 | 1400 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2030 | 1650 | 1781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2031 | 1500 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2032 | 1500 | 1613 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 58175 |
| **Washington — 4.2%** | **Washington — 4.2%** | **Washington — 4.2%** |
| &nbsp;&nbsp;&nbsp; Benton County School District No. 17 Kennewick, Unlimited Tax GO, 5.00%, 12/1/2027 | 50 | 53 |
| &nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority, Sales and Motor Vehicle Excise Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 S-1, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 S-1, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Chelan County Public Utility District No. 1 Series 2020-A, Rev., 4.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp; 1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1692 |
| &nbsp;&nbsp;&nbsp; Chelan County School District No. 228 Cascade, Unlimited Tax GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp; City of Everett, Limited Tax GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp; City of Seattle, Municipal Light and Power Improvement Series 2018A, Rev., 4.00%, 1/1/2048 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1932 |
| &nbsp;&nbsp;&nbsp; City of Tacoma, Electric System Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; City of Tacoma, Washington Sewer Rev., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; City of Wenatchee, Limited Tax GO, 4.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; Clark County, Vancouver School District No. 37, Unlimited Tax GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Clark Regional Wastewater District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 |
| &nbsp;&nbsp;&nbsp; County of King, Sewer Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; County of Kitsap, Sewer Rev., 4.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; County of Snohomish GO, 4.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1488 |
| &nbsp;&nbsp;&nbsp; County of Spokane, Limited Tax Series 2019A, GO, 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Columbia Generating Station |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp; 5025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; FYI Properties, State of Washington District Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp; 5650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2033 | &nbsp;&nbsp;&nbsp; 5345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp; 5990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp; 4915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5300 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; King County Fire Protection District No. 2, Unlimited Tax GO, 4.00%, 12/1/2025 | 125 | 130 |
| &nbsp;&nbsp;&nbsp; King County School District No. 403 Renton, Unlimited Tax GO, 4.00%, 12/1/2036 | 35 | 36 |
| &nbsp;&nbsp;&nbsp; King County School District No. 405 Bellevue, Unlimited Tax GO, 5.00%, 12/1/2023 | 25 | 26 |
| &nbsp;&nbsp;&nbsp; King County School District No. 411 Issaquah, Unlimited Tax GO, 5.00%, 12/1/2027 | 30 | 33 |
| &nbsp;&nbsp;&nbsp; King County School District No. 412 Shoreline GO, 5.00%, 12/1/2025 | 60 | 61 |
| &nbsp;&nbsp;&nbsp; King County School District No. 415 Kent, Unlimited Tax GO, 4.00%, 12/1/2037 | 40 | 41 |
| &nbsp;&nbsp;&nbsp; Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2031 | 45 | 48 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 402 Franklin Pierce, Unlimited Tax GO, 5.00%, 12/1/2027 | 30 | 33 |
| &nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 3/1/2032 | 4000 | 4126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 3/1/2034 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp; Port of Tacoma, Limited Tax Series 2016A, GO, 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Shoreline Fire Department, Limited Tax GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Spokane County School District No. 81, Unlimited Tax GO, 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; State of Washington, Motor Vehicle Fuel Tax Series R-2016C, GO, 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; State of Washington, State Agency Real Property Series 2018B, COP, 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; State of Washington, State and Local Agency Real and Personal Property |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, COP, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, COP, 5.00%, 1/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, COP, 4.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; State of Washington, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2015A, GO, 4.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp; 4465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 2/1/2037 | 14430 | &nbsp;&nbsp;&nbsp;&nbsp; 15626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 2/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 2/1/2040 | 20965 | &nbsp;&nbsp;&nbsp;&nbsp; 21684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 8/1/2040 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 8/1/2040 | 13330 | &nbsp;&nbsp;&nbsp;&nbsp; 14968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, GO, 5.00%, 2/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; Tacoma Metropolitan Park District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1839 |
| &nbsp;&nbsp;&nbsp; Thurston and Pierce Counties Community Schools, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; University of Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp; 1860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Commonspirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2034 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-1, Rev., 5.00%, 8/1/2035 | 750 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2035 | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Multi-care Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 8/15/2031 | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 8/15/2034 | 35 | 37 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Providence St. Joseph Health Series 2018B, Rev., 5.00%, 10/1/2025 | 50 | 53 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Seattle Cancer Care Alliance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2031 (d) | 200 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2039 | 100 | 105 |
| &nbsp;&nbsp;&nbsp; Washington Higher Education Facilities Authority, Seattle University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 5/1/2039 | 460 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.63%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 5/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Rockwood Retirement Communities Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 3.00%, 7/1/2027 (d) | &nbsp;&nbsp;&nbsp; 7050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-1, Rev., 3.38%, 7/1/2028 (d) | &nbsp;&nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2032 (d) | &nbsp;&nbsp;&nbsp; 1920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2041 (d) | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1590 |
| &nbsp;&nbsp;&nbsp; Washington State University Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Whitman County Reorganized School District No. 300, Colfax Unlimited Tax GO, 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; Yakima and Benton Counties School District No. 116-200 Grandview, Unlimited Tax GO, 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Yakima County School District No. 208 West Valley GO, 4.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp; 149875 |
| **West Virginia — 0.0% ^** | **West Virginia — 0.0% ^** | **West Virginia — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; State of West Virginia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| **Wisconsin — 1.4%** | **Wisconsin — 1.4%** | **Wisconsin — 1.4%** |
| &nbsp;&nbsp;&nbsp; City of Mequon, Water System Series 2017A, Rev., 4.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; County of Milwaukee, Airport Series 2019A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp; DeForest Area School District GO, 4.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Milwaukee Area Technical College District, Promissory Notes Series 2018-19C, GO, 4.00%, 6/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1421 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Appalachian Regional Healthcare System Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Ascend Leadership Academy Project Series 2021A, Rev., 5.00%, 6/15/2041 (d) | &nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Blue Ridge Healthcare Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2032 | 680 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2033 | 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2034 | 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2035 | 500 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2036 | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2037 | 600 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2038 | 735 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2039 | 700 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2040 | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 1/1/2045 | 750 | 709 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Carson Valley Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 3.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, ENO River Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/15/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/15/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Entrance Fee Principal Redemption, Searstone CCRC Project Series 2021B2, Rev., 2.25%, <br> 6/1/2027 (d)<br>| &nbsp;&nbsp;&nbsp; 1755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1568 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Lenoir-Rhyne University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp; 1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1438 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Piedmont Community Charter School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Renown Regional Medical Center Project Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1768 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Roseman University of Health Sciences Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2032 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2042 (d) | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 3.25%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Triad Educational Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2041 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Viticus Group Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 12/1/2031 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 4.00%, 12/1/2041 (d) | &nbsp;&nbsp;&nbsp; 2320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1866 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Wakemed Hospital Series 2019A, Rev., 5.00%, 10/1/2044 | 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 12709 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, GO, 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, GO, 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp; 4190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4585 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin, Annual Appropriation Federally Tax-Exempt Series 2017B, Rev., 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; <br> **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp; Wisconsin Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Rev., 5.00%, 7/1/2023 | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Rev., 5.00%, 7/1/2023 | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Rev., 5.00%, 7/1/2030 | 30 | 33 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. Rev., 5.00%, 7/1/2027 | 95 | 102 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/15/2025 | 35 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/15/2027 | 25 | 25 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Hope Christian Schools Rev., 3.00%, 12/1/2031 | 615 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health, Inc. Series 2020B-2, Rev., 5.00%, <br> 2/15/2027 (c)<br>| 1500 | 1566 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/1/2037 | &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Rev., 4.00%, 8/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 50674 |
| **Wyoming — 0.6%** | **Wyoming — 0.6%** | **Wyoming — 0.6%** |
| &nbsp;&nbsp;&nbsp; Casper Community College District Rev., 4.00%, 4/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry Fork Station Facilities Series 2019A, Rev., <br> 3.63%, 7/15/2039<br>| 23570 | &nbsp;&nbsp;&nbsp;&nbsp; 20682 |
| &nbsp;&nbsp;&nbsp; Total Wyoming |  | &nbsp;&nbsp;&nbsp;&nbsp; 21137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $3,563,951)<br>|  | 3456381 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| **Investment Companies — 1.9%** | **Investment Companies — 1.9%** | **Investment Companies — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.77% (f) (g) <br>(Cost $67,887)<br>| 67873 | &nbsp;&nbsp;&nbsp;&nbsp; 67906 |
| **Total Investments — 99.3%** <br>**(Cost $3,631,838)**<br>|  | **3524287** |
| **Other Assets Less Liabilities — 0.7%** |  | **23353** |
| **NET ASSETS — 100.0%** |  | **3547640** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AGC | Insured by Assured Guaranty Corp. |
| AGM | Insured by Assured Guaranty Municipal Corp. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| BHAC | Insured by Berkshire Hathaway Assurance Corp. |
| CCRC | Congregate Care Retirement Center |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| GAN | Grant Anticipation Notes |
| GO | General Obligation |
| GTD | Guaranteed |
| IBC | Insured Bond Certificates |
| ICC | Insured Custody Certificates |
| LIQ | Liquidity Agreement |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| Q-SBLF | Qualified School Bond Loan Fund |
| RE | Reinsured |
| Rev. | Revenue |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | Security is prerefunded or escrowed to maturity. |
| (c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2022. <br>|
| (d) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (f) | 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>|
| (g) | The rate shown is the current yield as of November 30, 2022. |

---

**Futures contracts outstanding as of November 30, 2022 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | (834) | 03/22/2023 | USD | (100249) | (1018) |

---

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

---

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

---

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of November 30, 2022 (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>| **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.39-V1 | 5.00 | Quarterly | 12/20/2027 | 4.79 | USD 151,300 | 6012 | (10363) | (4351) |

---

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

---

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

---

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

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

---

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

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

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

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

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

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

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

Futures contracts are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

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** |  |  |  |  |
| Municipal Bonds | $— | $3456381 | $— | $3456381 |

---

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | $67906 | $— | $— | $67906 |
| **Total Investments in Securities** | $67906 | $3456381 | $— | $3524287 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $(1018) | $— | $— | $(1018) |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10363) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10363) |
| **Total Depreciation in Other Financial Instruments** | $(1018) | $(10363) | $— | $(11381) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money <br> Market Fund Class IM Shares, 1.77% <br> (a) (b)<br>| $81485 | $1457571 | $1471177 | $18 | $9 | $67906 | 67873 | $780 | $— |

---

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

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

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

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

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

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

Notes (1) — (2) below describe the various derivatives used by the Fund.

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

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

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

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

**(2). 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.

------

**JPMorgan National Municipal Income Fund (formerly known as JPMorgan Intermediate Tax Free Bond Fund)** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

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

- **b. EDGAR series identifier (if any):** S000002946

- **c. LEI of Series:** SV3P1Y04RQXW5FQJPM75

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $3601114676.72

**Total Liabilities:** $53082383.49

**Net Assets:** $3548032293.23

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 433.66860000 | **1-Year:** 132929.30107000 | **5-Year:** 804219.52621000 | **10-Year:** 704197.52330000 | **30-Year:** 101954.35116000

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

- **3-Month:** -59689.93048000 | **1-Year:** 9251.74425000 | **5-Year:** 62450.79611000 | **10-Year:** 129506.16713000 | **30-Year:** 46419.69730000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000195047 | -3.24%               | -0.87%               | 4.04%                |
| Class ID C000008064 | -3.21%               | -0.88%               | 3.93%                |
| Class ID C000008063 | -3.25%               | -0.77%               | 3.92%                |
| Class ID C000008066 | -3.34%               | -0.85%               | 3.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-14495723.68            | $-129314734.90                             |
| Month 2  | $-19627660.16            | $-14157204.67                              |
| Month 3  | $-14424771.41            | $149681786.24                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of Columbus GA Water & Sewerage Revenue                                              | City of Columbus, Water and Sewerage                                                                                                                   | CUSIP: 199144WK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265647.33    | 0.01%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                                 | School District of the City of Erie (The)                                                                                                              | CUSIP: 295425TT9<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |    925000 | PA      | $1011781.47   | 0.03%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                    | Maine Health and Higher Educational Facilities Authority, John F Murphy Homes, Inc.                                                                    | CUSIP: 56042RUJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24978.84     | 0.00%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Imagine School at Broward Project                                                                                   | CUSIP: 34061UDL9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    305000 | PA      | $311476.25    | 0.01%             | 2039-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Port of Seattle WA                                                                        | Port of Seattle, Intermediate Lien                                                                                                                     | CUSIP: 735389VQ8<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4125466.40   | 0.12%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plumas Unified School District                                                            | Plumas Unified School District, Election of 2016                                                                                                       | CUSIP: 729297EJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52027.50     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha School District                                                                     | Douglas County, Omaha School District No. 001                                                                                                          | CUSIP: 259291PX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10048501.00  | 0.28%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson & Miami Counties Unified School District No. 230 Spring Hills                     | Johnson and Miami Counties Unified School District No. 230 Spring Hills, Series 2018-A                                                                 | CUSIP: 478164JU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2965000 | PA      | $3034675.72   | 0.09%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ASZ6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    355000 | PA      | $342180.13    | 0.01%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Ration Expansion                                       | CUSIP: 696507VK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1255931.20   | 0.04%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, The Forest at Duke Project                                                                                     | CUSIP: 65820YSK3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    415000 | PA      | $358026.31    | 0.01%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                                           | Menlo Park City School District, Capital Appreciation                                                                                                  | CUSIP: 586840MQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1067194.83   | 0.03%             | 2037-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| St. Johns County Industrial Development Authority                                         | St. Johns County Industrial Development Authority, Vicar's Landing Project, Series 2021A                                                               | CUSIP: 79041LAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $185833.10    | 0.01%             | 2028-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No. 44 Belgrade                                           | Gallatin County School District No. 44 Belgrade, School Building                                                                                       | CUSIP: 36370NEA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $181860.58    | 0.01%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Prairie TX                                                                  | City of Grand Prairie, Combination Tax                                                                                                                 | CUSIP: 386138YX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22073.80     | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois, Series 2021A                                                                                                                        | CUSIP: 452153AS8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1566652.72   | 0.04%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                         | Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt                                                                       | CUSIP: 68608JYF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $321848.07    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                          | Energy Northwest, Columbia Generating Station                                                                                                          | CUSIP: 29270CY33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27512.12     | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Infrastructure Financing Authority                                       | Riverside County Infrastructure Financing Authority                                                                                                    | CUSIP: 76913DBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25322.53     | 0.00%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                                               | CUSIP: 01728RPT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $367782.48    | 0.01%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                             | Alabama Federal Aid Highway Finance Authority                                                                                                          | CUSIP: 010268BZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30556.68     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mohave County Unified School District No. 1 Lake Havasu                                   | Mohave County Unified School District No. 1 Lake Havasu, School Improvement, Project of 2016                                                           | CUSIP: 608106FV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31395.86     | 0.00%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Stamford CT Water Pollution Control System & Facility Revenue                     | City of Stamford, Water Pollution Control System and Facility, Series 2013A                                                                            | CUSIP: 852660CC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254118.03    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No. 44 Belgrade                                           | Gallatin County School District No. 44 Belgrade, School Building                                                                                       | CUSIP: 36370NDW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $242198.12    | 0.01%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cerritos Community College District                                                       | Cerritos Community College District, Series A                                                                                                          | CUSIP: 156792GJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46764.88     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels                                                                                        | CUSIP: 89602RCC7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    150000 | PA      | $160068.15    | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                           | Indianapolis Local Public Improvement Bond Bank, Stormwater Project, Series 2013D                                                                      | CUSIP: 45528UJU6<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252407.63   | 0.04%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cambria County General Financing Authority                                                | Cambria County General Financing Authority, Mount Aloysius Project, Series 2021TT4                                                                     | CUSIP: 132034AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $491613.75    | 0.01%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Tower Health Project                                                                                           | CUSIP: 084538HZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $606927.90    | 0.02%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority                                                                                                         | CUSIP: 6461366X4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    870000 | PA      | $860379.71    | 0.02%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, Transit Transportation Project                                                                              | CUSIP: 64577XBB1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3134616.88   | 0.09%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Lyon Community Schools                                                              | South Lyon Community Schools, School Building and Site                                                                                                 | CUSIP: 838736WP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25135.12     | 0.00%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Municipal Electric Energy Cooperative                                         | Connecticut Municipal Electric Energy Cooperative                                                                                                      | CUSIP: 207709BJ4<br>LEI: 549300FL0Q3X9HUSF682 | Long             | DBT              | MUN               | US        |    545000 | PA      | $604510.19    | 0.02%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                              | Los Angeles Department of Water and Power, Water System                                                                                                | CUSIP: 544525TZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $64406.19     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                              | Birmingham Airport Authority                                                                                                                           | CUSIP: 090888GQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $193108.27    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broome County Local Development Corp.                                                     | Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc.                                                                          | CUSIP: 114731BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1210666.90   | 0.03%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182RQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1336907.11   | 0.04%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609K21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97761.98     | 0.00%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                        | Denver Health and Hospital Authority                                                                                                                   | CUSIP: 24918EEE6<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1508025.63   | 0.04%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Victoria TX Utility System Revenue                                                | City of Victoria, Utility System                                                                                                                       | CUSIP: 926336JX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512000.40    | 0.01%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Gunnison CO                                                                     | County of Gunnison                                                                                                                                     | CUSIP: 402882CE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52069.94     | 0.00%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Convention & Sports Authority                                                  | Washington Convention and Sports Authority, Senior Lien Dedicated Tax, Series 2018A                                                                    | CUSIP: 93878LBV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4035000 | PA      | $4420784.74   | 0.12%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                       | State of California, Various Purpose                                                                                                                   | CUSIP: 13063CD80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1390109.17   | 0.04%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A                                                            | CUSIP: 13048VBS6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   6680000 | PA      | $6158207.83   | 0.17%             | 2032-12-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 6500357U6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27185.83     | 0.00%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116CD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5044963.50   | 0.14%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Henry Mayo Newhall Hospital                                                                                       | CUSIP: 13057EAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $557870.66    | 0.02%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                             | CUSIP: 11861MAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $463174.79    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group                                                                           | CUSIP: 259230NV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $300340.78    | 0.01%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                   | CUSIP: 484008NS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $285052.60    | 0.01%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452153AU3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1167085.53   | 0.03%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bedford Central School District                                                           | Bedford Central School District, Boces Project                                                                                                         | CUSIP: 076316MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48671.82     | 0.00%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                                                   | CUSIP: 45470ECK9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1508817.63   | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019                                                                     | CUSIP: 64971XFT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32244.10     | 0.00%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                 | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112RE8<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16119.11     | 0.00%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Benton County School District No. 17 Kennewick                                            | Benton County School District No. 17 Kennewick, Unlimited Tax                                                                                          | CUSIP: 082887NH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52745.57     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Suffolk University Issue                                                                                     | CUSIP: 57584YRU5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    620000 | PA      | $660436.96    | 0.02%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                                 | School District of the City of Erie (The), Limited Tax                                                                                                 | CUSIP: 295425SZ6<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |    550000 | PA      | $601599.79    | 0.02%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series 2018A                                                     | CUSIP: 613603YM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3385763.13   | 0.10%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2018                                                                                                                     | CUSIP: 64966MRD3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   6450000 | PA      | $6338761.37   | 0.18%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL                                                                 | Village of Bolingbrook                                                                                                                                 | CUSIP: 097552ST1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156125.12    | 0.00%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Children's Hospital                                                                                  | CUSIP: 13032UTE8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31292.18     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                            | CUSIP: 613603D63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $504832.96    | 0.01%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                        | County of Clark, Southern California Edison Co.                                                                                                        | CUSIP: 181008BD4<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $993254.85    | 0.03%             | 2031-06-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Township of Spring PA                                                                     | Township of Spring                                                                                                                                     | CUSIP: 850009DL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28116.29     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Everett WA                                                                        | City of Everett, Limited Tax                                                                                                                           | CUSIP: 300011NU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $65210.08     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Public Facilities Authority/AL                                          | Montgomery County Public Building Authority, Facilities Project                                                                                        | CUSIP: 613209CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3910000 | PA      | $4026345.57   | 0.11%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                                        | Port of Seattle, Intermediate Lien, Series 2015B                                                                                                       | CUSIP: 735389VS4<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028442.20   | 0.03%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                               | CUSIP: 041806K90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35152.48     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Public Facilities Authority/AL                                          | Montgomery County Public Building Authority, Facilities Project                                                                                        | CUSIP: 613209CG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3590000 | PA      | $3696823.68   | 0.10%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Boulder Community Health Project                                                                                 | CUSIP: 19648FRU0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    300000 | PA      | $287045.55    | 0.01%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                   | County of Miami-Dade, Subordinate Special Obligation                                                                                                   | CUSIP: 59333NYL1<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105581.80    | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986DHT5<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53451.18     | 0.00%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                       | State of Illinois, Sales Tax                                                                                                                           | CUSIP: 452227NH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $981557.07    | 0.03%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, State Revolving Fund Program                                                                                                | CUSIP: 45506DG82<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21436.50     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452153EC9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  18000000 | PA      | $19217458.80  | 0.54%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                                 | Florida Department of Management Services, Series 2018A                                                                                                | CUSIP: 34160PEA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21657.38     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Wayne Redevelopment Authority                                                        | Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project                                                                               | CUSIP: 349288EU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512815.70    | 0.01%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                    | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                        | CUSIP: 60374VEE9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1791201.40   | 0.05%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp.                                                                                                                 | CUSIP: 64985TAJ0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  13555000 | PA      | $14702730.32  | 0.41%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                             | Texas Water Development Board                                                                                                                          | CUSIP: 882854P30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7848867.60   | 0.22%             | 2031-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                              | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured                                                                 | CUSIP: 649451FR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1239338.40   | 0.03%             | 2027-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                                | Capital Trust Agency, Inc., Sustainability Bonds -The Marie                                                                                            | CUSIP: 14052WEA1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    250000 | PA      | $225990.28    | 0.01%             | 2031-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                                   | Dallas Fort Worth International Airport                                                                                                                | CUSIP: 235036Q60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5095942.50   | 0.14%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                                   | Washington Suburban Sanitary Commission, Consolidated Public Improvement                                                                               | CUSIP: 9401572M1<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $28507.13     | 0.00%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511JA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995262.80    | 0.03%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nazareth Area School District                                                             | Nazareth Area School District                                                                                                                          | CUSIP: 639438K41<br>LEI: 549300IXDARD1B2S7628 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1332105.25   | 0.04%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Snohomish WA                                                                    | County of Snohomish                                                                                                                                    | CUSIP: 833086EL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1487851.83   | 0.04%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                           | Kentucky Economic Development Finance Authority, Owensboro Health, Inc., Series 2017A                                                                  | CUSIP: 49126KKB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1685984.13   | 0.05%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Central Charter School Project                                                                                      | CUSIP: 34061ULF3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    230000 | PA      | $218271.91    | 0.01%             | 2032-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                               | Southeast Alabama Gas Supply District (The), Project No. 1, Series 2018A                                                                               | CUSIP: 84131TAE2<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |  20845000 | PA      | $21116501.96  | 0.60%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer, Junior Lien                                                                                                       | CUSIP: 825485XG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $551587.25    | 0.02%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                              | Los Angeles Department of Water and Power, Water System                                                                                                | CUSIP: 544525XZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $67211.10     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The), Subordinate Airport, Series 2019A                                                                      | CUSIP: 592190ND0<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    275000 | PA      | $303620.21    | 0.01%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Harrison NJ                                                                   | Township of Harrison                                                                                                                                   | CUSIP: 415513GE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25234.01     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                        | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3616333.35   | 0.10%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                           | Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project                                                                           | CUSIP: 45528UYX3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    225000 | PA      | $251050.30    | 0.01%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2006                                                                                                                     | CUSIP: 64966QDJ6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20025.21     | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State University Dormitory Facilities, Series 2018A                                                                | CUSIP: 64990C8D6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1116957.10   | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                             | CUSIP: 74444KBD5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524849.20    | 0.01%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Children's National Medical Center                                                                           | CUSIP: 04052HBE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $790380.10    | 0.02%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Lincoln Preparatory School Project                                                                              | CUSIP: 546399KW5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    525000 | PA      | $445967.60    | 0.01%             | 2041-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue                                                             | CUSIP: 57421CAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $139999.65    | 0.00%             | 2039-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Rocky Mountain Rail Park Metropolitan District                                            | Rocky Mountain Rail Park Metropolitan District, Limited Tax                                                                                            | CUSIP: 774762AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $704142.60    | 0.02%             | 2031-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio                                                                                                                                          | CUSIP: 677522YA6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25701.80     | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                             | CUSIP: 74444KBA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532431.60    | 0.02%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Medford OR                                                                        | City of Medford, Limited Tax                                                                                                                           | CUSIP: 584288DA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25385.28     | 0.00%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Tower Health Project                                                                                           | CUSIP: 084538HX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $678506.32    | 0.02%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018                                                                           | CUSIP: 64972HC42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27358.28     | 0.00%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Johns County Industrial Development Authority                                         | St. Johns County Industrial Development Authority, Vicar's Landing Project, Series 2021A                                                               | CUSIP: 79041LAL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $182117.33    | 0.01%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 544532AQ7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32458.94     | 0.00%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Trinity Health Credit Group                                                                                                | CUSIP: 59447TGY3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4828857.36   | 0.14%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Rockwood Retirement Communities Project                                                                   | CUSIP: 939783D45<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   7200000 | PA      | $6224714.64   | 0.18%             | 2028-07-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5330878.57   | 0.15%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452153CV9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  10765000 | PA      | $11326739.23  | 0.32%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portsmouth VA                                                                     | City of Portsmouth, Tax Exempt, Series 2017A                                                                                                           | CUSIP: 73723RYM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5215000 | PA      | $5730912.65   | 0.16%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                              | CUSIP: 414009HW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31208.92     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Municipal Utility District No. 25                                        | Fort Bend County Municipal Utility District No. 25, Unlimited Tax                                                                                      | CUSIP: 346901ZU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25536.15     | 0.00%             | 2024-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                       | State of Illinois, Sales Tax, Series D                                                                                                                 | CUSIP: 452227LS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40865.68     | 0.00%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                                            | CUSIP: 67756DJ23<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    360000 | PA      | $369121.93    | 0.01%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Florida Water Management District                                                   | South Florida Water Management District                                                                                                                | CUSIP: 83786PCV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131388.39    | 0.00%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                            | Minnesota Municipal Gas Agency                                                                                                                         | CUSIP: 60406UAJ6<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006836.30   | 0.03%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                                  | City of Austin, Airport System                                                                                                                         | CUSIP: 052398GU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050993.50   | 0.03%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County Forest Preserve District                                                      | Will County Forest Preservation District, Limited Tax                                                                                                  | CUSIP: 968661HU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $808179.30    | 0.02%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, University of Findlay 2019 Project                                                                        | CUSIP: 67756DTF3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3028233.60   | 0.09%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Triad Educational Services, Inc., Series 2021A                                                                               | CUSIP: 74442EHG8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    355000 | PA      | $353455.86    | 0.01%             | 2025-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                                   | Permanent University Fund - Texas A&M University System, Series 2009A                                                                                  | CUSIP: 882117N26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2147241.23   | 0.06%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Sutter Health                                                                                        | CUSIP: 13032UNR5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53967.65     | 0.00%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020                                                                      | CUSIP: 64972GVD3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  14705000 | PA      | $14794243.17  | 0.42%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                                   | Massachusetts Water Resources Authority                                                                                                                | CUSIP: 576049V56<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   3110000 | PA      | $3243515.72   | 0.09%             | 2024-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                     | Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities                                                               | CUSIP: 140427BH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020559.70   | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Luis Coastal Unified School District                                                  | San Luis Coastal Unified School District, Election of 2014                                                                                             | CUSIP: 798546CX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25943.51     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBT5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    115000 | PA      | $110281.85    | 0.00%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Arizona (The)                                                               | University of Arizona (The), Stimulus Plan for Economic and Educational Development                                                                    | CUSIP: 040484WU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $94210.97     | 0.00%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                   | CUSIP: 484008NP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $120844.43    | 0.00%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Higher Educational Facilities Financial Authority                                 | Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology                                                             | CUSIP: 34073TMN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126514.71    | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                             | CUSIP: 74444KAW4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    665000 | PA      | $716568.76    | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609J64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401165.40    | 0.01%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Scottsdale Municipal Property Corp.                                                       | Scottsdale Municipal Property Corp., Excise Tax                                                                                                        | CUSIP: 810489JS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1692349.47   | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project, Series 2021A                         | CUSIP: 71780CBG4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    375000 | PA      | $298311.98    | 0.01%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Columbus City School District                                                             | Columbus City School District, Ohio School Facilities Construction and Improvement, Unlimited Tax                                                      | CUSIP: 1995073W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3210284.40   | 0.09%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Birmingham AL                                                                     | City of Birmingham, Warrant, Series 2018B                                                                                                              | CUSIP: 09088RH41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $590058.19    | 0.02%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project                                            | CUSIP: 87638RKE6<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488289.10    | 0.01%             | 2031-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                                        | City of Houston, Public Improvement, Series 2014A                                                                                                      | CUSIP: 442331F25<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2677365.34   | 0.08%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                               | CUSIP: 041806K74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $191903.29    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                       | State of Illinois, Sales Tax                                                                                                                           | CUSIP: 452227GX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40321.97     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                                       | City of San Jose, Libraries, Parks and Public Safety Projects                                                                                          | CUSIP: 798135G29<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |     50000 | PA      | $56524.87     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of North Brunswick NJ                                                            | Township of North Brunswick, General Improvement                                                                                                       | CUSIP: 658017Q92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1567915.58   | 0.04%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                              | City and County of Honolulu, Series 2017D                                                                                                              | CUSIP: 438687BL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20368.12     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach, John Knox Village Project                                                                                                       | CUSIP: 732203BA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1712999.34   | 0.05%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                                  | Lynchburg Economic Development Authority, Central Health, Inc.                                                                                         | CUSIP: 55123TBK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1527218.53   | 0.04%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Sports Facilities Authority (The)                                                | Illinois Sports Facilities Authority (The), State Tax                                                                                                  | CUSIP: 452143FN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2635809.50   | 0.07%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Smith Crossing                                                                                                             | CUSIP: 45204FPR0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    625000 | PA      | $573994.81    | 0.02%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Clarita Public Finance Authority                                                    | Santa Clarita Public Finance Authority, Open Space and Parkland Acquisition Program                                                                    | CUSIP: 80169PCG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78442.82     | 0.00%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax, Series 2014A                                                                                      | CUSIP: 64990ABY0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8200108.80   | 0.23%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Assessment Revenue                             | Massachusetts Bay Transportation Authority Assessment, Series 2006A                                                                                    | CUSIP: 575577HR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2400568.65   | 0.07%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northern Wells Multi-School Building Corp.                                                | Northern Wells Multi-School Building Corp., Ad Valorem Property Tax, First Mortgage                                                                    | CUSIP: 666058AP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51228.85     | 0.00%             | 2035-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Schools Infrastructure Financing Agency                                                   | Schools Infrastructure Financing Agency, Special Tax                                                                                                   | CUSIP: 80802VAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $106178.09    | 0.00%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                            | American Municipal Power, Inc., Solar Electricity Prepayment Project, Series 2019A                                                                     | CUSIP: 02765MAE2<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    225000 | PA      | $230897.36    | 0.01%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019                                                                     | CUSIP: 64971XKE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49894.95     | 0.00%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County Industrial Development Authority                                            | Lehigh County Industrial Development Authority, Seven Generation Charter School                                                                        | CUSIP: 52481MAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $692347.47    | 0.02%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fort Wayne Redevelopment Authority                                                        | Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project                                                                               | CUSIP: 349288ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1124074.66   | 0.03%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                        | South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project                                                            | CUSIP: 83704EAB0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    625000 | PA      | $644706.63    | 0.02%             | 2025-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                                     | Duluth Economic Development Authority, Benedictine Health System, Series 2021A                                                                         | CUSIP: 26444VAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1277641.80   | 0.04%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Rapids Charter Township Economic Development Corp.                                  | Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project                                                    | CUSIP: 386211BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2427410.63   | 0.07%             | 2027-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency, Tax-Exempt Telecommunications, Series 2018A                                                                                | CUSIP: 917467AR3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1472027.68   | 0.04%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency, Tax-Exempt Telecommunications, Series 2018A                                                                                | CUSIP: 917467AQ5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    620000 | PA      | $623972.34    | 0.02%             | 2023-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Calleguas Municipal Water District                                                        | Calleguas Municipal Water District                                                                                                                     | CUSIP: 13124MBL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35512.06     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Rockefeller University                                                                                             | CUSIP: 64990GF31<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2659406.00   | 0.07%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anaheim Public Financing Authority                                                        | Anaheim Public Financing Authority, Public Improvement Project, Series 1997C                                                                           | CUSIP: 03255LBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $17917.15     | 0.00%             | 2037-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Smith Crossing                                                                                                             | CUSIP: 45204FPN9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    485000 | PA      | $463637.35    | 0.01%             | 2027-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV Gas Tax Revenue                                                       | County of Washoe, Fuel Tax                                                                                                                             | CUSIP: 940839DD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $160573.61    | 0.00%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                                | Duluth Independent School District No. 709                                                                                                             | CUSIP: 264474HJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $197967.04    | 0.01%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abington School District                                                                  | Abington School District, Limited Tax                                                                                                                  | CUSIP: 003554R79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40177.48     | 0.00%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pearland Independent School District                                                      | Pearland Independent School District, Unlimited Tax                                                                                                    | CUSIP: 7048796D2<br>LEI: 549300UU8ZB6DL6OXQ09 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25715.29     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark Regional Wastewater District                                                        | Clark Regional Wastewater District                                                                                                                     | CUSIP: 181584AQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $177961.31    | 0.01%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County Industrial Development Authority                                            | Lehigh County Industrial Development Authority, Seven Generation Charter School                                                                        | CUSIP: 52481MAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $309645.89    | 0.01%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                            | American Municipal Power, Inc., Solar Electricity Prepayment Project, Series 2019A                                                                     | CUSIP: 02765MAJ1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    125000 | PA      | $136794.75    | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer, Junior Lien, Series 2018C                                                                                         | CUSIP: 825485WG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533054.70    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia                                                                                                                                   | CUSIP: 25476FSU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4081567.50   | 0.12%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Dedicated Tax Fund                                                                                              | CUSIP: 59259N2S1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47567.63     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark Regional Wastewater District                                                        | Clark Regional Wastewater District                                                                                                                     | CUSIP: 181584AP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $201072.33    | 0.01%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Tiffin University 2019 Project                                                                            | CUSIP: 67756DUU8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    655000 | PA      | $586540.25    | 0.02%             | 2028-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Indiana Bond Bank                                                                         | Indiana Bond Bank, Hamilton County Projects                                                                                                            | CUSIP: 45462TJP8<br>LEI: 549300TZMGETS4ELEI93 | Long             | DBT              | MUN               | US        |    350000 | PA      | $294606.97    | 0.01%             | 2028-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2012B                                                                          | CUSIP: 89602NA20<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   8860000 | PA      | $6053980.41   | 0.17%             | 2032-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                                        | Grand Parkway Transportation Corp., System Toll                                                                                                        | CUSIP: 38611TBK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48855.48     | 0.00%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Health Facilities, Nebraska Medicine                                                                          | CUSIP: 259230MP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26533.74     | 0.00%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp., Wayside Schools                                                                                              | CUSIP: 041806L65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $245206.67    | 0.01%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                       | Virginia College Building Authority, Educational Facilities, Washington and Lee University Project                                                     | CUSIP: 927780SK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32868.41     | 0.00%             | 2031-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                                     | Duluth Economic Development Authority, Benedictine Health System, Series 2021A                                                                         | CUSIP: 26444VAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $749296.91    | 0.02%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, Various Purpose                                                                                                                   | CUSIP: 93974DYF9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53941.19     | 0.00%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Henry Mayo Newhall Hospital                                                                                       | CUSIP: 13057EDW1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    345000 | PA      | $335200.65    | 0.01%             | 2051-10-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                            | American Municipal Power, Inc., Solar Electricity Prepayment Project, Series 2019A                                                                     | CUSIP: 02765MAF9<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    160000 | PA      | $167414.21    | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                                              | County of Prince George's, Consolidated Public Improvement, Series 2018A                                                                               | CUSIP: 7417014S2<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11226.61     | 0.00%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima County Community College District/AZ                                                 | Pima County Community College District                                                                                                                 | CUSIP: 721666BW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $66587.08     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                                 | Delaware County Authority, Haverford College, Series 2017A                                                                                             | CUSIP: 246003MU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32336.33     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                                  | University of Utah (The)                                                                                                                               | CUSIP: 915183YR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43799.34     | 0.00%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group                                                                           | CUSIP: 259230NQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $426639.88    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Board of Education                                                          | Shelby County Board of Education, Special Tax                                                                                                          | CUSIP: 82153TBF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52278.60     | 0.00%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                              | State of Oregon, Department of Transportation Highway User Subordinate Lien, Tax-Exempt                                                                | CUSIP: 68607DUL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43957.80     | 0.00%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chelan County Public Utility District No. 1                                               | Chelan County Public Utility District No. 1                                                                                                            | CUSIP: 163103VH4<br>LEI: 5493004E8FN9GU2SU067 | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1691742.23   | 0.05%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                              | Mississippi Development Bank, Rankin County School District Project                                                                                    | CUSIP: 60534WLC0<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    450000 | PA      | $407613.42    | 0.01%             | 2042-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Stamford CT Water Pollution Control System & Facility Revenue                     | City of Stamford, Water Pollution Control System and Facility, Series 2013A                                                                            | CUSIP: 852660CE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304878.36    | 0.01%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Birmingham AL                                                                     | City of Birmingham, Warrant, Series 2018B                                                                                                              | CUSIP: 09088RH74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508724.65    | 0.01%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Manatee County School District                                                            | Manatee County School District, Sales Tax                                                                                                              | CUSIP: 56185PCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50931.83     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency, Clearfield City Project                                                                                                    | CUSIP: 917466CY8<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    915000 | PA      | $887171.56    | 0.03%             | 2040-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project                                                                     | CUSIP: 19645UGD0<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     30000 | PA      | $28573.61     | 0.00%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lakeville Independent School District No. 194                                             | Lakeville Independent School District No. 194                                                                                                          | CUSIP: 512465AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $145123.43    | 0.00%             | 2026-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 544495H23<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2592613.50   | 0.07%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Public Facilities Authority/AL                                          | Montgomery County Public Building Authority, Facilities Project                                                                                        | CUSIP: 613209CF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1783740.14   | 0.05%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                                        | Metropolitan Water District of Southern California, Waterworks                                                                                         | CUSIP: 59266TME8<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32158.20     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Windler Public Improvement Authority                                                      | Windler Public Improvement Authority, Limited Tax                                                                                                      | CUSIP: 973405AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6750000 | PA      | $4790516.85   | 0.14%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project                                                     | CUSIP: 82170KAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2157119.51   | 0.06%             | 2049-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021B-2                                                                              | CUSIP: 13057GAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1656312.48   | 0.05%             | 2028-11-15      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Income Tax                                                                                                                       | CUSIP: 25477GRV9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    210000 | PA      | $230559.29    | 0.01%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County School District R-1                                                      | Jefferson County School District R-1                                                                                                                   | CUSIP: 472737FY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5299.32      | 0.00%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project                                                           | CUSIP: 95737TEX0<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |  13350000 | PA      | $12631117.19  | 0.36%             | 2028-07-01      | Fixed         | 3.20%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Development Bank                                                              | Mississippi Development Bank, Rankin County Bond Project                                                                                               | CUSIP: 60534WJA7<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30187.44     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Income Tax                                                                                                                       | CUSIP: 25477GQC2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     35000 | PA      | $39992.97     | 0.00%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Children's National Medical Center                                                                           | CUSIP: 04052HBB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $352505.02    | 0.01%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                               | CUSIP: 041806K58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $196886.61    | 0.01%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group                                                                           | CUSIP: 259230NX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $673293.63    | 0.02%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Tiffin University 2019 Project                                                                            | CUSIP: 67756DUQ7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $96521.99     | 0.00%             | 2024-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Clayton County Development Authority                                                      | Clayton County Development Authority, Clayton State University                                                                                         | CUSIP: 184150GG9<br>LEI: 549300MRIVF01QB6RF86 | Long             | DBT              | MUN               | US        |    250000 | PA      | $280818.55    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Wakemed Hospital                                                                                                             | CUSIP: 74442CBY9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  12500000 | PA      | $12709383.75  | 0.36%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Commonspirit Health, Series 2019A-2                                                                              | CUSIP: 19648FKL7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2104164.40   | 0.06%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UFT0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $415671.64    | 0.01%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Monica Public Financing Authority                                                   | Santa Monica Public Financing Authority, City Yards Projects                                                                                           | CUSIP: 802437HR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105353.51    | 0.00%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project                                                          | CUSIP: 65820YRQ1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    695000 | PA      | $666446.55    | 0.02%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sarasota FL Utility System Revenue                                              | County of Sarasota, Utility System                                                                                                                     | CUSIP: 803321PH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38121.57     | 0.00%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Onslow NC                                                                       | County of Onslow, Public Facilities Company Ltd., Limited Obligation                                                                                   | CUSIP: 68285TCM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27107.76     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Funding Corp.                                                               | Orange County Funding Corp., Mount Saint Mary College Project, Series 2012B                                                                            | CUSIP: 684594BE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160066.77    | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler County Unified School District No. 385 Andover                                     | Butler County, Unified School District No. 385 Andover, School Building                                                                                | CUSIP: 12343ECV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $871533.53    | 0.02%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albany-Dougherty Inner City Authority                                                     | Albany-Dougherty Inner City Authority, State University Projects                                                                                       | CUSIP: 012173JQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1300779.71   | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                                              | CUSIP: 64577XCM6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    575000 | PA      | $563462.51    | 0.02%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                            | CUSIP: 613603C56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $629768.16    | 0.02%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Commerce City CO                                                                  | City of Commerce City                                                                                                                                  | CUSIP: 20058MBV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154006.74    | 0.00%             | 2037-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021B-3                                                                              | CUSIP: 13057GAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6240000 | PA      | $5793523.01   | 0.16%             | 2027-11-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                   | CUSIP: 484008NQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $135332.90    | 0.00%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No. 44 Belgrade                                           | Gallatin County School District No. 44 Belgrade, School Building                                                                                       | CUSIP: 36370NDZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $161842.80    | 0.00%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Redevelopment Successor Agency                                          | Santa Cruz County Redevelopment Successor Agency                                                                                                       | CUSIP: 80182YBA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52799.84     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, Senior Lien                                                                                               | CUSIP: 928104NJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2236872.60   | 0.06%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 4521526W6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2218592.65   | 0.06%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yakima County School District No. 208 West Valley                                         | Yakima County School District No. 208 West Valley                                                                                                      | CUSIP: 984487PG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31088.43     | 0.00%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                       | Idaho Housing and Finance Association, Federal Highway Trust                                                                                           | CUSIP: 45129WMQ0<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2694370.04   | 0.08%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                                | City of Lincoln, Electric System                                                                                                                       | CUSIP: 534272L72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33802.95     | 0.00%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Virginia Transportation Authority                                                | Northern Virginia Transportation Authority, Special Tax                                                                                                | CUSIP: 666045AU3<br>LEI: 2549008UDCIZ1V9YXF69 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2102080.32   | 0.06%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brookings School District No. 005-1                                                       | Brookings School District No. 005-1                                                                                                                    | CUSIP: 113664HB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25978.74     | 0.00%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                         | State of California Department of Water Resources, Central Valley Project, Water System                                                                | CUSIP: 13067WNM0<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                                    | University of Arkansas, Various Facility Fayetteville Campus                                                                                           | CUSIP: 914072UG6<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46581.03     | 0.00%             | 2026-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Harris County-Houston Sports Authority                                                    | Harris County-Houston Sports Authority, Senior Lien                                                                                                    | CUSIP: 413890CY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31154.35     | 0.00%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18390000 | PA      | $19225490.80  | 0.54%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                                   | Bay Area Toll Authority, Toll Bridge                                                                                                                   | CUSIP: 072024VX7<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |     50000 | PA      | $57077.82     | 0.00%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                              | Birmingham Airport Authority                                                                                                                           | CUSIP: 090888GR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $165088.02    | 0.00%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                              | Industrial Development Authority of the County of Pima (The)                                                                                           | CUSIP: 72178AAM4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4003992.80   | 0.11%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                                 | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                        | CUSIP: 235241RV0<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   9905000 | PA      | $10564527.40  | 0.30%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                                      | City of Lakeland, Department of Electric Utilities                                                                                                     | CUSIP: 51166FFN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $290245.23    | 0.01%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                                   | Douglas County School District, Elkhorn Public Schools                                                                                                 | CUSIP: 259309M33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $285381.48    | 0.01%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1612667.57   | 0.05%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                                 | DuBois Hospital Authority, Penn Highlands Healthcare                                                                                                   | CUSIP: 263804BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2111795.00   | 0.06%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                                       | Allegheny County Sanitary Authority, Sewer                                                                                                             | CUSIP: 017357C36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5084.63      | 0.00%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2                                                                            | CUSIP: 67756DD45<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514530.20    | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, Senior Lien                                                                                               | CUSIP: 928104NF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3875000 | PA      | $3862454.30   | 0.11%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Trinity Health Credit Group                                                                                                | CUSIP: 59447TTT0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31298.00     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CCA5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    440000 | PA      | $389719.09    | 0.01%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois, Series 2018A                                                                                                                        | CUSIP: 452152X30<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36598.29     | 0.00%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                              | CUSIP: 18610PBD9<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    200000 | PA      | $226221.88    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, State Revolving Fund Program                                                                                                | CUSIP: 45506DS22<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    100000 | PA      | $109115.34    | 0.00%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, Subordinate Lien, Series 2021A                                                                                        | CUSIP: 442349FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $808192.88    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                                     | University of Houston                                                                                                                                  | CUSIP: 914302CP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31574.04     | 0.00%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, Newark Charter School, Inc., Project                                                                    | CUSIP: 246372AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $386801.34    | 0.01%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015                                                                           | CUSIP: 64972HXV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51563.61     | 0.00%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Macombs Facility Project, Series 2021A                                                                       | CUSIP: 04052BQE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $140733.72    | 0.00%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vermont Municipal Bond Bank                                                               | Vermont Municipal Bond Bank                                                                                                                            | CUSIP: 924214F95<br>LEI: 54930081EMY8D1GYM846 | Long             | DBT              | MUN               | US        |    400000 | PA      | $441590.64    | 0.01%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Decatur IL                                                                        | City of Decatur                                                                                                                                        | CUSIP: 243127UT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15558.72     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Grand Concourse Academy Charter School                                                                                       | CUSIP: 12008ESX5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105220.28    | 0.00%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brentwood Union School District                                                           | Brentwood Union School District, Election of 2016                                                                                                      | CUSIP: 107280LK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21563.97     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Multi-care Health System                                                                                  | CUSIP: 93978HTJ4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32339.74     | 0.00%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Victoria TX Utility System Revenue                                                | City of Victoria, Utility System                                                                                                                       | CUSIP: 926336JU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $440320.34    | 0.01%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Laredo TX Waterworks & Sewer System Revenue                                       | City of Laredo, Waterworks and Sewer System                                                                                                            | CUSIP: 517039VP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30619.94     | 0.00%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                                  | River Islands Public Financing Authority, Facilities District No. 2003                                                                                 | CUSIP: 76827QGN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253019.85    | 0.01%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                               | New Jersey Educational Facilities Authority, Stevens Institute of Technology                                                                           | CUSIP: 6460666D7<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1150035.58   | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                                            | CUSIP: 67756DH82<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    325000 | PA      | $332553.36    | 0.01%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts                                                                                                                          | CUSIP: 57582RED4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3535000 | PA      | $3684367.54   | 0.10%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1225910.90   | 0.03%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Piedmont Community Charter School                                                                                            | CUSIP: 74445GAJ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    225000 | PA      | $231151.93    | 0.01%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                                       | Maryland Economic Development Corp., Port Covington Project                                                                                            | CUSIP: 57422FAE6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    875000 | PA      | $750566.95    | 0.02%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Retirement Facilities, Friends Homes, Inc.                                                                     | CUSIP: 65820YSE7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1448610.50   | 0.04%             | 2026-09-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                     | Illinois State Toll Highway Authority                                                                                                                  | CUSIP: 452252LN7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32019.34     | 0.00%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Xavier University 2020 Project                                                                            | CUSIP: 67756DWD4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    460000 | PA      | $496933.17    | 0.01%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1964072.81   | 0.06%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Municipal School District No. 12                                              | Albuquerque Municipal School District No. 12, School Building                                                                                          | CUSIP: 013595VU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1162527.77   | 0.03%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $181410.93    | 0.01%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                                     | County of Cuyahoga, Eliza Jennings Senior Care Network                                                                                                 | CUSIP: 23226MAH4<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1171727.28   | 0.03%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Stoughton MA                                                                      | Town of Stoughton, Municipal Purpose Loan                                                                                                              | CUSIP: 862318L67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50371.81     | 0.00%             | 2038-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                                      | City of Henderson, Series 2022B                                                                                                                        | CUSIP: 425099AC2<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |   3955000 | PA      | $3758024.39   | 0.11%             | 2032-01-01      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                              | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured                                                                 | CUSIP: 649451FW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1302817.80   | 0.04%             | 2032-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152M65<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     40000 | PA      | $39110.06     | 0.00%             | 2031-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                                 | Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project                                                                      | CUSIP: 190813RZ0<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    475000 | PA      | $465346.96    | 0.01%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Margarita-Dana Point Authority                                                      | Santa Margarita-Dana Point Authority, Water District Improvement District No. 2, 3                                                                     | CUSIP: 802248JW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1581275.96   | 0.04%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                                 | DuBois Hospital Authority, Penn Highlands Healthcare                                                                                                   | CUSIP: 263804BN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5670000 | PA      | $5080103.97   | 0.14%             | 2043-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                  | State of Connecticut, Special Tax Transportation Infrastructure Purposes                                                                               | CUSIP: 207758VT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26919.69     | 0.00%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane County Community Unit School District No. 304 Geneva                                 | Kane County Community Unit School District No. 304 Geneva                                                                                              | CUSIP: 484026NB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21533.47     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project                                                                     | CUSIP: 19645UGF5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     85000 | PA      | $72889.52     | 0.00%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                            | CUSIP: 613603D89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $277822.03    | 0.01%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                                | Duluth Independent School District No. 709                                                                                                             | CUSIP: 264474HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $190270.80    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Linn IA                                                                         | County of Linn                                                                                                                                         | CUSIP: 535784AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $588536.36    | 0.02%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                   | City of Phoenix Civic Improvement Corp., Junior Lien, Airport System                                                                                   | CUSIP: 71883MMN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $205755.66    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State University Dormitory Facilities                                                                              | CUSIP: 64990CVM0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    230000 | PA      | $245253.62    | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenfield Middle School Building Corp.                                                   | Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage                                                                        | CUSIP: 39501PGM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $252407.04    | 0.01%             | 2033-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 650035YV4<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25114.10     | 0.00%             | 2023-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2016                                                                           | CUSIP: 64972HYX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45379.54     | 0.00%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                       | State of California, Various Purpose                                                                                                                   | CUSIP: 13062PRV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5011.36      | 0.00%             | 2023-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                       | CDI                                                                                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        | 151300000 | PA      | $-10363398.76 | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                              | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured                                                                 | CUSIP: 649451FU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $2448513.74   | 0.07%             | 2030-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LS3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    440000 | PA      | $364246.78    | 0.01%             | 2042-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                                   | County of Hamilton, Sales Tax                                                                                                                          | CUSIP: 407287MA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53180.74     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Boulder Community Health Project                                                                                 | CUSIP: 19648FRP1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    725000 | PA      | $720307.87    | 0.02%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels                                                                                        | CUSIP: 89602N5A8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20453.53     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pleasanton Unified School District                                                        | Pleasanton Unified School District, Election of 2016                                                                                                   | CUSIP: 728835B73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22076.98     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                      | Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2                                                              | CUSIP: 59561TAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1255915.75   | 0.04%             | 2026-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp., Gas Project                                                                                                        | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  56650000 | PA      | $56386073.32  | 1.59%             | 2025-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                            | Minnesota Municipal Gas Agency                                                                                                                         | CUSIP: 60406UAK3<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |    535000 | PA      | $538330.64    | 0.02%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital                                                         | CUSIP: 60637AQV7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    620000 | PA      | $636854.89    | 0.02%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2018                                                                                                                     | CUSIP: 64966MPA1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50491.16     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                         | Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt                                                                       | CUSIP: 68608JYE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $186677.28    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Weld County School District No. RE-2 Eaton                                                | Weld County School District No. RE-2 Eaton                                                                                                             | CUSIP: 949255GX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44490.33     | 0.00%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, Various Purpose                                                                                                                   | CUSIP: 93974EEP7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     75000 | PA      | $81908.61     | 0.00%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Redevelopment Successor Agency                                           | Riverside County Redevelopment Successor Agency, Desert Communities Redevelopment Project                                                              | CUSIP: 76913AAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $119712.19    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                        | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $941574.00    | 0.03%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                               | California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2, Series 2022A                           | CUSIP: 13069AAS7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $910058.00    | 0.03%             | 2031-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                   | CUSIP: 484008NL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $69001.04     | 0.00%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, ENO River Academy Project                                                                                                    | CUSIP: 744396FL1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    235000 | PA      | $218988.67    | 0.01%             | 2030-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| State of Mississippi                                                                      | State of Mississippi, Series 2018A                                                                                                                     | CUSIP: 605581LC9<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   5030000 | PA      | $5276681.76   | 0.15%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake County Community Consolidated School District No. 3 Beach Park                       | Lake County Community Consolidated School District No. 3 Beach Park                                                                                    | CUSIP: 508444EQ5<br>LEI: 549300OXP7UXKVRQI587 | Long             | DBT              | MUN               | US        |    730000 | PA      | $770328.34    | 0.02%             | 2030-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Rapids Public Schools                                                               | Grand Rapids Public Schools, Unlimited Tax                                                                                                             | CUSIP: 386280RK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1653429.30   | 0.05%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Woodbury MN                                                                       | City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project                                                                            | CUSIP: 979134AS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $325569.19    | 0.01%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                    | City of Mesa, Utility System                                                                                                                           | CUSIP: 590545J34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27908.71     | 0.00%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Community Consolidated School District No. 3 Beach Park                       | Lake County Community Consolidated School District No. 3 Beach Park                                                                                    | CUSIP: 508444ET9<br>LEI: 549300OXP7UXKVRQI587 | Long             | DBT              | MUN               | US        |    500000 | PA      | $521956.90    | 0.01%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                                    | Oklahoma Capitol Improvement Authority                                                                                                                 | CUSIP: 679086DD7<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25945.87     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 544495G65<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51891.73     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                          | Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project                                                                   | CUSIP: 011903FX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1651230.32   | 0.05%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Community College District                                                   | Southwestern Community College District                                                                                                                | CUSIP: 845389GP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35350.75     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Johnson City TN                                                                   | City of Johnson City                                                                                                                                   | CUSIP: 478251QJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $50181.39     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 6500357X0<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     45000 | PA      | $48455.90     | 0.00%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                                       | CUSIP: 04052BPE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $116155.96    | 0.00%             | 2027-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group                                                                           | CUSIP: 259230PC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $588169.56    | 0.02%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Kipp DC Project                                                                                                                  | CUSIP: 25483VVZ4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265706.90    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 5444957U2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     85000 | PA      | $96672.44     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                                        | Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group                                                                       | CUSIP: 009730PP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $373555.32    | 0.01%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Johns County Industrial Development Authority                                         | St. Johns County Industrial Development Authority, Vicar's Landing Project, Series 2021A                                                               | CUSIP: 79041LAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $293429.21    | 0.01%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                                                   | CUSIP: 45470ECG8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    365000 | PA      | $385009.96    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                              | CUSIP: 18610PBJ6<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    300000 | PA      | $332443.35    | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Public Financing Authority                                               | Riverside County Public Financing Authority, Capital Facilities Project                                                                                | CUSIP: 76912KCF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36648.71     | 0.00%             | 2045-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State University Dormitory Facilities, Series 2018A                                                                | CUSIP: 64990C8G9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3130000 | PA      | $3463190.38   | 0.10%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Military Installation Development Authority                                               | Military Installation Development Authority, Tax Allocation and Hotel Tax, Series 2021A-1                                                              | CUSIP: 599772AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $418144.70    | 0.01%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan St. Louis Sewer District                                                     | Metropolitan St. Louis Sewer District, Wastewater System Improvement                                                                                   | CUSIP: 592481GX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3185000 | PA      | $3308887.26   | 0.09%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will Grundy Etc Counties Community College District No. 525                               | Will Grundy Etc Counties Community College District No. 525, Joliet Junior College                                                                     | CUSIP: 969080HT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42535.31     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greeneville Health & Educational Facilities Board                                         | Greeneville Health & Educational Facilities Board                                                                                                      | CUSIP: 396649ES0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4840000 | PA      | $4857031.48   | 0.14%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Onslow NC                                                                       | County of Onslow, Public Facilities Company Ltd., Limited Obligation                                                                                   | CUSIP: 68285TCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $246527.40    | 0.01%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Commonspirit Health, Series 2019A-2                                                                       | CUSIP: 93978HWB7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061432.50   | 0.03%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBZ1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    100000 | PA      | $93844.38     | 0.00%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation                                                                                                    | CUSIP: 592647EF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $191078.17    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, Holy Family University Project                                                                      | CUSIP: 71780TBJ1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2300604.05   | 0.06%             | 2037-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FYI Properties                                                                            | FYI Properties, State of Washington District Project                                                                                                   | CUSIP: 302716BL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $259215.25    | 0.01%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bridgeton MO                                                                      | City of Bridgeton, Series 2021A                                                                                                                        | CUSIP: 108471AL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $120141.08    | 0.00%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WZW9<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4977970.50   | 0.14%             | 2038-01-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carmel Redevelopment Authority                                                            | Carmel Redevelopment Authority, Option Income Tax Lease Rental                                                                                         | CUSIP: 143294GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25348.32     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Plymouth Place, Inc.                                                                                                       | CUSIP: 45204FHN8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    140000 | PA      | $134789.54    | 0.00%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Coxhealth and Obligated Group                                                    | CUSIP: 60637ANP3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    135000 | PA      | $144404.48    | 0.00%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsboro School District No. 1J                                                          | Hillsboro School District No. 1J                                                                                                                       | CUSIP: 939307JM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1612221.47   | 0.05%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Jupiter Medical Center                                                                                  | CUSIP: 69651ABS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106666.96    | 0.00%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority/PA                                                    | Lancaster County Hospital Authority, Health Center, Masonic Villages Project                                                                           | CUSIP: 514045E90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1248090.40   | 0.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                                     | Tennessee State School Bond Authority, Higher Educational Facilities Second Program, Series B                                                          | CUSIP: 880558KF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3645000 | PA      | $4017620.33   | 0.11%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson City School District/MO                                                         | Jefferson City School District, Missouri Direct Deposit Program                                                                                        | CUSIP: 472538KU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36762.16     | 0.00%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Henry Mayo Newhall Hospital                                                                                       | CUSIP: 13057EDT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $419433.40    | 0.01%             | 2026-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                                  | River Islands Public Financing Authority, Facilities District No. 2003                                                                                 | CUSIP: 76827QGJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $448682.04    | 0.01%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Vermont and State Agricultural College                                      | University of Vermont and State Agricultural College                                                                                                   | CUSIP: 915200ZL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16353.41     | 0.00%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Hills Community College District                                                     | West Hills Community College District                                                                                                                  | CUSIP: 95330NCJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28257.12     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated                                                                                                | CUSIP: 73358WQP2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51190.08     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Plano TX                                                                          | City of Plano                                                                                                                                          | CUSIP: 727177SZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1855000 | PA      | $2022063.53   | 0.06%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Municipal School District No. 12                                              | Albuquerque Municipal School District No. 12, School Building                                                                                          | CUSIP: 013595VX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2160770.83   | 0.06%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                           | Chester County Industrial Development Authority, Longwood Gardens Project                                                                              | CUSIP: 165588EG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $194465.65    | 0.01%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Educational Health Cultural & Social Services Finance Authority                  | Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group                            | CUSIP: 63967UAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007474.40   | 0.03%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority                                                                                                                   | CUSIP: 19648FKR4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1263236.05   | 0.04%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                           | Lexington County Health Services District, Inc., LexMed Obligated Group                                                                                | CUSIP: 529050ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509775.65    | 0.01%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                         | Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt                                                                       | CUSIP: 68608JYA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206264.70    | 0.01%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Westminster Project                                                                              | CUSIP: 64542UFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $442825.98    | 0.01%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                                       | University of North Carolina, School of the Arts                                                                                                       | CUSIP: 91472AAU9<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1620684.45   | 0.05%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency                                                                                                                             | CUSIP: 917471AY0<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1568291.71   | 0.04%             | 2038-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Arkansas                                                                         | State of Arkansas, Federal Highway                                                                                                                     | CUSIP: 041042ZF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10429.34     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                                 | City of Salt Lake, International Airport                                                                                                               | CUSIP: 795576HB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $127378.52    | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                              | Kansas City Industrial Development Authority                                                                                                           | CUSIP: 48504NAW9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1900323.18   | 0.05%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $623090.70    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp., Gas Project                                                                                                        | CUSIP: 880443BT2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5278672.50   | 0.15%             | 2026-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 402 Franklin Pierce                                     | Pierce County School District No. 402 Franklin Pierce, Unlimited Tax                                                                                   | CUSIP: 720594NK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33217.43     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                               | CUSIP: 041806L32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $41605.53     | 0.00%             | 2030-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allentown City School District                                                            | Allentown City School District, Limited Tax                                                                                                            | CUSIP: 018411UA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3110000 | PA      | $3442680.74   | 0.10%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                           | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.                                                               | CUSIP: 13016NEP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79661.86     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Milford Regional Medical Center                                                                              | CUSIP: 57584YE70<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    400000 | PA      | $409129.20    | 0.01%             | 2032-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, HonorHealth, Series 2019A                                                                            | CUSIP: 56678PAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528905.60    | 0.01%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pflugerville TX                                                                   | City of Pflugerville, Combination Tax, Certificates of Obligation                                                                                      | CUSIP: 717087X47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33614.78     | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund, Holland Home Obligated Group                                                                                                  | CUSIP: 594698RJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $580332.52    | 0.02%             | 2024-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                         | Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt                                                                       | CUSIP: 68608JYC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131941.69    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                              | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured                                                                 | CUSIP: 649451FV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1257727.53   | 0.04%             | 2031-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Warren County School District Finance Corp.                                               | Warren County School District Finance Corp.                                                                                                            | CUSIP: 935007ZM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105342.50    | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Trinity College                                                                         | CUSIP: 20775DHF2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2079328.28   | 0.06%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UKA5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    245000 | PA      | $254071.10    | 0.01%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Hills Community College District                                                     | West Hills Community College District                                                                                                                  | CUSIP: 95330NCH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $67121.56     | 0.00%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jeffersonville IN                                                                 | City of Jeffersonville, Vivera Senior Living of Jeffersonville Project                                                                                 | CUSIP: 475666AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4560000 | PA      | $3676446.65   | 0.10%             | 2040-11-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                           | Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project                                                                          | CUSIP: 45528UXP1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    195000 | PA      | $211139.04    | 0.01%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Cedars-Sinai Medical Center                                                                          | CUSIP: 13032UHY7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     45000 | PA      | $48729.34     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, ENO River Academy Project                                                                                                    | CUSIP: 744396FM9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    405000 | PA      | $376361.84    | 0.01%             | 2040-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Central Plains Energy Project                                                             | Central Plains Energy Project, Gas Project No. 4, Series 2018A                                                                                         | CUSIP: 154871CT2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9083062.80   | 0.26%             | 2050-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AHZ1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31619.65     | 0.00%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority, Second Tier, Series 2017B                                                                                               | CUSIP: 66285WWX0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1010541.22   | 0.03%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Community College System                                                          | Houston Community College System                                                                                                                       | CUSIP: 442368NM4<br>LEI: 549300UWXV516I6N3V90 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25799.67     | 0.00%             | 2031-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                                 | Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project                                                                      | CUSIP: 190813RX5<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    700000 | PA      | $593802.79    | 0.02%             | 2037-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                   | County of Miami-Dade, Building Better Communities Program, Series 2016A                                                                                | CUSIP: 59333FSR2<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   2835000 | PA      | $3008118.71   | 0.08%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, New York University                                                                                                | CUSIP: 64990CC41<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75850.24     | 0.00%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer, Junior Lien                                                                                                       | CUSIP: 825485XF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $331466.94    | 0.01%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Haskell Consolidated Independent School District                                          | Haskell Consolidated Independent School District, Unlimited Tax                                                                                        | CUSIP: 418236CG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10618.59     | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                 | County of Anne Arundel, Consolidated General Improvements                                                                                              | CUSIP: 03588HRA6<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   2395000 | PA      | $2568384.35   | 0.07%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1363824.38   | 0.04%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Series 2018A                                                     | CUSIP: 613603YV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2950000 | PA      | $2842696.70   | 0.08%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                  | CUSIP: 97710B7T3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25275.32     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                       | Virginia College Building Authority, Education Facilities, Regent University Project                                                                   | CUSIP: 92778FKL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $228118.00    | 0.01%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Englewood CO                                                                      | City of Englewood                                                                                                                                      | CUSIP: 293065TS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16454.22     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                               | CUSIP: 041806L40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $41078.30     | 0.00%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2016                                                                                                                     | CUSIP: 64966MAR0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76227.01     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Kipp DC Project                                                                                                                  | CUSIP: 25483VVY7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    115000 | PA      | $121249.81    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside Public Financing Authority                                                      | Riverside Public Financing Authority                                                                                                                   | CUSIP: 76926CAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50532.58     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glynn-Brunswick Memorial Hospital Authority                                               | Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project                                                                   | CUSIP: 380037GZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $350449.09    | 0.01%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Chester PA                                                                      | County of Chester                                                                                                                                      | CUSIP: 165573T89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20473.76     | 0.00%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ross Valley Public Financing Authority                                                    | Ross Valley Public Financing Authority                                                                                                                 | CUSIP: 778388CR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25032.13     | 0.00%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, Various Purpose                                                                                                                   | CUSIP: 93974EXR2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  13330000 | PA      | $14968222.34  | 0.42%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                                       | CUSIP: 04052BPL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $162535.14    | 0.00%             | 2033-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Washington Convention & Sports Authority                                                  | Washington Convention and Sports Authority, Senior Lien Dedicated Tax, Series 2018A                                                                    | CUSIP: 93878LBW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2690000 | PA      | $2937815.44   | 0.08%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                               | George L Smith II Congress Center Authority, Convention Center Hotel Second                                                                            | CUSIP: 37255MAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1034347.39   | 0.03%             | 2031-01-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, St. Andrews School Project                                                                              | CUSIP: 246387ST2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2716712.32   | 0.08%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts, Consolidated Loan of 2018                                                                                               | CUSIP: 57582RRF5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37389.25     | 0.00%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                        | New York Liberty Development Corp., Secured by Port Authority                                                                                          | CUSIP: 649519FD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3345000 | PA      | $2621976.58   | 0.07%             | 2042-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group                                                 | CUSIP: 69650MAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488266.95    | 0.01%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                              | CUSIP: 18610PBQ0<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    750000 | PA      | $675299.85    | 0.02%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                               | George L Smith II Congress Center Authority, Convention Center Hotel Second                                                                            | CUSIP: 37255MAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933290.10    | 0.03%             | 2036-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                      | County of Miami-Dade, Water and Sewer System                                                                                                           | CUSIP: 59334DJL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40370.60     | 0.00%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, Various Purpose, Series 2016C                                                                                                     | CUSIP: 93974DUZ9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32088.74     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015, Series FF                                                           | CUSIP: 64972GFQ2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5281024.50   | 0.15%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Centre                                                                          | CUSIP: 64542QCB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $521775.86    | 0.01%             | 2028-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                              | New York Convention Center Development Corp., Hotel Unit Fee Secured                                                                                   | CUSIP: 649451CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109741.00   | 0.06%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital                                                         | CUSIP: 60637AQY1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1456810.52   | 0.04%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                 | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112SG2<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15567.52     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019                                                                           | CUSIP: 64972HZ21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $191930.35    | 0.01%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Social Bonds-Learn Chapter School Project                                                                                  | CUSIP: 45204FLE3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    130000 | PA      | $126642.98    | 0.00%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Lawrence Technological University                                                                                          | CUSIP: 594479HN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     95000 | PA      | $88328.06     | 0.00%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                             | Lee County School Board (The)                                                                                                                          | CUSIP: 523494PW6<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26283.30     | 0.00%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Merion Area School District/PA                                                      | Upper Merion Area School District                                                                                                                      | CUSIP: 915899PH5<br>LEI: 549300VSHSYXQGHRSD87 | Long             | DBT              | MUN               | US        |    475000 | PA      | $508549.87    | 0.01%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1224577.01   | 0.03%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cadillac Area Public Schools                                                              | Cadillac Area Public Schools, Unlimited Tax                                                                                                            | CUSIP: 127433KK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49218.06     | 0.00%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Laredo TX Waterworks & Sewer System Revenue                                       | City of Laredo, Waterworks and Sewer System                                                                                                            | CUSIP: 517039NV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99546.72     | 0.00%             | 2040-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                   | CUSIP: 20772KGC7<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3780983.34   | 0.11%             | 2034-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, On Lok Senior Health Service                                                                         | CUSIP: 13032UYH5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    600000 | PA      | $623556.54    | 0.02%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeForest Area School District/WI                                                          | DeForest Area School District                                                                                                                          | CUSIP: 240307MT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26391.14     | 0.00%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                               | Oklahoma Turnpike Authority, Second Senior                                                                                                             | CUSIP: 679111XU3<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26637.76     | 0.00%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                          | Ohio Water Development Authority, Fresh Water                                                                                                          | CUSIP: 67765QBW5<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |     55000 | PA      | $59292.38     | 0.00%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                                   | School Board of Miami-Dade County (The)                                                                                                                | CUSIP: 59333MQ24<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     70000 | PA      | $72755.81     | 0.00%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 95 Queen Creek                                | Maricopa County Unified School District No. 95, Queen Creek, School Improvement                                                                        | CUSIP: 567430QH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $241875.32    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                        | City of Houston, Combined Utility System, First Lien                                                                                                   | CUSIP: 4424354M2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20230.77     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Area Flood Control Agency                                                      | Sacramento Area Flood Control Agency, Consolidated Capital Assessment District No. 2                                                                   | CUSIP: 785840HZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127495.64    | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pasadena CA Electric Revenue                                                      | City of Pasadena                                                                                                                                       | CUSIP: 702248QF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26920.78     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Sanitation District                                                         | Orange County Sanitation District, Wastewater                                                                                                          | CUSIP: 68428TCJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48293.41     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund, Holland Home Obligated Group                                                                                                  | CUSIP: 594698RK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1728901.19   | 0.05%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tacoma Metropolitan Park District                                                         | Tacoma Metropolitan Park District, Unlimited Tax                                                                                                       | CUSIP: 592240VR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $631322.04    | 0.02%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                                 | Grand River Dam Authority                                                                                                                              | CUSIP: 386442WR4<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |     60000 | PA      | $64502.71     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                                   | Douglas County School District, Elkhorn Public Schools                                                                                                 | CUSIP: 259309L91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $193636.49    | 0.01%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| La Porte Independent School District/TX                                                   | La Porte Independent School District, Unlimited Tax                                                                                                    | CUSIP: 504102J39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20461.18     | 0.00%             | 2030-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                           | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.                                                               | CUSIP: 13016NES9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $193541.38    | 0.01%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                                 | Ohio Turnpike and Infrastructure Commission, Junior Lien                                                                                               | CUSIP: 67760HLN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55458.87     | 0.00%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161DA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1561549.92   | 0.04%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No. 44 Belgrade                                           | Gallatin County School District No. 44 Belgrade, School Building                                                                                       | CUSIP: 36370NDY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $267245.84    | 0.01%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer, Junior Lien, Series 2018C                                                                                         | CUSIP: 825485WF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    835000 | PA      | $878035.65    | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission, Series 2021B                                                                                                         | CUSIP: 709225DX1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1467784.50   | 0.04%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2014                                                                                                                     | CUSIP: 64966LDG3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   9520000 | PA      | $9764010.93   | 0.28%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plainfield High School Building Corp.                                                     | Plainfield High School Building Corp., Ad Valorem Property Tax, First Mortgage                                                                         | CUSIP: 726286EG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1298722.57   | 0.04%             | 2024-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin Special School District                                                          | Franklin Special School District, School Improvement                                                                                                   | CUSIP: 354771RN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111514.21    | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Community College District                                                     | Long Beach Community College District, Election of 2016                                                                                                | CUSIP: 542411NC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39058.69     | 0.00%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019                                                                      | CUSIP: 64972GSQ8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37619.26     | 0.00%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                                         | County of Utah, IHC Health Services, Inc.                                                                                                              | CUSIP: 917393CN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $75802.16     | 0.00%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                              | Virginia Resources Authority, Infrastructure Moral Obligation, Pooled Financing Program                                                                | CUSIP: 92818NFK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28602.92     | 0.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL                                                                 | Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and 2002-1                                     | CUSIP: 09755VBC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014355.60   | 0.03%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System ACCS Enhancements Fee Revenue                            | Alabama Community College System, Special Fee, Board of Trustees                                                                                       | CUSIP: 01025QAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $357693.79    | 0.01%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer, Junior Lien                                                                                                       | CUSIP: 825485WK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1630777.50   | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries                                                              | CUSIP: 97712JEA7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    385000 | PA      | $359447.90    | 0.01%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project, Series 2021B      | CUSIP: 592029AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2218765.46   | 0.06%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charleston County Airport District                                                        | Charleston County Airport District                                                                                                                     | CUSIP: 160070DN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107262.52    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                     | Utility Debt Securitization Authority, Federally Tax-Exempt                                                                                            | CUSIP: 91802RAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1535794.35   | 0.04%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                                  | County of Miami-Dade, Aviation System                                                                                                                  | CUSIP: 59333PG93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1536122.55   | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Upper East Fork Wastewater Interceptor System        | North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System                                                                    | CUSIP: 662842MU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16453.23     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Shelby TN                                                                       | County of Shelby, Public Improvement, Series 2019A                                                                                                     | CUSIP: 821686V58<br>LEI: 5493000UVZ1EF2SIPO10 | Long             | DBT              | MUN               | US        |   9470000 | PA      | $9894369.64   | 0.28%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts, Consolidated Loan of 2017, Series 2017A                                                                                 | CUSIP: 57582RMQ6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10874717.00  | 0.31%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange Redevelopment Agency Successor Agency                                              | Orange Redevelopment Agency, Orange Merged and Amended Redevelopment Project                                                                           | CUSIP: 684104AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111975.29    | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014                                                                     | CUSIP: 64971WAY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41253.19     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Dedicated Tax Fund                                                                                              | CUSIP: 59259N3Y7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158558.76    | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Novato Unified School District/CA                                                         | Novato Unified School District, Election of 2019                                                                                                       | CUSIP: 669878FX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27189.19     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190QW5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $2031133.13   | 0.06%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Township of Hazlet NJ                                                                     | Township of Hazlet                                                                                                                                     | CUSIP: 421833FY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25219.16     | 0.00%             | 2023-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                                   | Georgia Ports Authority                                                                                                                                | CUSIP: 373586HP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4041119.60   | 0.11%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBW8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    200000 | PA      | $192445.02    | 0.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                                            | CUSIP: 67756DJ64<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1460912.88   | 0.04%             | 2037-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Charlotte (The)                                           | University of North Carolina at Charlotte (The)                                                                                                        | CUSIP: 914716G41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48807.78     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                 | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112TP1<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |  16205000 | PA      | $16478253.57  | 0.46%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                                 | Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project                                                                      | CUSIP: 190813RU1<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    350000 | PA      | $354171.02    | 0.01%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Plymouth Place, Inc.                                                                                                       | CUSIP: 45204FHP3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    145000 | PA      | $137193.77    | 0.00%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2021C                                                                                                | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2443213.75   | 0.07%             | 2052-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital                                                         | CUSIP: 60637ARA2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101740.48    | 0.00%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                                                   | CUSIP: 45470ECN3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1780512.83   | 0.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Oklahoma (The)                                                              | University of Oklahoma (The)                                                                                                                           | CUSIP: 91476PLA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50047.36     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Health Facilities, Nebraska Medicine                                                                          | CUSIP: 259230MF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75797.33     | 0.00%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Educational Health Cultural & Social Services Finance Authority                  | Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group                            | CUSIP: 63967UAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254575.38   | 0.04%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Juan Unified School District                                                          | San Juan Unified School District, Election of 2002                                                                                                     | CUSIP: 798306TK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4067569.60   | 0.11%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Playmouth Place Inc.                                                                                                       | CUSIP: 45204FSS5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003731.80   | 0.03%             | 2027-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Appalachian Regional Healthcare System Obligated Group                                                                       | CUSIP: 74444KBU7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    350000 | PA      | $360478.23    | 0.01%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verve Metropolitan District No. 1                                                         | Verve Metropolitan District No. 1                                                                                                                      | CUSIP: 92538YAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483388.70    | 0.01%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Margarita-Dana Point Authority                                                      | Santa Margarita-Dana Point Authority, Water District Improvement District No. 2, 3                                                                     | CUSIP: 802248JU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1045505.21   | 0.03%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                              | Mississippi Development Bank, Department of Transportation, Industrial Development Authority                                                           | CUSIP: 60534TN84<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36591.26     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                                       | CUSIP: 04052BPJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $199512.88    | 0.01%             | 2031-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Brownsburg 1999 School Building Corp.                                                     | Brownsburg 1999 School Building Corp., Ad Valorem Property Tax First Mortgage                                                                          | CUSIP: 116083TE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10917.82     | 0.00%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FYI Properties                                                                            | FYI Properties, State of Washington District Project                                                                                                   | CUSIP: 302716BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38772.98     | 0.00%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                     | City of San Antonio, Electric and Gas Systems                                                                                                          | CUSIP: 7962536G2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108420.30    | 0.00%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, State Revolving Fund                                                                                                           | CUSIP: 46246K5Z1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33515.05     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                              | CUSIP: 759151BR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1902655.60   | 0.05%             | 2035-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                     | Utility Debt Securitization Authority, Federally Tax-Exempt                                                                                            | CUSIP: 91802RAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3583158.25   | 0.10%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Triad Educational Services, Inc., Series 2021A                                                                               | CUSIP: 74442EHP8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $855911.60    | 0.02%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Woodbury MN                                                                       | City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project                                                                            | CUSIP: 979134AT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $354182.00    | 0.01%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority, Second Tier                                                                                                             | CUSIP: 66285WXA9<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1160184.19   | 0.03%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of St Louis Missouri (The)                   | Industrial Development Authority of the City of St Louis Missouri (The), Innovation District                                                           | CUSIP: 85233LAH6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   2815000 | PA      | $2742125.56   | 0.08%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                                       | County of Harris, Toll Road, Senior Lien, Series 2016A                                                                                                 | CUSIP: 414005WH7<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4838333.40   | 0.14%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Rapids Public Schools                                                               | Grand Rapids Public Schools, Unlimited Tax                                                                                                             | CUSIP: 386280RM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1144671.58   | 0.03%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                                | Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project                                                          | CUSIP: 61075YAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1337150.33   | 0.04%             | 2042-07-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| City of Carrollton TX                                                                     | City of Carrollton                                                                                                                                     | CUSIP: 145610MM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10397.46     | 0.00%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation, Series 2021A                                                                                      | CUSIP: 592647KB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $713728.80    | 0.02%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Powhatan County Economic Development Authority                                            | Powhatan County Economic Development Authority                                                                                                         | CUSIP: 73937LCR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26413.28     | 0.00%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency                                                                                                                             | CUSIP: 917467CG5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    515000 | PA      | $528331.81    | 0.01%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peak Metropolitan District No. 1                                                          | Peak Metropolitan District No. 1                                                                                                                       | CUSIP: 704676AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $468185.14    | 0.01%             | 2051-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Rockport IN                                                                       | City of Rockport, Indiana Michigan Power Co. Project, Series 2009A                                                                                     | CUSIP: 773835BR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11600000 | PA      | $11630242.36  | 0.33%             | 2025-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $356185.25    | 0.01%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pattonville-Bridgeton Terrace Fire Protection District/MO                                 | Pattonville-Bridgeton Terrace Fire Protection District                                                                                                 | CUSIP: 70352NEL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25846.63     | 0.00%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                               | California Educational Facilities Authority, Claremont McKenna College, Series 2015A                                                                   | CUSIP: 130179DH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1268430.87   | 0.04%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609H74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152137.20    | 0.00%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County School District No. 40 McMinnville                                         | Yamhill County School District No. 40 McMinnville                                                                                                      | CUSIP: 984674JE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76622.28     | 0.00%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                           | Chester County Industrial Development Authority, Longwood Gardens Project                                                                              | CUSIP: 165588EF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $447048.04    | 0.01%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion                                        | CUSIP: 696507VH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1120928.38   | 0.03%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152W56<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50356.69     | 0.00%             | 2024-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL                                                                   | County of Palm Beach, Public Improvement                                                                                                               | CUSIP: 696543RT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1637499.46   | 0.05%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix (The)                             | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A         | CUSIP: 71885DCU4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1345983.21   | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Fe NM Water Utility System Revenue                                          | City of Santa Fe, Water Utility System                                                                                                                 | CUSIP: 80216PAQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51996.39     | 0.00%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rockford IL                                                                       | City of Rockford, Sales Tax                                                                                                                            | CUSIP: 77316QK24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $378498.13    | 0.01%             | 2030-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Birmingham AL                                                                     | City of Birmingham, Warrant, Series 2018B                                                                                                              | CUSIP: 09088RH58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $385911.34    | 0.01%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                                 | School District of the City of Erie (The)                                                                                                              | CUSIP: 295425TV4<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |    500000 | PA      | $560466.90    | 0.02%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                                 | Private Colleges and Universities Authority, Emory University, Series 2013A                                                                            | CUSIP: 74265LA57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2025844.18   | 0.06%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coastal Water Authority                                                                   | Coastal Water Authority, City of Houston Projects                                                                                                      | CUSIP: 19057PEQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5115000 | PA      | $5124466.84   | 0.14%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                              | Massachusetts Bay Transportation Authority, Sales Tax                                                                                                  | CUSIP: 575579QE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $6071155.50   | 0.17%             | 2033-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182RP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101249.80   | 0.03%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc.                                                     | CUSIP: 928104MN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1273713.96   | 0.04%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus GA Water & Sewerage Revenue                                              | City of Columbus, Water and Sewerage, Series 2014A                                                                                                     | CUSIP: 199144VM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $614107.89    | 0.02%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Materra Campus Project, Series 2021C                                                                            | CUSIP: 546399NK8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    245000 | PA      | $224695.80    | 0.01%             | 2031-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| West Hills Community College District                                                     | West Hills Community College District                                                                                                                  | CUSIP: 95330NCK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28135.04     | 0.00%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                           | Lexington County Health Services District, Inc., LexMed Obligated Group                                                                                | CUSIP: 529050ER3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $767781.83    | 0.02%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                                   | Douglas County School District, Elkhorn Public Schools                                                                                                 | CUSIP: 259309M58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $370206.04    | 0.01%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lawrence MA                                                                       | City of Lawrence, State Qualified Municipal Purpose Loan of 2022 Bonds                                                                                 | CUSIP: 520229BV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1248203.64   | 0.04%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Contra Costa Transportation Authority Sales Tax Revenue                                   | Contra Costa County Transportation Authority, Sales Tax                                                                                                | CUSIP: 21221MDG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50323.67     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                 | County of Anne Arundel, Consolidated General Improvements                                                                                              | CUSIP: 03588HRC2<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3627353.58   | 0.10%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Community College District                                                   | Southwestern Community College District, Election of 2016                                                                                              | CUSIP: 845389HY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007375.00   | 0.03%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Rockwood Retirement Communities Project                                                                   | CUSIP: 939783C87<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1701709.44   | 0.05%             | 2032-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Riverside County Transportation Commission Sales Tax Revenue                              | Riverside County Transportation Commission, Sales Tax, Series 2013A                                                                                    | CUSIP: 769125EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4525000 | PA      | $4587818.77   | 0.13%             | 2033-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                         | Palm Beach County School District                                                                                                                      | CUSIP: 696550G63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16000000 | PA      | $17630984.00  | 0.50%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2016                                                                           | CUSIP: 64972HZB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73165.02     | 0.00%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Springfield IL Electric Revenue                                                   | City of Springfield, Electric System, Senior Lien                                                                                                      | CUSIP: 850578TL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4156078.40   | 0.12%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $966456.29    | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue                                     | City of Grand Rapids, Sanitary Sewer System                                                                                                            | CUSIP: 386289KT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $371864.75    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182KR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27102.85     | 0.00%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, School Districts Financing Program, Series 2018A                                                                   | CUSIP: 64990GAZ5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26881.05     | 0.00%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Union County Hospital Facility Authority                                                  | Union County Hospital Facility Authority, Grande Ronde Hospital, Inc.                                                                                  | CUSIP: 906420CH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003867.50   | 0.03%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, Subordinate Lien                                                                                                      | CUSIP: 442349CC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $186331.86    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                                       | Burlington County Bridge Commission, Governmental Leasing Program                                                                                      | CUSIP: 121651LC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1049736.89   | 0.03%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baytown Municipal Development District                                                    | Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien, Series 2021A                                                      | CUSIP: 073201AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $699083.18    | 0.02%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational and Housing Facility Board, East Tennessee Children's Hospital                                                          | CUSIP: 499527CN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $902161.89    | 0.03%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                      | City of Baltimore, Consolidated Public Improvement, Series 2017B                                                                                       | CUSIP: 059189VN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2212282.80   | 0.06%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021B-1                                                                              | CUSIP: 13057GAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $348970.92    | 0.01%             | 2029-05-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| City of Oakland CA                                                                        | City of Oakland                                                                                                                                        | CUSIP: 672240SR0<br>LEI: 549300BRTTFKDQCGL048 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25076.14     | 0.00%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pinellas County Educational Facilities Authority                                          | Pinellas County Educational Facilities Authority, Discovery Academy of Science Project, Series 2022A                                                   | CUSIP: 72316AAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1406552.20   | 0.04%             | 2036-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Grand Rapids Public Schools                                                               | Grand Rapids Public Schools                                                                                                                            | CUSIP: 386280RQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1894082.40   | 0.05%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017                                                                     | CUSIP: 64971W4P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1532871.35   | 0.04%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                        | Denver Health and Hospital Authority                                                                                                                   | CUSIP: 24918EEH9<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2315931.61   | 0.07%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Cornerstone Charter Academy Project                                                                                 | CUSIP: 34061ULM8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1318267.95   | 0.04%             | 2042-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of Oregon                                                                           | State of Oregon, Article XI-Q State Projects, Series 2016F                                                                                             | CUSIP: 68609BSR9<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   2885000 | PA      | $3091554.46   | 0.09%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, University of Dayton 2018 Project, Series B                                                               | CUSIP: 67756DQP4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1190005.44   | 0.03%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue                                     | City of Grand Rapids, Sanitary Sewer System                                                                                                            | CUSIP: 386289LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27104.70     | 0.00%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1194339.65   | 0.03%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group                                                                           | CUSIP: 259230NU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $251210.95    | 0.01%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Mary Hospital Authority                                                               | St. Mary Hospital Authority, Trinity Health Credit Group                                                                                               | CUSIP: 792222FM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27400.92     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                     | Illinois State Toll Highway Authority                                                                                                                  | CUSIP: 452252KV0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37055.46     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                  | State of Connecticut, Special Tax Transportation Infrastructure Purposes                                                                               | CUSIP: 207758RF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25457.95     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                              | Kansas City Industrial Development Authority, City International Airport Terminal Modernization Project                                                | CUSIP: 48504NAU3<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1328673.25   | 0.04%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Local Government Corp.                                                             | Conroe Local Government Corp., Conroe Convention Center Hotel, Series 2021A                                                                            | CUSIP: 208419AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $103950.28    | 0.00%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Waxahachie Independent School District                                                    | Waxahachie Independent School District, Unlimited Tax                                                                                                  | CUSIP: 944097UW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25024.18     | 0.00%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                              | CUSIP: 18610PBL1<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250842.13    | 0.01%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                                   | Massachusetts Water Resources Authority                                                                                                                | CUSIP: 576049W97<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |     20000 | PA      | $24452.85     | 0.00%             | 2036-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority                                                                                                                  | CUSIP: 59259Y5X3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3032304.60   | 0.09%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Commonspirit Health, Series 2019A-1                                                                              | CUSIP: 19648FJV7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2617623.75   | 0.07%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washoe County School District/NV                                                          | Washoe County School District, Limited Tax, School Improvement                                                                                         | CUSIP: 940859HW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46062.08     | 0.00%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group, Series 2013A                                                                 | CUSIP: 93515PAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1425432.26   | 0.04%             | 2033-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| State of Nevada Highway Improvement Revenue                                               | State of Nevada Highway Improvement, Motor Vehicle Fuel Tax                                                                                            | CUSIP: 641480JD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27113.11     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                                               | CUSIP: 01728RPR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $761782.86    | 0.02%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, Renaissance Charter School, Inc. Project                                                    | CUSIP: 34061UFB9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    525000 | PA      | $478732.91    | 0.01%             | 2040-09-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182QL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13979031.25  | 0.39%             | 2035-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fremont Public Financing Authority                                                        | Fremont Public Financing Authority                                                                                                                     | CUSIP: 357144BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $365520.48    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                                      | Oregon State Lottery                                                                                                                                   | CUSIP: 68607VF83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103060.84    | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile             | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Infirmary Health System, Inc., Series 2016A                             | CUSIP: 45663NBM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $330291.81    | 0.01%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Independent School District                                                     | Cleveland Independent School District, Unlimited Tax School Building                                                                                   | CUSIP: 186612RF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $88296.50     | 0.00%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project, Series 2022A                                                   | CUSIP: 04052BRH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1057877.48   | 0.03%             | 2029-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, Retirement Facilities, Friends Homes, Inc.                                                                     | CUSIP: 65820YSF4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1169498.63   | 0.03%             | 2025-09-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| West Valley-Mission Community College District                                            | West Valley-Mission Community College District, Election of 2012, Tax Exempt                                                                           | CUSIP: 95640HEN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42529.21     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wenatchee WA                                                                      | City of Wenatchee, Limited Tax                                                                                                                         | CUSIP: 950494GT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73104.26     | 0.00%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Tower Health Project                                                                                           | CUSIP: 084538HY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $578454.80    | 0.02%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FZJ6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7570000 | PA      | $8684958.81   | 0.24%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                         | Indiana Housing and Community Development Authority, Vita of Marion Project                                                                            | CUSIP: 45506CBA4<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1502613.19   | 0.04%             | 2041-04-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 544495M27<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    105000 | PA      | $110184.35    | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                                    | Santa Clara County Financing Authority, Multiple Facilities Projects, Series 2015P                                                                     | CUSIP: 801577KF3<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |   8400000 | PA      | $8926533.00   | 0.25%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                            | CUSIP: 613603D55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $483232.89    | 0.01%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Pinal AZ                                                                        | County of Pinal                                                                                                                                        | CUSIP: 72205REK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76630.49     | 0.00%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                | Middleton Community Development                                                                                                                        | CUSIP: 596681AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760377.68    | 0.02%             | 2037-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| City of Copperas Cove TX                                                                  | City of Copperas Cove, Combination Tax                                                                                                                 | CUSIP: 217597J38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21916.54     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2014A                                                           | CUSIP: 64990EMR5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20575064.00  | 0.58%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBU2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     85000 | PA      | $83066.08     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                  | State of Connecticut, Special Tax Transportation Infrastructure Purposes                                                                               | CUSIP: 207758UE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15808.53     | 0.00%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Trumbull CT                                                                       | Town of Trumbull, Series B                                                                                                                             | CUSIP: 8981165P9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53136.41     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Killeen Independent School District                                                       | Killeen Independent School District, Unlimited Tax                                                                                                     | CUSIP: 494152UW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27454.44     | 0.00%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                                   | Chattanooga Health Educational and Housing Facility Board, Commonspirit Health, Series 2019A-1                                                         | CUSIP: 162410EG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $533995.25    | 0.02%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Aliante and Skye Canyon Campus Project                                                                       | CUSIP: 04052BMS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $204036.28    | 0.01%             | 2041-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Scotts Valley Unified School District                                                     | Scotts Valley Unified School District                                                                                                                  | CUSIP: 81023QCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30496.79     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cambria PA                                                                      | County of Cambria                                                                                                                                      | CUSIP: 132033JK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516167.40    | 0.01%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Special Health Care District                                              | Maricopa County Special Health Care District, Integrated Health Services                                                                               | CUSIP: 56756TAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27435.61     | 0.00%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange Unified School District                                                            | Orange Unified School District, Election of 2016                                                                                                       | CUSIP: 684133KM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $94488.00     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                            | American Municipal Power, Inc., Solar Electricity Prepayment Project, Series 2019A                                                                     | CUSIP: 02765MAH5<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269434.15    | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 544495H49<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    390000 | PA      | $403833.07    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                              | CUSIP: 57421CCA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $333525.68    | 0.01%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                | Virginia Commonwealth Transportation Board, Federal Transportation                                                                                     | CUSIP: 927790GV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30217.99     | 0.00%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                                   | State of North Carolina                                                                                                                                | CUSIP: 658268EE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15345000 | PA      | $17115633.46  | 0.48%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                            | Sales Tax Securitization Corp.                                                                                                                         | CUSIP: 79467BCE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9636494.40   | 0.27%             | 2035-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Victoria TX Utility System Revenue                                                | City of Victoria, Utility System                                                                                                                       | CUSIP: 926336JV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $552960.43    | 0.02%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2017                                                                      | CUSIP: 64972GNK6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5356263.50   | 0.15%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Smith Crossing                                                                                                             | CUSIP: 45204FPQ2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    900000 | PA      | $837741.42    | 0.02%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hardin OH                                                                       | County of Hardin, Economic Development Facilities Improvement, Ohio Northern University                                                                | CUSIP: 412003AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $474126.60    | 0.01%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Du Page IL                                                                      | County of Du Page, Courthouse Project                                                                                                                  | CUSIP: 262633QM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $272328.93    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects                                                | CUSIP: 60635H2W8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1403644.50   | 0.04%             | 2030-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Auxiliary Facilities System                                                                                              | CUSIP: 665245YW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $373602.85    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Health Resources System                                                                    | CUSIP: 87638TFE8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53155.96     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                             | CUSIP: 11861MBC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1317251.13   | 0.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 5444956S8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38167.38     | 0.00%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ASY9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    340000 | PA      | $329453.64    | 0.01%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                                      | City of Manhattan, Meadowlark Hills, Series 2021A                                                                                                      | CUSIP: 563017EA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $419460.60    | 0.01%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                     | City of San Antonio, Electric and Gas Systems                                                                                                          | CUSIP: 7962533Z3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6410218.80   | 0.18%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FRE6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4985000 | PA      | $5103730.24   | 0.14%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Milford Regional Medical Center                                                                              | CUSIP: 57584YD63<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    120000 | PA      | $121086.22    | 0.00%             | 2023-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                                    | County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, McCarran International Airport                                       | CUSIP: 18085PRH9<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    110000 | PA      | $118182.88    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                            | CUSIP: 613603C98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $995950.34    | 0.03%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Henry Mayo Newhall Hospital                                                                                       | CUSIP: 13057EAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523027.55    | 0.01%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                                      | City of Charlotte, Series 2016A                                                                                                                        | CUSIP: 161035GZ7<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1134256.62   | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Tacoma WA                                                                         | Port of Tacoma, Limited Tax                                                                                                                            | CUSIP: 735422NW3<br>LEI: 549300MLYO8L64QKXV81 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16225.61     | 0.00%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                           | Chester County Industrial Development Authority, Longwood Gardens Project                                                                              | CUSIP: 165588EJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $496271.03    | 0.01%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $834681.41    | 0.02%             | 2040-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                           | Kentucky Economic Development Finance Authority, Commonspirit Health, Series 2019A-1                                                                   | CUSIP: 49126PFZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523524.75    | 0.01%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                                 | DuBois Hospital Authority, Penn Highlands Healthcare                                                                                                   | CUSIP: 263804BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1748364.33   | 0.05%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District                                                      | North Texas Municipal Water District, Wastewater System                                                                                                | CUSIP: 662835YX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16453.23     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ebert Metropolitan District                                                               | Ebert Metropolitan District                                                                                                                            | CUSIP: 278698BT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $185856.10    | 0.01%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AKA2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   8020000 | PA      | $8658926.93   | 0.24%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                             | CUSIP: 74444KBC7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527697.00    | 0.01%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 5444952E3<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10949229.00  | 0.31%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montrose County School District Re 001J/CO                                                | Montrose County School District RE-1J                                                                                                                  | CUSIP: 615104CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213531.42    | 0.01%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                    | Wisconsin Department of Transportation                                                                                                                 | CUSIP: 977123P93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35514.10     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, Motor Vehicle Fuel Tax                                                                                                            | CUSIP: 93974DTS7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32011.20     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                                       | Virginia College Building Authority, Educational Facilities, Washington and Lee University Project                                                     | CUSIP: 927780SJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4135000 | PA      | $4253944.10   | 0.12%             | 2026-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                          | State of Georgia                                                                                                                                       | CUSIP: 3733846S0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20491.98     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Boulder Community Health Project                                                                                 | CUSIP: 19648FRR7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    400000 | PA      | $390238.48    | 0.01%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871AN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113123.20   | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Community Medical Center, Series 2017A                                                                         | CUSIP: 13048TQ89<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1317518.50   | 0.04%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                            | Oklahoma Water Resources Board, Master Trust, Drinking Water Program                                                                                   | CUSIP: 67919PNH2<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30886.59     | 0.00%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Henry County Water Authority                                                              | Henry County, Water and Sewerage Authority                                                                                                             | CUSIP: 426366BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28580.60     | 0.00%             | 2029-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                             | CUSIP: 11861MBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1193206.37   | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                      | State of Mississippi, Series 2018A                                                                                                                     | CUSIP: 605581KX4<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2988540.78   | 0.08%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Omaha NE                                                                          | City of Omaha, Various Purpose                                                                                                                         | CUSIP: 6817125S0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77965.04     | 0.00%             | 2034-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts, Consolidated Loan of 2015, Series 2015D                                                                                 | CUSIP: 57582RFH4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   9460000 | PA      | $9770947.36   | 0.28%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3340000 | PA      | $3630870.58   | 0.10%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9885000 | PA      | $9961147.12   | 0.28%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Jupiter Medical Center                                                                                  | CUSIP: 69651ABR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106951.25    | 0.00%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Income Tax                                                                                                                       | CUSIP: 25477GRT4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     70000 | PA      | $77514.73     | 0.00%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161DB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2470565.94   | 0.07%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group, Series 2013A                                                                 | CUSIP: 93515PAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1216649.64   | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated                                                                                                | CUSIP: 73358WS62<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    800000 | PA      | $842004.16    | 0.02%             | 2033-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Kipp DC Project                                                                                                                  | CUSIP: 25483VVV3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102220.19    | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Franklin IN                                                                       | City of Franklin, Otterbeit Homes                                                                                                                      | CUSIP: 353593DV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $799900.24    | 0.02%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                            | CUSIP: 613603D30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $542268.48    | 0.02%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gladstone MO                                                                      | City of Gladstone                                                                                                                                      | CUSIP: 376609FW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5011.53      | 0.00%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                                       | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc.                                                                       | CUSIP: 54659LBG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41288.98     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FYI Properties                                                                            | FYI Properties, State of Washington District Project                                                                                                   | CUSIP: 302716BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5345000 | PA      | $5871717.15   | 0.17%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                  | State of Connecticut, Special Tax Transportation Infrastructure Purposes                                                                               | CUSIP: 207758SH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2074819.20   | 0.06%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ASV5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    665000 | PA      | $696871.85    | 0.02%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grosse Pointe Public School System                                                        | Grosse Pointe Public School System                                                                                                                     | CUSIP: 399100KV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49841.93     | 0.00%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                         | Indiana Housing and Community Development Authority, Vita of Marion Project                                                                            | CUSIP: 45506CBB2<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $484151.15    | 0.01%             | 2024-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511HW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1110057.87   | 0.03%             | 2032-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 111 Burbank                                               | Cook County School District No. 111 Burbank                                                                                                            | CUSIP: 214579KV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50622.89     | 0.00%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freehold Township Board of Education                                                      | Freehold Township Board of Education                                                                                                                   | CUSIP: 356514NA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $87831.03     | 0.00%             | 2025-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152D99<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $96522.60     | 0.00%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 95 Queen Creek                                | Maricopa County Unified School District No. 95, Queen Creek, School Improvement                                                                        | CUSIP: 567430QJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537370.30    | 0.02%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Providence St. Joseph Health, Series 2018B                                                                | CUSIP: 93978HUQ6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52665.56     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado Department of Transportation                                            | State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement                               | CUSIP: 19645TBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1576755.90   | 0.04%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                                   | Chattanooga Health Educational and Housing Facility Board, Commonspirit Health, Series 2019A-1                                                         | CUSIP: 162410ED2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061432.50   | 0.03%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Project No. 2, Series 2021B                                                                         | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  15430000 | PA      | $14842752.72  | 0.42%             | 2031-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Arcadia Unified School District/CA                                                        | Arcadia Unified School District                                                                                                                        | CUSIP: 039069HG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9385000 | PA      | $9451339.75   | 0.27%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                         | Yamhill County Hospital Authority, Friendsview, Tax Exempt, Series 2021A                                                                               | CUSIP: 98464UAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $627473.08    | 0.02%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana Facility Finance Authority                                                        | Montana Facility Finance Authority, School Health System, Series 2019A                                                                                 | CUSIP: 61204KMY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $469265.68    | 0.01%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berkeley County School District                                                           | Berkeley County School District                                                                                                                        | CUSIP: 084211AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1541571.05   | 0.04%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Henry Mayo Newhall Hospital                                                                                       | CUSIP: 13057EAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $732498.97    | 0.02%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                                 | Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project                                                                      | CUSIP: 190813RW7<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    505000 | PA      | $505787.70    | 0.01%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Monica Community College District                                                   | Santa Monica Community College District, Election of 2016                                                                                              | CUSIP: 802385QN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25827.59     | 0.00%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St. Johns County Industrial Development Authority                                         | St. Johns County Industrial Development Authority, Vicar's Landing Project, Series 2021A                                                               | CUSIP: 79041LAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $177072.27    | 0.00%             | 2026-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                         | Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt                                                                       | CUSIP: 68608JYH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $146783.27    | 0.00%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Clean Water Revolving Fund                                                                                                 | CUSIP: 59447TNU3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15652.23     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                                 | Florida Atlantic University Finance Corp., Student Housing Project                                                                                     | CUSIP: 31200CCX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1618930.50   | 0.05%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz Libraries Facilities Financing Authority                                       | Santa Cruz Libraries Facilities Financing Authority, Special Tax                                                                                       | CUSIP: 80175LBC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $162064.29    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                                  | East Bay Municipal Utility District, Water System                                                                                                      | CUSIP: 271014ZL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46631.13     | 0.00%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                                  | University of California                                                                                                                               | CUSIP: 91412HAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $39411.68     | 0.00%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                                     | Duluth Economic Development Authority, Benedictine Health System, Series 2021A                                                                         | CUSIP: 26444VAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $740482.24    | 0.02%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                    | City of Mesa, Utility System                                                                                                                           | CUSIP: 590545H93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28144.19     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Genesee MI                                                                      | County of Genesee, Water Supply System                                                                                                                 | CUSIP: 371608TH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $92192.07     | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Entrance Fee Principal Redemption, Searstone CCRC Project                                                                    | CUSIP: 74442PTT2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1567997.73   | 0.04%             | 2027-06-01      | Fixed         | 2.25%                 | Yes           |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Tiffin University 2019 Project                                                                            | CUSIP: 67756DUT1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    645000 | PA      | $588832.50    | 0.02%             | 2027-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272387.25    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Commonspirit Health, Series 2019A-2                                                                       | CUSIP: 93978HWA9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064492.90   | 0.03%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                                        | State of Louisiana                                                                                                                                     | CUSIP: 546417CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $14390508.60  | 0.41%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Rush University Medical Center Obligated Group, Series 2015A                                                               | CUSIP: 45203HN40<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039057.60   | 0.03%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Crossing Metropolitan District No. 2                                             | Colorado Crossing Metropolitan District No. 2, Limited Tax                                                                                             | CUSIP: 19645YAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1725657.40   | 0.05%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190QX3<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2163843.20   | 0.06%             | 2042-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project                                                                               | CUSIP: 546399KL9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    700000 | PA      | $753739.77    | 0.02%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                            | Buckeye Tobacco Settlement Financing Authority, Class 1                                                                                                | CUSIP: 118217CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1898112.80   | 0.05%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts, Consolidated Loan of 2017                                                                                               | CUSIP: 57582RPE0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42775.16     | 0.00%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wilmington NC                                                                     | City of Wilmington, Series 2014A                                                                                                                       | CUSIP: 971697CH8<br>LEI: 549300Y5IY4G3QB69428 | Long             | DBT              | MUN               | US        |    400000 | PA      | $413589.24    | 0.01%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                                           | San Diego Public Facilities Financing Authority, Fire and Life Safety Facilities                                                                       | CUSIP: 797299HG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70068.07     | 0.00%             | 2027-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                                | Stamford Housing Authority                                                                                                                             | CUSIP: 852640AB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7150000 | PA      | $7159904.90   | 0.20%             | 2027-12-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Miami-Dade County Health Facilities Authority                                             | Miami-Dade County Health Facilities Authority, Variety Children's Hospital                                                                             | CUSIP: 59334NFB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $1869330.87   | 0.05%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Oceanside CA Water Revenue                                                        | City of Oceanside                                                                                                                                      | CUSIP: 675413DD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $378100.28    | 0.01%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group                                                                           | CUSIP: 259230NZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $548678.68    | 0.02%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                              | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured                                                                 | CUSIP: 649451FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $722566.47    | 0.02%             | 2025-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of San Benito CA                                                                   | County of San Benito, Jail Facility Project                                                                                                            | CUSIP: 796532BG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47700.56     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Boulder Community Health Project                                                                                 | CUSIP: 19648FRT3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    270000 | PA      | $260277.84    | 0.01%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Hills Community College District                                                     | West Hills Community College District, School Facilities Improvement District No. 2, 2008 Election                                                     | CUSIP: 95330SBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24999.71     | 0.00%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Kaiser Permanente, Series 2017A, Subseries 2017A-2                                                   | CUSIP: 13032UMM7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4022900.80   | 0.11%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project                                                      | CUSIP: 19645UEP5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    595000 | PA      | $532169.49    | 0.01%             | 2030-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Southwest Houston Redevelopment Authority                                                 | Southwest Houston Redevelopment Authority, Tax Increment                                                                                               | CUSIP: 845045BW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $393357.43    | 0.01%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nevada Irrigation District Joint Powers Authority                                         | Nevada Irrigation District, Joint Powers Authority                                                                                                     | CUSIP: 641322BJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97791.28     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                                       | State of Illinois, Sales Tax                                                                                                                           | CUSIP: 452227RP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152065.97    | 0.00%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                                     | City of Fort Worth, General Purpose, Tarrant Denton Parker Johnson, General Purpose                                                                    | CUSIP: 349426AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33174.07     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7400000 | PA      | $6704086.24   | 0.19%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Orange County Water District                                                              | Orange County Water District, Series 2017A                                                                                                             | CUSIP: 68442CBD7<br>LEI: 549300KBQTX6CMJ3U708 | Long             | DBT              | MUN               | US        |    350000 | PA      | $378836.01    | 0.01%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Bond Bank                                                                         | Indiana Bond Bank, Hamilton County Projects                                                                                                            | CUSIP: 45462TJN3<br>LEI: 549300TZMGETS4ELEI93 | Long             | DBT              | MUN               | US        |    320000 | PA      | $274361.95    | 0.01%             | 2027-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Erie County Industrial Development Agency (The)                                           | Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project                                                   | CUSIP: 29509PJT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65618.98     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                                    | University of Colorado, Enterprise System, Series 2014A                                                                                                | CUSIP: 91417KB42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36190.23     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                    | California Statewide Communities Development Authority, San Francisco Campus for Jewish Living Project                                                 | CUSIP: 13080SJ39<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    145000 | PA      | $154902.14    | 0.00%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UKC1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    275000 | PA      | $283801.68    | 0.01%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                          | Kentucky Public Energy Authority, Gas Supply                                                                                                           | CUSIP: 74440DCM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10300000 | PA      | $10132174.89  | 0.29%             | 2050-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tualatin OR                                                                       | City of Tualatin                                                                                                                                       | CUSIP: 898544JU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16754.08     | 0.00%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Merion Area School District/PA                                                      | Upper Merion Area School District                                                                                                                      | CUSIP: 915899PG7<br>LEI: 549300VSHSYXQGHRSD87 | Long             | DBT              | MUN               | US        |    200000 | PA      | $214126.26    | 0.01%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                                 | School District of the City of Erie (The), Limited Tax                                                                                                 | CUSIP: 295425TB8<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |    425000 | PA      | $476396.87    | 0.01%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland Joint Powers Financing Authority                                                  | Oakland Joint Powers Financing Authority                                                                                                               | CUSIP: 67227WDB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106600.11    | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                                       | University of North Carolina, School of the Arts                                                                                                       | CUSIP: 91472AAT2<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |    500000 | PA      | $473456.75    | 0.01%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc.                                                     | CUSIP: 928104MQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1781239.52   | 0.05%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                          | State of Florida Board of Education, Public Education Capital Outlay                                                                                   | CUSIP: 34153QBN5<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26453.52     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts, Consolidated Loan                                                                                                       | CUSIP: 57582PBC3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5337257.50   | 0.15%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, New York University, Series 2019A                                                                                  | CUSIP: 64990GJS2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $12697686.30  | 0.36%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, School Districts Financing Program                                                                                 | CUSIP: 64990GBB7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80643.15     | 0.00%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Sacred Heart University                                                                 | CUSIP: 20775DJK9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    625000 | PA      | $682334.31    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Sands Unified School District                                                      | Desert Sands Unified School District, Election of 2014                                                                                                 | CUSIP: 250433TQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005675.00   | 0.03%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                            | CUSIP: 613603C72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $806107.07    | 0.02%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452153DN6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13279945.00  | 0.37%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cherry NE                                                                       | County of Cherry, Limited Tax                                                                                                                          | CUSIP: 164543AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15035.07     | 0.00%             | 2023-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Desert Sands Unified School District                                                      | Desert Sands Unified School District                                                                                                                   | CUSIP: 250434HH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70430.35     | 0.00%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State University                                                               | Washington State University                                                                                                                            | CUSIP: 9400937B7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41688.18     | 0.00%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Merced City School District                                                               | Merced City School District, Election of 2014                                                                                                          | CUSIP: 587601QV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51751.26     | 0.00%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Henry Ford Health System                                                                                                   | CUSIP: 59447TML4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900394.06   | 0.05%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Milford Regional Medical Center                                                                              | CUSIP: 57584YD71<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    130000 | PA      | $132621.42    | 0.00%             | 2024-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Pomona Unified School District                                                            | Pomona Unified School District                                                                                                                         | CUSIP: 732098JE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53558.68     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, On Lok Senior Health Service                                                                         | CUSIP: 13032UYE2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    130000 | PA      | $126078.24    | 0.00%             | 2028-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Milford Regional Medical Center                                                                              | CUSIP: 57584YE21<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    320000 | PA      | $334750.50    | 0.01%             | 2027-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                         | Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt                                                                       | CUSIP: 68608JYG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $324388.02    | 0.01%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara Unified School District                                                       | Santa Clara Unified School District                                                                                                                    | CUSIP: 801495T93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26562.98     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                    | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                        | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021102.00   | 0.03%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                            | Florida Department of Environmental Protection                                                                                                         | CUSIP: 34160WA79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44556.90     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                                            | CUSIP: 67756DJ56<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    420000 | PA      | $429851.27    | 0.01%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Vermont and State Agricultural College                                      | University of Vermont and State Agricultural College                                                                                                   | CUSIP: 915200YD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26018.60     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Local Building Authority of Alpine School District                                        | Local Building Authority of Alpine School District                                                                                                     | CUSIP: 02108TAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78769.64     | 0.00%             | 2025-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                                 | Michigan State Hospital Finance Authority, Ascension Health Credit Group                                                                               | CUSIP: 59465HRX6<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52538.86     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, University Denver Project                                                                      | CUSIP: 1964584T7<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   5055000 | PA      | $5753994.28   | 0.16%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                                       | County of Mobile, Warrants                                                                                                                             | CUSIP: 6072675D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27783.99     | 0.00%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                                 | School District of the City of Erie (The), Limited Tax                                                                                                 | CUSIP: 295425SY9<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |    525000 | PA      | $565848.68    | 0.02%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Addison TX                                                                        | Town of Addison                                                                                                                                        | CUSIP: 006644H27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100312.94    | 0.00%             | 2023-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                 | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112TN6<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |  24290000 | PA      | $24803954.54  | 0.70%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clear Creek Transit Metropolitan District No. 2                                           | Clear Creek Transit Metropolitan District No. 2, Limited Tax                                                                                           | CUSIP: 184542AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $422277.35    | 0.01%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Ukiah CA Water Revenue                                                            | City of Ukiah, Water System                                                                                                                            | CUSIP: 903709AH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50924.06     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Plymouth Place, Inc.                                                                                                       | CUSIP: 45204FHS7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    325000 | PA      | $298939.45    | 0.01%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Kipp DC Project                                                                                                                  | CUSIP: 25483VSZ8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103485.12    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871AP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $767633.21    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UKF4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1286933.63   | 0.04%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shoreline Fire Department                                                                 | Shoreline Fire Department, Limited Tax                                                                                                                 | CUSIP: 82519SAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27533.70     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, Various Purpose, Series 2018A                                                                                                     | CUSIP: 93974DQ35<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10671252.00  | 0.30%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Christus Health                                                                            | CUSIP: 87638TFX6<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157419.24    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority, First Tier                                                                                                              | CUSIP: 66285WVS2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1181392.23   | 0.03%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                         | Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt                                                                       | CUSIP: 68608JYD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $158882.88    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Baytown Municipal Development District                                                    | Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien, Series 2021A                                                      | CUSIP: 073201AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $225224.31    | 0.01%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                                      | Oregon State Lottery                                                                                                                                   | CUSIP: 68607VU60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3764966.45   | 0.11%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara Unified School District                                                       | Santa Clara Unified School District, Election of 2014                                                                                                  | CUSIP: 801495U91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27101.89     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Killeen TX                                                                        | City of Killeen                                                                                                                                        | CUSIP: 4941347V5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51660.54     | 0.00%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Lower Paxton PA                                                               | Township of Lower Paxton                                                                                                                               | CUSIP: 548383PT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36487.50     | 0.00%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue                     | State of Florida Department of Transportation Turnpike System                                                                                          | CUSIP: 3431362S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30438.91     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Franklin IN                                                                       | City of Franklin, Otterbeit Homes                                                                                                                      | CUSIP: 353593DR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $726659.42    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso County School District No. 49 Falcon                                              | El Paso County School District No. 49 Falcon                                                                                                           | CUSIP: 283484EC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26951.92     | 0.00%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Municipal Power Agency                                                           | Kentucky Municipal Power Agency                                                                                                                        | CUSIP: 491501DV1<br>LEI: 2549001MTI3IE05Z7959 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51689.15     | 0.00%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Suffolk NY                                                                      | County of Suffolk                                                                                                                                      | CUSIP: 86476PPP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30574.04     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Dieguito School Facilities Financing Authority                                        | San Dieguito School Facilities Financing Authority, Special Tax                                                                                        | CUSIP: 797506BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30866.51     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                               | California Educational Facilities Authority, Claremont McKenna College, Series 2015A                                                                   | CUSIP: 130179DL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3121169.40   | 0.09%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Omaha NE Sewer Revenue                                                            | City of Omaha, Sanitary Sewerage System                                                                                                                | CUSIP: 681810KQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1899103.76   | 0.05%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                               | Long Island Power Authority, Electric System                                                                                                           | CUSIP: 542691BQ2<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5428582.00   | 0.15%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511HP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $683593.11    | 0.02%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                                     | City of Valparaiso                                                                                                                                     | CUSIP: 920286AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1221896.31   | 0.03%             | 2041-12-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| City of Stamford CT Water Pollution Control System & Facility Revenue                     | City of Stamford, Water Pollution Control System and Facility, Series 2013A                                                                            | CUSIP: 852660BY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102056.29    | 0.00%             | 2023-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project                                            | CUSIP: 87638RKF3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2437838.45   | 0.07%             | 2041-11-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, HonorHealth, Series 2019A                                                                            | CUSIP: 56678PAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053608.20   | 0.03%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                            | Sales Tax Securitization Corp.                                                                                                                         | CUSIP: 79467BCD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13520000 | PA      | $14556691.97  | 0.41%             | 2034-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                   | CUSIP: 20772KGG8<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3659608.60   | 0.10%             | 2038-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Public Financing Authority                                               | Riverside County Public Financing Authority, Desert Communities and Interstate 215 Corridor Projects                                                   | CUSIP: 76912TMJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80502.31     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                          | Kentucky Public Energy Authority, Gas Supply, Series 2018A                                                                                             | CUSIP: 74440DAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4996183.50   | 0.14%             | 2048-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                         | CUSIP: 34061UJS8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    230000 | PA      | $224402.65    | 0.01%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871AM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $533371.73    | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                   | CUSIP: 20772KGD5<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3161605.81   | 0.09%             | 2035-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                                             | Volusia County Educational Facility Authority, Embry-Riddle Aeronautical University, Inc., Project                                                     | CUSIP: 928836MY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $297375.54    | 0.01%             | 2035-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Wellforce Issue                                                                                              | CUSIP: 57584YB73<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    635000 | PA      | $697504.07    | 0.02%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Asset Receivable Corp.                                                          | Sales Tax Asset Receivable Corp., Fiscal Year 2015                                                                                                     | CUSIP: 794665FQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57492.81     | 0.00%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Commonspirit Health, Series 2019A-1                                                                       | CUSIP: 93978HVM4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1315102.75   | 0.04%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                        | Denver Health and Hospital Authority                                                                                                                   | CUSIP: 24918EEF3<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1400118.53   | 0.04%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Novi Community School District                                                            | Novi Community School District, School Building and Site, Unlimited Tax                                                                                | CUSIP: 670029VE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33736.91     | 0.00%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Gulf Coast University Financing Corp.                                             | Florida Gulf Coast University Financing Corp., Housing Project                                                                                         | CUSIP: 34073XHD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131411.69    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                              | Commonwealth of Pennsylvania, Series 2018A                                                                                                             | CUSIP: 709144NN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $328538.10    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                                         | Delaware Transportation Authority, Transportation System                                                                                               | CUSIP: 246428G59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26479.30     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project                                                           | CUSIP: 95737TEY8<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   3765000 | PA      | $3627999.18   | 0.10%             | 2026-07-01      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Commonspirit Health, Series 2019A-1                                                                              | CUSIP: 19648FJS4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2153486.52   | 0.06%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No. 44 Belgrade                                           | Gallatin County School District No. 44 Belgrade, School Building                                                                                       | CUSIP: 36370NDV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $306672.48    | 0.01%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                       | California State Public Works Board, State Office Buildings, Series F                                                                                  | CUSIP: 13068LVN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5276822.50   | 0.15%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Linn IA                                                                         | County of Linn                                                                                                                                         | CUSIP: 535784AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $616415.88    | 0.02%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Xavier University 2020 Project                                                                            | CUSIP: 67756DWE2<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    695000 | PA      | $673284.73    | 0.02%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AES0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2612036.65   | 0.07%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Stamford CT Water Pollution Control System & Facility Revenue                     | City of Stamford, Water Pollution Control System and Facility, Series 2013A                                                                            | CUSIP: 852660BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101659.31    | 0.00%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                | Virginia Commonwealth Transportation Board, Federal Transportation                                                                                     | CUSIP: 92778UBX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21287.79     | 0.00%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Ottawa Public Schools                                                                | West Ottawa Public Schools                                                                                                                             | CUSIP: 955023VW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $697201.12    | 0.02%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lincoln Public Financing Authority                                                        | Lincoln Public Financing Authority                                                                                                                     | CUSIP: 533018CF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25295.14     | 0.00%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Tax Exempt, Series 2021B-3                                                                                       | CUSIP: 19648FTM6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1055158.68   | 0.03%             | 2028-05-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                      | Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2                                                              | CUSIP: 59561TAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $911560.90    | 0.03%             | 2031-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Topeka KS                                                                         | City of Topeka                                                                                                                                         | CUSIP: 890585BR2<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501120.50    | 0.01%             | 2033-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, HonorHealth                                                                                          | CUSIP: 56678PAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $93133.88     | 0.00%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Seattle Cancer Care Alliance                                                                              | CUSIP: 93978HXY6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    200000 | PA      | $216190.26    | 0.01%             | 2031-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                            | CUSIP: 613603C49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $850144.76    | 0.02%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento County Sanitation Districts Financing Authority                                | Sacramento County Sanitation Districts Financing Authority                                                                                             | CUSIP: 786134UC8<br>LEI: 549300MSDPX3EYMUYV38 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62121.02     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2019A                                                           | CUSIP: 64990FKQ6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     95000 | PA      | $106007.85    | 0.00%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group                                                                           | CUSIP: 259230NY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $642631.80    | 0.02%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bendle Public School District/MI                                                          | Bendle Public School District, Unlimited Tax                                                                                                           | CUSIP: 081707DB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40682.84     | 0.00%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grossmont-Cuyamaca Community College District                                             | Grossmont-Cuyamaca Community College District, Election of 2002, Series 2008C                                                                          | CUSIP: 399267DB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19585000 | PA      | $17463507.75  | 0.49%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                            | University of Massachusetts Building Authority                                                                                                         | CUSIP: 914437TV0<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |    105000 | PA      | $115146.84    | 0.00%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                                   | Chattanooga Health Educational and Housing Facility Board, Commonspirit Health, Series 2019A-1                                                         | CUSIP: 162410EC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064492.90   | 0.03%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Piedmont Community Charter School                                                                                            | CUSIP: 74445GAN2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    215000 | PA      | $221095.21    | 0.01%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2019A                                  | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971124.50    | 0.03%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Milford Regional Medical Center                                                                              | CUSIP: 57584YE47<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    600000 | PA      | $637195.86    | 0.02%             | 2029-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                              | Massachusetts Bay Transportation Authority, Sales Tax, Series 2005A                                                                                    | CUSIP: 575579HJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1465593.02   | 0.04%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609J98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $171868.29    | 0.00%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                          | Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project                                                                   | CUSIP: 011903FV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1460895.51   | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                                    | University of Colorado, Enterprise System                                                                                                              | CUSIP: 91417KB59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25850.17     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                               | California Educational Facilities Authority, Claremont McKenna College, Series 2015A                                                                   | CUSIP: 130179DG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $941957.10    | 0.03%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ventura County Public Financing Authority                                                 | Ventura County Public Financing Authority                                                                                                              | CUSIP: 923078CK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $59856.90     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority Future Tax Secured                                                                                        | CUSIP: 64971W7Q7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22086.70     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bexar County Hospital District                                                            | Bexar County Hospital District, Limited Tax                                                                                                            | CUSIP: 088365HL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25341.46     | 0.00%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UFR4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    390000 | PA      | $407207.00    | 0.01%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ASW3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    230000 | PA      | $225762.50    | 0.01%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                     | CSCDA Community Improvement Authority, Essential Housing, Altana-Glendale, Series 2021A-1                                                              | CUSIP: 126292AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $4359343.20   | 0.12%             | 2046-10-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019                                                                     | CUSIP: 64971XKF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $71691.11     | 0.00%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue                                                             | CUSIP: 57421CAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $200042.26    | 0.01%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority                                                                                                         | CUSIP: 6461366Z9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1959869.60   | 0.06%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Santa Rosa CA Wastewater Revenue                                                  | City of Santa Rosa, Wastewater, Series B                                                                                                               | CUSIP: 802649NY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4903576.50   | 0.14%             | 2023-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Marcos Unified School District                                                        | San Marcos Unified School District                                                                                                                     | CUSIP: 798755FK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25984.16     | 0.00%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2020                                                         | CUSIP: 64971XLC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $138143.91    | 0.00%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group                                                                           | CUSIP: 259230PB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $517855.96    | 0.01%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Public Finance Corp.                                                          | Puerto Rico Public Finance Corp.                                                                                                                       | CUSIP: 745291TM6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |  10000000 | PA      | $11039024.00  | 0.31%             | 2026-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Alameda County Joint Powers Authority                                                     | Alameda County Joint Powers Authority, Multiple Capital Projects                                                                                       | CUSIP: 010831BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76956.41     | 0.00%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities                                                         | CUSIP: 97712D7R1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    825000 | PA      | $710117.68    | 0.02%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Milford Regional Medical Center                                                                              | CUSIP: 57584YD89<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    120000 | PA      | $123420.32    | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FKZ6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26764.27     | 0.00%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                          | Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project                                                                   | CUSIP: 011903FT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $824338.80    | 0.02%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Clean Water Initiative Revolving Fund                                                                                      | CUSIP: 45204EY69<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     80000 | PA      | $87229.95     | 0.00%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                              | Orlando Utilities Commission, Utility System                                                                                                           | CUSIP: 686507FJ8<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25499.13     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                       | State of New Jersey, COVID-19 Emergency Bonds                                                                                                          | CUSIP: 646039YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28340000 | PA      | $30015772.54  | 0.85%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hyde Park Central School District                                                         | Hyde Park Central School District                                                                                                                      | CUSIP: 448672PR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128478.06    | 0.00%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rutgers The State University of New Jersey                                                | Rutgers The State University of New Jersey                                                                                                             | CUSIP: 783186SZ3<br>LEI: 549300BOYDHNW8J60112 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106287.06    | 0.00%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peak Metropolitan District No. 1                                                          | Peak Metropolitan District No. 1, Series 2021A                                                                                                         | CUSIP: 704676AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $418226.70    | 0.01%             | 2035-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 5444954J0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38854.54     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                               | CUSIP: 041806K82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105911.20    | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra View Local Health Care District/CA                                                 | Sierra View Local Health Care District                                                                                                                 | CUSIP: 82650PDL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $168345.22    | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cherokee County Board of Education                                                        | Cherokee County Board of Education, School System                                                                                                      | CUSIP: 164231NQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $740206.95    | 0.02%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Steel Point Infrastructure Improvement District                                           | Steel Point Infrastructure Improvement District, Steelpointe Harbor Project                                                                            | CUSIP: 85814YAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $432089.41    | 0.01%             | 2036-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                                      | County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility                                                | CUSIP: 181006GT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $213155.26    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020                                                                      | CUSIP: 64972GWK6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    140000 | PA      | $151369.40    | 0.00%             | 2041-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St. Paul Metropolitan Airports Commission                                     | Minneapolis-St. Paul Metropolitan Airports Commission                                                                                                  | CUSIP: 603827B70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54207.51     | 0.00%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Hill Financing Authority                                                           | Morgan Hill Financing Authority                                                                                                                        | CUSIP: 61739RCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57463.42     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Area School District/PA                                                      | Wilkes-Barre Area School District                                                                                                                      | CUSIP: 968261NN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $221947.84    | 0.01%             | 2039-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2012A                                                           | CUSIP: 64990ECK1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5004771.50   | 0.14%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Thurston & Pierce Counties Community Schools                                              | Thurston and Pierce Counties Community Schools, Unlimited Tax                                                                                          | CUSIP: 886112FV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33217.43     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $919012.01    | 0.03%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Roseman University of Health Sciences Project                                                                                | CUSIP: 74442PVU6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1102410.26   | 0.03%             | 2042-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| County of Hidalgo TX                                                                      | County of Hidalgo                                                                                                                                      | CUSIP: 429326D40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27776.97     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Huntington Countywide School Building Corp.                                               | Huntington Countywide School Building Corp., Ad Valorem Property Tax First Mortgage                                                                    | CUSIP: 446355DT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38693.33     | 0.00%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalamazoo Economic Development Corp.                                                      | Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project                                                                          | CUSIP: 483228EA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1090969.58   | 0.03%             | 2025-05-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                                  | University of Washington                                                                                                                               | CUSIP: 91523NPH3<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25602.51     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montana State Board of Regents                                                            | Montana State Board of Regents, Montana State University                                                                                               | CUSIP: 61212LRL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $61407.31     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                        | Ohio Water Development Authority, Water Pollution Control Loan Fund                                                                                    | CUSIP: 67766WYD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $61723.70     | 0.00%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Township High School District                                                                                              | CUSIP: 45204E4H8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40865.56     | 0.00%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                            | Washington Metropolitan Area Transit Authority                                                                                                         | CUSIP: 938782FK0<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54703.12     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee Memorial Health System                                                                | Lee Memorial Health System                                                                                                                             | CUSIP: 52385LDE6<br>LEI: 54930018FIX4OVLGH070 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2715197.50   | 0.08%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kalamazoo Economic Development Corp.                                                      | Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project                                                                          | CUSIP: 483228DZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1445763.57   | 0.04%             | 2026-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Sutter Health                                                                                        | CUSIP: 13032URJ9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26698.50     | 0.00%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brea CA Water Utility Revenue                                                     | City of Brea, Water Utility                                                                                                                            | CUSIP: 106295CB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $100253.02    | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                             | CUSIP: 11861MAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518151.45    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Davis UT Sales Tax Revenue                                                      | County of Davis, Sales Tax                                                                                                                             | CUSIP: 239018EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32228.60     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021A                                                                                | CUSIP: 13057GAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $363244.84    | 0.01%             | 2036-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of Mississippi                                                                      | State of Mississippi, Series 2018A                                                                                                                     | CUSIP: 605581KW6<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1358427.63   | 0.04%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan St. Louis Sewer District                                                     | Metropolitan St. Louis Sewer District, Wastewater System Improvement, Series 2015B                                                                     | CUSIP: 592481GV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $550615.46    | 0.02%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority Future Tax Secured, Tax Exempt, Fiscal Year 2022                                                          | CUSIP: 64971XL63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7359548.03   | 0.21%             | 2047-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Barnard College                                                                                                    | CUSIP: 64990GYY2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    725000 | PA      | $649375.61    | 0.02%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Infrastructure Bank                                                          | Rhode Island Infrastructure Bank, Municipal Road and Bridge                                                                                            | CUSIP: 76222JAF7<br>LEI: 54930022Z6KOPRSQCG49 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26004.94     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                                       | City of San Jose, Libraries, Parks and Public Safety Projects                                                                                          | CUSIP: 798135G60<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |    100000 | PA      | $113845.12    | 0.00%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, Various Purpose                                                                                                                   | CUSIP: 93974DGK8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4465000 | PA      | $4561020.72   | 0.13%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FYI Properties                                                                            | FYI Properties, State of Washington District Project                                                                                                   | CUSIP: 302716BK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5650000 | PA      | $6241761.23   | 0.18%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                                 | School District of the City of Erie (The), Limited Tax                                                                                                 | CUSIP: 295425TC6<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |    525000 | PA      | $588445.46    | 0.02%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                                | Monroe County Industrial Development Corp., Rochester Schools Modernization Project                                                                    | CUSIP: 610730CG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $735884.60    | 0.02%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                                       | CUSIP: 04052BPQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $231371.02    | 0.01%             | 2037-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Texas Water Development Board                                                             | Texas Water Development Board, State Revolving Fund                                                                                                    | CUSIP: 882854V33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49511.64     | 0.00%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS                                                                         | City of Topeka                                                                                                                                         | CUSIP: 890585BV3<br>LEI: 549300NFEU1XBKVICM54 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250053.68    | 0.01%             | 2026-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| San Bruno Park School District                                                            | San Bruno Park School District, Election of 2018                                                                                                       | CUSIP: 797002GD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $246264.37    | 0.01%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                          | Energy Northwest, Columbia Generating Station                                                                                                          | CUSIP: 29270CJ63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31667.45     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                              | Commonwealth of Pennsylvania, Series 2018A                                                                                                             | CUSIP: 709144NP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $411402.53    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kiski Valley Water Pollution Control Authority                                            | Kiski Valley Water Pollution Control Authority                                                                                                         | CUSIP: 497766DW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $312766.61    | 0.01%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                               | Omaha Public Power District, Electric System, Series 2017A                                                                                             | CUSIP: 682001FU1<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1898978.20   | 0.05%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, Major New Infrastructure Project                                                                                                        | CUSIP: 677581GW4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8054371.50   | 0.23%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hartford Public Schools                                                                   | Hartford Public Schools, School Building and Site, Unlimited Tax                                                                                       | CUSIP: 416610EG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35341.98     | 0.00%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yorktown Redevelopment Authority                                                          | Yorktown Redevelopment Authority, Ad Valorem Property Tax Lease                                                                                        | CUSIP: 98724TBZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36153.02     | 0.00%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Social Bonds-Learn Chapter School Project                                                                                  | CUSIP: 45204FLC7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    120000 | PA      | $118211.78    | 0.00%             | 2029-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pflugerville TX                                                                   | City of Pflugerville, Limited Tax                                                                                                                      | CUSIP: 717087YY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26961.54     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                              | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series 2016B                                                   | CUSIP: 649451FS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1549458.20   | 0.04%             | 2028-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Municipality of Anchorage AK                                                              | Municipality of Anchorage                                                                                                                              | CUSIP: 0331617T1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1870788.24   | 0.05%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                                   | Douglas County School District, Elkhorn Public Schools                                                                                                 | CUSIP: 259309M66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $172817.87    | 0.00%             | 2032-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, New York University                                                                                                | CUSIP: 64990CEF4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51875.95     | 0.00%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                              | CUSIP: 57421CBZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210169.74    | 0.01%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Smith Crossing                                                                                                             | CUSIP: 45204FPP4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    320000 | PA      | $301856.26    | 0.01%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                           | Chester County Industrial Development Authority, Longwood Gardens Project                                                                              | CUSIP: 165588EK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1039082.93   | 0.03%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Duplin NC                                                                       | County of Duplin                                                                                                                                       | CUSIP: 266122CA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28604.57     | 0.00%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canyon Pines Metropolitan District Special Improvement District No. 1                     | Canyon Pines Metropolitan District Special Improvement District No. 1, Series 2021A-2                                                                  | CUSIP: 138871AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1007451.96   | 0.03%             | 2040-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| County of Suffolk NY                                                                      | County of Suffolk                                                                                                                                      | CUSIP: 86476PWR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $113491.59    | 0.00%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Transportation Program                                                                                 | CUSIP: 646136R86<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5024180.00   | 0.14%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                          | New York State Thruway Authority                                                                                                                       | CUSIP: 650010CB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4902722.50   | 0.14%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 544495H56<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4911008.85   | 0.14%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015, Series S-1                                                               | CUSIP: 64972HVS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46160.22     | 0.00%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cherokee County Board of Education                                                        | Cherokee County Board of Education, School System                                                                                                      | CUSIP: 164231NN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $512316.38    | 0.01%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, Electrical and Charter School Project, Series 2021A                                                 | CUSIP: 71780CBF6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    340000 | PA      | $318039.23    | 0.01%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Multi-care Health System                                                                                  | CUSIP: 93978HTM7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36993.70     | 0.00%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                             | CUSIP: 11861MAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1197380.69   | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                      | State of Mississippi, Series 2018A                                                                                                                     | CUSIP: 605581LA3<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   7595000 | PA      | $8253806.25   | 0.23%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ASS2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    530000 | PA      | $563663.90    | 0.02%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Civic Center Infrastructure Improvement Program                                                                | CUSIP: 13049UCM9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     75000 | PA      | $81867.44     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                     | City of Columbia                                                                                                                                       | CUSIP: 198504J52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $115434.05    | 0.00%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                     | Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project                                                              | CUSIP: 70869PNH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1615647.25   | 0.05%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                                              | CUSIP: 64577XCL8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    400000 | PA      | $395576.88    | 0.01%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                              | Commonwealth of Pennsylvania, Series 2018A                                                                                                             | CUSIP: 709144NT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $489377.21    | 0.01%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                         | Yamhill County Hospital Authority, Friendsview, Tax Exempt, Series 2021A                                                                               | CUSIP: 98464UAX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $436992.38    | 0.01%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609J80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $172958.21    | 0.00%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue                     | Regents of the University of California Medical Center Pooled                                                                                          | CUSIP: 913366HK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $161714.52    | 0.00%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 650035C89<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30168.89     | 0.00%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR                                                                       | City of Portland, 4th and Montgomery and Streetcar Projects, Series A                                                                                  | CUSIP: 736740UJ8<br>LEI: 254900RPNQMJF9NBMF52 | Long             | DBT              | MUN               | US        |    650000 | PA      | $721228.43    | 0.02%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                                 | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2015A                                                                   | CUSIP: 38122NYE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4246528.40   | 0.12%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                     | City of Chicago, Waterworks, Second Lien                                                                                                               | CUSIP: 167736B63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023939.60   | 0.03%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                                    | County of Allegheny                                                                                                                                    | CUSIP: 01728VUF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53551.89     | 0.00%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Infrastructure Financing Authority                                       | Riverside County Infrastructure Financing Authority, Capital Projects                                                                                  | CUSIP: 76913DDN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26353.11     | 0.00%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Lincoln Preparatory School Project                                                                              | CUSIP: 546399KV7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    450000 | PA      | $431353.04    | 0.01%             | 2031-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                            | Washington Metropolitan Area Transit Authority                                                                                                         | CUSIP: 938782ES4<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   5185000 | PA      | $5672713.03   | 0.16%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5159370.50   | 0.15%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Plymouth Place, Inc.                                                                                                       | CUSIP: 45204FHQ1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    300000 | PA      | $280586.61    | 0.01%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Triad Educational Services, Inc., Series 2021A                                                                               | CUSIP: 74442EHJ2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    385000 | PA      | $379840.23    | 0.01%             | 2027-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project                                                                           | CUSIP: 19648FPX6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $872409.00    | 0.02%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DeKalb Private Hospital Authority                                                         | DeKalb Private Hospital Authority, Children's Healthcare of Atlanta, Inc.                                                                              | CUSIP: 241064EQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55087.30     | 0.00%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Sutter Health                                                                                        | CUSIP: 13032UNQ7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27089.45     | 0.00%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190PJ5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5054647.00   | 0.14%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora IL                                                                         | City of Aurora, Series 2015-C                                                                                                                          | CUSIP: 051645L56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100035.40    | 0.00%             | 2022-12-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2019A                                  | CUSIP: 60635H2Q1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    550000 | PA      | $557896.96    | 0.02%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, McLean                                                                                  | CUSIP: 20775DHH8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $468847.20    | 0.01%             | 2045-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                                   | Massachusetts Water Resources Authority                                                                                                                | CUSIP: 576051SE7<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |     55000 | PA      | $60309.21     | 0.00%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sonoma Valley Unified School District                                                     | Sonoma Valley Unified School District, Election of 2016                                                                                                | CUSIP: 835631NT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24989.94     | 0.00%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, Newark Charter School, Inc., Project                                                                    | CUSIP: 246372AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1590907.29   | 0.04%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Nuvance Health                                                                          | CUSIP: 20775DCL4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2738171.37   | 0.08%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                          | Raleigh Durham Airport Authority                                                                                                                       | CUSIP: 751073MM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32137.76     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                          | Virginia Public School Authority, School Financing 1997 Resolution, Series 2015A                                                                       | CUSIP: 92818HBL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31788.72     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group                                                 | CUSIP: 69650MAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $213030.20    | 0.01%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, Capital Facilities Lease Appropriation Transportation Building Fund Projects, Series 2018A                                              | CUSIP: 677522XQ2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1951099.74   | 0.05%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwest Houston Redevelopment Authority                                                 | Southwest Houston Redevelopment Authority, Tax Increment                                                                                               | CUSIP: 845045BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $229901.51    | 0.01%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Union Elementary School District                                                          | Union Elementary School District                                                                                                                       | CUSIP: 906573GU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55324.96     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee Memorial Health System                                                                | Lee Memorial Health System                                                                                                                             | CUSIP: 52385LDD8<br>LEI: 54930018FIX4OVLGH070 | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3634839.56   | 0.10%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                               | CUSIP: 041806L57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $144788.52    | 0.00%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                          | Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project                                                                   | CUSIP: 011903FW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1553120.40   | 0.04%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waco TX                                                                           | City of Waco, Combination Tax, Certificates of Obligation                                                                                              | CUSIP: 929831PD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38704.19     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $572552.22    | 0.02%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WM52<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25043.11     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Mass General Brigham Issue                                                                                   | CUSIP: 57584YWU9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     75000 | PA      | $84438.70     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                                                   | CUSIP: 45470ECH6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    520000 | PA      | $554579.90    | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                                         | County of Utah, IHC Health Services, Inc.                                                                                                              | CUSIP: 917393CL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27190.93     | 0.00%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority                                                                                                                   | CUSIP: 19648FLN2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2636581.72   | 0.07%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| River Islands Public Financing Authority                                                  | River Islands Public Financing Authority, Facilities District No. 2003                                                                                 | CUSIP: 76827QGP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074215.90   | 0.03%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group, Series 2016B                                                                    | CUSIP: 45470YCW9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10570.58     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                                      | City of Baltimore, Wastewater Projects, Series 2017A                                                                                                   | CUSIP: 05922KZR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13845000 | PA      | $14529795.85  | 0.41%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority Future Tax Secured, Tax Exempt, Fiscal Year 2022                                                          | CUSIP: 64971XDQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2230370.52   | 0.06%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fremont Union High School District                                                        | Fremont Union High School District                                                                                                                     | CUSIP: 357172ZK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82966.31     | 0.00%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609J31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303489.42    | 0.01%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DuPage County High School District No. 87 Glenbard                                        | DuPage County High School District No. 87 Glenbard                                                                                                     | CUSIP: 263309PM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26108.41     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Piedmont Community Charter School                                                                                            | CUSIP: 74445GAG7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    205000 | PA      | $208022.93    | 0.01%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                                 | School District of the City of Erie (The), Limited Tax                                                                                                 | CUSIP: 295425TE2<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1192203.85   | 0.03%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609H90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $208299.21    | 0.01%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                         | Yamhill County Hospital Authority, Friendsview, Tax Exempt, Series 2021A                                                                               | CUSIP: 98464UAV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $542804.17    | 0.02%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                      | Pennsylvania Higher Educational Facilities Authority, Trustees of the University                                                                       | CUSIP: 70917SPH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30611.42     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                                    | Utah Transit Authority, Subordinate Sales Tax                                                                                                          | CUSIP: 917567CG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41318.32     | 0.00%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609H66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151931.24    | 0.00%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition and Supply Corp. I                                        | Texas Municipal Gas Acquisition and Supply Corp., I Gas Supply Senior Lien                                                                             | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |   2890000 | PA      | $3019584.71   | 0.09%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                        | Denver Health and Hospital Authority                                                                                                                   | CUSIP: 24918EED8<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062930.60   | 0.03%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                                    | University of Michigan                                                                                                                                 | CUSIP: 914455PV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15971.18     | 0.00%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Savage MN                                                                         | City of Savage                                                                                                                                         | CUSIP: 80465PKZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26230.34     | 0.00%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                             | Berks County Industrial Development Authority, Tower Health Project                                                                                    | CUSIP: 08451PAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $498450.42    | 0.01%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                                  | City of Austin, Airport System                                                                                                                         | CUSIP: 052398EN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510122.30    | 0.01%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County School District No. 40 McMinnville                                         | Yamhill County School District No. 40 McMinnville                                                                                                      | CUSIP: 984674HY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5209.96      | 0.00%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No. 44 Belgrade                                           | Gallatin County School District No. 44 Belgrade, School Building                                                                                       | CUSIP: 36370NDX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $231574.75    | 0.01%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Municipal School District No. 12                                              | Albuquerque Municipal School District No. 12, School Building                                                                                          | CUSIP: 013595VS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $888989.28    | 0.03%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus GA Water & Sewerage Revenue                                              | City of Columbus, Water and Sewerage                                                                                                                   | CUSIP: 199144WJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $373006.45    | 0.01%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Washington Union Free School District                                                | Port Washington Union Free School District                                                                                                             | CUSIP: 735581MQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70135.53     | 0.00%             | 2027-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1480009.80   | 0.04%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Pebble Campus Project                                                                                        | CUSIP: 04052BMA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $232057.15    | 0.01%             | 2030-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| County of Carroll KY                                                                      | County of Carroll, Kentucky Environmental Facilities, Series B                                                                                         | CUSIP: 14483RAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7440000 | PA      | $5598926.62   | 0.16%             | 2034-10-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                                    | Santa Clara County Financing Authority, County Facilities                                                                                              | CUSIP: 801577MY0<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57335.33     | 0.00%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Mountain College                                                                 | Colorado Mountain College Project                                                                                                                      | CUSIP: 18976HBK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32457.31     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                                    | San Antonio Education Facilities Corp., Hallmark University Project, Series 2021A                                                                      | CUSIP: 796247DX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $172337.66    | 0.00%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of St Louis MO                                                                     | County of St. Louis, Special Obligation                                                                                                                | CUSIP: 791526TG1<br>LEI: 5493003TZLKXNN2MGO51 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36500.46     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                        | State of Wisconsin, Annual Appropriation Federally Tax-Exempt                                                                                          | CUSIP: 977100FC5<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26339.23     | 0.00%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona State University                                                                  | Arizona State University                                                                                                                               | CUSIP: 04048RQN9<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31304.70     | 0.00%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark Regional Wastewater District                                                        | Clark Regional Wastewater District                                                                                                                     | CUSIP: 181584AR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $342633.73    | 0.01%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Johns County Industrial Development Authority                                         | St. Johns County Industrial Development Authority, Vicar's Landing Project, Series 2021A                                                               | CUSIP: 79041LAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $202873.68    | 0.01%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., The Mayflower Retirement Community Project, Series 2021B-1                                                          | CUSIP: 34061WBP8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    730000 | PA      | $650949.32    | 0.02%             | 2027-06-01      | Fixed         | 2.38%                 | Yes           |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                                        | Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group                                                                       | CUSIP: 009730PN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $322074.63    | 0.01%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer, Junior Lien                                                                                                       | CUSIP: 825485XJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $488780.03    | 0.01%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017, Series C                                                           | CUSIP: 64971WU73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5685000 | PA      | $6210530.50   | 0.18%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2018                                                         | CUSIP: 64971XDN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74806.26     | 0.00%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, New York University                                                                                                | CUSIP: 64990CC25<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25347.85     | 0.00%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Kettering University Project                                                                                               | CUSIP: 594479FP7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $452074.95    | 0.01%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                            | Washington Metropolitan Area Transit Authority                                                                                                         | CUSIP: 938782FP9<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80413.93     | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511HX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1821323.78   | 0.05%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Auxiliary Facilities System                                                                                              | CUSIP: 665245YF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $458575.85    | 0.01%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $584810.59    | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                             | CUSIP: 74444KAY0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    650000 | PA      | $699463.64    | 0.02%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                          | New York State Thruway Authority                                                                                                                       | CUSIP: 650010CJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3669647.28   | 0.10%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, California Lutheran University                                                                                 | CUSIP: 13048VDL9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $159201.32    | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                                    | Lewisville Independent School District, Unlimited Tax, Series 2016A                                                                                    | CUSIP: 5288288B5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $520793.57    | 0.01%             | 2026-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Centre                                                                          | CUSIP: 64542QCC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $431042.40    | 0.01%             | 2029-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                    | Wisconsin Department of Transportation                                                                                                                 | CUSIP: 977123L30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35514.10     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Westmont IL                                                                    | Village of Westmont                                                                                                                                    | CUSIP: 960811DG9<br>LEI: 549300PFL3HXXEEOHS50 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46953.59     | 0.00%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Adams 12 Five Star Schools                                                                | Adams 12 Five Star Schools, The City and County of Broomfield                                                                                          | CUSIP: 006449HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1613340.40   | 0.05%             | 2030-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Santa Monica-Malibu Unified School District                                               | Santa Monica-Malibu Unified School District                                                                                                            | CUSIP: 802498PX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30710.82     | 0.00%             | 2024-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Garland Independent School District                                                       | Garland Independent School District, Unlimited Tax, School Building                                                                                    | CUSIP: 366155E62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10478.69     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glynn-Brunswick Memorial Hospital Authority                                               | Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project                                                                   | CUSIP: 380037GY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $464936.75    | 0.01%             | 2035-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016                                                                     | CUSIP: 64971WC99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7295000 | PA      | $7631168.92   | 0.22%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                              | CUSIP: 57421CCB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $447248.22    | 0.01%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                                              | CUSIP: 64577XCN4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    640000 | PA      | $621915.39    | 0.02%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                                 | School District of the City of Erie (The)                                                                                                              | CUSIP: 295425TS1<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1374203.93   | 0.04%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                                  | University of Washington                                                                                                                               | CUSIP: 91523NSP2<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |   1860000 | PA      | $2030267.00   | 0.06%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 412 Shoreline                                             | King County School District No. 412 Shoreline                                                                                                          | CUSIP: 495242J26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61440.05     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                           | Lexington County Health Services District, Inc., LexMed Obligated Group                                                                                | CUSIP: 529050ET9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $542100.04    | 0.02%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Civic Center Infrastructure Improvement Program                                                                | CUSIP: 13049UEG0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30355.77     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161CQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $243631.85    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, Ottawa University                                                                                    | CUSIP: 56678RAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $219080.10    | 0.01%             | 2030-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                                                   | CUSIP: 45470ECJ2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    760000 | PA      | $818055.56    | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                               | George L Smith II Congress Center Authority, Convention Center Hotel First                                                                             | CUSIP: 37255MAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $460029.05    | 0.01%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511HS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $551168.95    | 0.02%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Public Utilities Revenue                                        | City of Salt Lake, Public Utilities                                                                                                                    | CUSIP: 795604AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10583.94     | 0.00%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                                 | Central Texas Regional Mobility Authority, Senior Lien                                                                                                 | CUSIP: 155498LV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960999.90    | 0.03%             | 2041-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2014C                                                           | CUSIP: 64990EQU4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20474776.00  | 0.58%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                              | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured                                                                 | CUSIP: 649451FQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1077067.38   | 0.03%             | 2026-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1690444.88   | 0.05%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                          | North Carolina Capital Facilities Finance Agency, High Point University                                                                                | CUSIP: 65818PNP0<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   2210000 | PA      | $2240875.91   | 0.06%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                          | Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project                                                                   | CUSIP: 011903FU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1380990.00   | 0.04%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                                       | State of New Jersey, COVID-19 Emergency Bonds                                                                                                          | CUSIP: 646039YS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28260000 | PA      | $29894354.93  | 0.84%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                                      | Dominion Water and Sanitation District                                                                                                                 | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1870177.74   | 0.05%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                           | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.                                                               | CUSIP: 13016NEQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264561.98    | 0.01%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                    | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                        | CUSIP: 60374VED1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    750000 | PA      | $720823.28    | 0.02%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Appalachian Regional Healthcare System Obligated Group                                                                       | CUSIP: 74444KBQ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $314893.20    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                   | CUSIP: 484008PE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42462.18     | 0.00%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Aliante and Skye Canyon Campus Project                                                                       | CUSIP: 04052BMR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $230178.74    | 0.01%             | 2031-12-15      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2                                                                            | CUSIP: 67756DD94<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    395000 | PA      | $415803.47    | 0.01%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Xavier University 2020 Project                                                                            | CUSIP: 67756DWC6<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    440000 | PA      | $477236.76    | 0.01%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Orange County Public Financing Authority                                            | South Orange County Public Financing Authority                                                                                                         | CUSIP: 839097AT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53825.32     | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                            | Central Puget Sound Regional Transit Authority, Sales and Motor Vehicle Excise Tax                                                                     | CUSIP: 155048DA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43345.69     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                               | County of Broward, Airport System                                                                                                                      | CUSIP: 114894YC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1975606.49   | 0.06%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Higher Education Finance Corp.                                                    | Houston Higher Education Finance Corp., Houston Baptist University                                                                                     | CUSIP: 44237QAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $209133.30    | 0.01%             | 2037-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                        | State of Wisconsin                                                                                                                                     | CUSIP: 97705MGP4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30672.64     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                                 | Delaware County Authority, Haverford College                                                                                                           | CUSIP: 246003MX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43225.10     | 0.00%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                         | State of Maryland, State and Local Facilities Loan of 2017                                                                                             | CUSIP: 574193NF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41246.55     | 0.00%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                        | City of Detroit                                                                                                                                        | CUSIP: 2510934W7<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    555000 | PA      | $570627.63    | 0.02%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, School Health System, Series 2013A                                                                               | CUSIP: 19648AP25<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4635592.20   | 0.13%             | 2035-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Water Revenue                                                          | City of Lincoln, Water                                                                                                                                 | CUSIP: 534357MG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $117131.29    | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Advocate Health and Hospital Corp. Obligated Group                                                                         | CUSIP: 45204FHW8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5144.19      | 0.00%             | 2045-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hudsonville Public Schools                                                                | Hudsonville Public Schools, Unlimited Tax                                                                                                              | CUSIP: 444240TM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28676.75     | 0.00%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                             | CUSIP: 74444KBB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532324.45    | 0.02%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority                                                                                                                  | CUSIP: 59259Y6D6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6175798.80   | 0.17%             | 2029-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| West Hills Community College District                                                     | West Hills Community College District                                                                                                                  | CUSIP: 95330NCG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $71816.05     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency                                                                                                                             | CUSIP: 917467CF7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    160000 | PA      | $164082.02    | 0.00%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                           | Kentucky Economic Development Finance Authority, Owensboro Health, Inc., Series 2017A                                                                  | CUSIP: 49126KKC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2795000 | PA      | $2865882.04   | 0.08%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                          | City of Los Angeles, Wastewater System                                                                                                                 | CUSIP: 5446527W4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121578.26    | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FRD8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15431.30     | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams 12 Five Star Schools                                                                | Adams 12 Five Star Schools, The City and County of Broomfield                                                                                          | CUSIP: 006449HL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $717076.38    | 0.02%             | 2032-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Midland TX                                                                        | City of Midland, Certificates of Obligation                                                                                                            | CUSIP: 597749Z86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56622.86     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational and Housing Facility Board, East Tennessee Children's Hospital                                                          | CUSIP: 499527CQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $859710.16    | 0.02%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project, Tax Exempt                                | CUSIP: 87638RKK2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    790000 | PA      | $755236.21    | 0.02%             | 2026-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                                  | University of California                                                                                                                               | CUSIP: 91412G3J2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $60736.48     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                              | Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project                                                         | CUSIP: 362762LK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121334.89    | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Adams Community Schools Renovation Building Corp.                                   | North Adams Community Schools Renovation Building Corp., First Mortgage, Ad Valorem Property Tax                                                       | CUSIP: 65659NEF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27567.65     | 0.00%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX                                                                        | City of El Paso                                                                                                                                        | CUSIP: 283734B42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77456.00     | 0.00%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Asset Receivable Corp.                                                          | Sales Tax Asset Receivable Corp., Fiscal Year 2015, Series 2015A                                                                                       | CUSIP: 794665FM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26133.10     | 0.00%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                      | Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2                                                              | CUSIP: 59561TAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1169760.87   | 0.03%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                                 | Florida Atlantic University Finance Corp., Student Housing Project                                                                                     | CUSIP: 31200CBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $851057.59    | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Hope Christian Schools                                                                          | CUSIP: 97712JDQ3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    615000 | PA      | $502038.28    | 0.01%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $798209.35    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project                                                     | CUSIP: 82170KAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1061777.03   | 0.03%             | 2059-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                                            | CUSIP: 67756DJ49<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    395000 | PA      | $405048.01    | 0.01%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue                                                             | CUSIP: 57421CAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1133944.99   | 0.03%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Livermore CA                                                                      | City of Livermore                                                                                                                                      | CUSIP: 538164KE3<br>LEI: 549300GFYJPMDMABG210 | Long             | DBT              | MUN               | US        |    235000 | PA      | $251492.25    | 0.01%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DuPage & Cook Counties Community Consolidated School District No. 181 Hinsdale            | DuPage and Cook Counties Community Consolidated School District No. 181 Hinsdale                                                                       | CUSIP: 262579SV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26620.05     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Polk School District                                                                      | Polk County School District, Sales Tax                                                                                                                 | CUSIP: 731486BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $378689.15    | 0.01%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                                      | Oregon State Lottery                                                                                                                                   | CUSIP: 68607VU45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2116560.62   | 0.06%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2016                                                                           | CUSIP: 64972HZA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46683.65     | 0.00%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                         | CUSIP: 34061UJM1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220003.61    | 0.01%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue                                     | City of Grand Rapids, Sanitary Sewer System                                                                                                            | CUSIP: 386289MS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $177351.97    | 0.00%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Piedmont Community Charter School                                                                                            | CUSIP: 74445GAP7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    390000 | PA      | $393834.52    | 0.01%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Union High School District                                                      | San Mateo Union High School District, Election of 2006                                                                                                 | CUSIP: 799017TJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81508.45     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The), Subordinate Airport                                                                                    | CUSIP: 592190NJ7<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1928505.06   | 0.05%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                   | CUSIP: 484008NM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79349.45     | 0.00%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Riverside Health System                                                                                                    | CUSIP: 45204ELC0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45871.66     | 0.00%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Renown Regional Medical Center Project                                                                                       | CUSIP: 74442CCS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1767520.92   | 0.05%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project                                                                   | CUSIP: 64542UFX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $419235.18    | 0.01%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020                                                                      | CUSIP: 64972GWL4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1875114.44   | 0.05%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Riley County Unified School District No. 383 Manhattan-Ogden                              | Riley County Unified School District No. 383, Manhattan-Ogden                                                                                          | CUSIP: 766651RC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44128.28     | 0.00%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, McLean                                                                                  | CUSIP: 20775DHG0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251337.83    | 0.01%             | 2030-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Frisco TX                                                                         | City of Frisco, Series 2011                                                                                                                            | CUSIP: 3587753Z5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2164462.78   | 0.06%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                              | State of Kansas Department of Transportation                                                                                                           | CUSIP: 485424QR9<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   4375000 | PA      | $4590067.56   | 0.13%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                   | Knox County Health Educational and Housing Facility Board, East Tennessee Children's Hospital                                                          | CUSIP: 499527DC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6145000 | PA      | $5784271.91   | 0.16%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                           | Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group                                                             | CUSIP: 49126KKN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2885000 | PA      | $3086048.73   | 0.09%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                            | Central Puget Sound Regional Transit Authority, Sales and Motor Vehicle Excise Tax                                                                     | CUSIP: 155048CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27129.78     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FGK4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31378.49     | 0.00%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roseville Community Schools                                                               | Roseville Community Schools, School Building and Site, Unlimited Tax                                                                                   | CUSIP: 778017PW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27733.00     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                             | CUSIP: 11861MBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513722.30    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                             | Berks County Industrial Development Authority, Tower Health Project                                                                                    | CUSIP: 08451PAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1334951.74   | 0.04%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Woodbury MN                                                                       | City of Woodbury, Charter School Lease                                                                                                                 | CUSIP: 979134AP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $177750.72    | 0.01%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                     | Utility Debt Securitization Authority                                                                                                                  | CUSIP: 91802RAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4336953.30   | 0.12%             | 2041-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Alameda CA                                                                        | City of Alameda                                                                                                                                        | CUSIP: 010752BY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10058.91     | 0.00%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alachua County Health Facilities Authority                                                | Alachua County Health Facilities Authority, Shands Teaching Hospital and Clinic                                                                        | CUSIP: 010685LA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050121.00   | 0.03%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tohopekaliga Water Authority                                                              | Tohopekaliga Water Authority, Utility System                                                                                                           | CUSIP: 88906RES5<br>LEI: 549300IZ325ZGEHGR946 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31158.32     | 0.00%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Windler Public Improvement Authority                                                      | Windler Public Improvement Authority, Limited Tax, Series 2021 A-1                                                                                     | CUSIP: 973405AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $451791.34    | 0.01%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                         | Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt                                                                       | CUSIP: 68608JYJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1186055.28   | 0.03%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay County School Board                                                                   | Bay County School Board                                                                                                                                | CUSIP: 072231FE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $756883.58    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams County School District No. 1                                                        | Adams County School District No. 1, Mapleton Public Schools                                                                                            | CUSIP: 005626RU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26167.34     | 0.00%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Aqunias College Project                                                                                                    | CUSIP: 594479GN1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    540000 | PA      | $477634.27    | 0.01%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The), Subordinate Airport                                                                                    | CUSIP: 592190PA4<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    300000 | PA      | $317296.59    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                                   | City of Philadelphia, Airport System                                                                                                                   | CUSIP: 717817UE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261761.43    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Northern Colorado                                                           | University of Northern Colorado, Institutional Enterprise                                                                                              | CUSIP: 914733DP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256202.35    | 0.01%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Garden Grove Unified School District                                                      | Garden Grove Unified School District, Election of 2010                                                                                                 | CUSIP: 365298N95<br>LEI: 5493003B67I0BLYG4P22 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1413480.44   | 0.04%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Milford Regional Medical Center                                                                              | CUSIP: 57584YE62<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    675000 | PA      | $696570.77    | 0.02%             | 2031-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Marin Community College District                                                          | Marin Community College District                                                                                                                       | CUSIP: 56781RDZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35579.59     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Clark-Lindsey Village                                                                                                      | CUSIP: 45204FQK4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $195711.94    | 0.01%             | 2027-06-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                                   | Douglas County School District, Elkhorn Public Schools                                                                                                 | CUSIP: 259309M25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $202394.16    | 0.01%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                                       | CUSIP: 04052BPN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $219515.13    | 0.01%             | 2035-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| County of Hardin OH                                                                       | County of Hardin, Economic Development Facilities Improvement, Ohio Northern University                                                                | CUSIP: 412003AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $213141.89    | 0.01%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                         | Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt                                                                       | CUSIP: 68608JYB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208506.24    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                             | Central Plains Energy Project, Gas Project No. 3, Series 2017A                                                                                         | CUSIP: 154871CP0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551650.40   | 0.04%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Cornell University                                                                                                 | CUSIP: 64990GLH3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     65000 | PA      | $69046.98     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., IDEA Florida, Inc.                                                                                                  | CUSIP: 34061VAA4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970405.80    | 0.03%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| City of Woodbury MN                                                                       | City of Woodbury, Charter School Lease                                                                                                                 | CUSIP: 979134AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $208177.97    | 0.01%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                   | County of Miami-Dade, Subordinate Special Obligation                                                                                                   | CUSIP: 59333NYP2<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    120000 | PA      | $128264.77    | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                             | CUSIP: 11861MAX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519100.85    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of College Station TX                                                                | City of College Station                                                                                                                                | CUSIP: 194469DS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25712.28     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                          | Raleigh Durham Airport Authority                                                                                                                       | CUSIP: 751073MS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $86622.23     | 0.00%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St. Paul Metropolitan Airports Commission                                     | Minneapolis-St. Paul Metropolitan Airports Commission                                                                                                  | CUSIP: 603827WS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $91669.19     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                                       | CUSIP: 04052BPG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $189919.52    | 0.01%             | 2029-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated                                                                                                | CUSIP: 73358XBN1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    220000 | PA      | $217638.39    | 0.01%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Hills Community College District                                                     | West Hills Community College District                                                                                                                  | CUSIP: 95330NCM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $432950.45    | 0.01%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990ADX0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47785.25     | 0.00%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                           | Kentucky Economic Development Finance Authority, Commonspirit Health, Series 2019A-1                                                                   | CUSIP: 49126PFV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1330616.13   | 0.04%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                                | Capital Trust Agency, Inc., Legends Academy Project                                                                                                    | CUSIP: 14054CEV7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1163938.97   | 0.03%             | 2045-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Development Bank                                                              | Mississippi Development Bank, Public Improvement                                                                                                       | CUSIP: 60534WL22<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102231.08    | 0.00%             | 2025-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion                                        | CUSIP: 696507VG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $289271.73    | 0.01%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund, Holland Home Obligated Group                                                                                                  | CUSIP: 594698RH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $184432.73    | 0.01%             | 2023-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                            | Sales Tax Securitization Corp.                                                                                                                         | CUSIP: 79467BBZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3540000 | PA      | $3891065.69   | 0.11%             | 2031-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, Senior Lien                                                                                               | CUSIP: 928104NE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $772933.00    | 0.02%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Bond Bank                                                                         | Indiana Bond Bank, Hamilton County Projects                                                                                                            | CUSIP: 45462TJS2<br>LEI: 549300TZMGETS4ELEI93 | Long             | DBT              | MUN               | US        |    735000 | PA      | $584680.01    | 0.02%             | 2029-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Centre                                                                          | CUSIP: 64542QCF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1761355.00   | 0.05%             | 2036-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                      | County of Miami-Dade, Water and Sewer System                                                                                                           | CUSIP: 59334DJN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49940.23     | 0.00%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Convention & Sports Authority                                                  | Washington Convention and Sports Authority, Senior Lien Dedicated Tax, Series 2018A                                                                    | CUSIP: 93878LBT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5005000 | PA      | $5404222.82   | 0.15%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency, Tax-Exempt Telecommunications, Series 2018A                                                                                | CUSIP: 917467AS1<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024394.60   | 0.03%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Transportation Program                                                                                 | CUSIP: 64613CAD0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1869003.00   | 0.05%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A                                                                | CUSIP: 6461363Q2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $12074573.35  | 0.34%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yakima & Benton Counties School District No. 116-200 Grandview                            | Yakima and Benton Counties School District No. 116-200 Grandview, Unlimited Tax                                                                        | CUSIP: 984398FK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26949.29     | 0.00%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                     | City of San Antonio, Electric and Gas Systems                                                                                                          | CUSIP: 79625GAG8<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    310000 | PA      | $342808.54    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries                                                              | CUSIP: 97712JEC3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $937647.23    | 0.03%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                        | County of Clark, Stadium Improvement, Limited Tax, Series 2018A                                                                                        | CUSIP: 180848WY5<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   4030000 | PA      | $4466593.27   | 0.13%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1331444.45   | 0.04%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Davis School District                                                                     | Davis School District, School District Bond Guaranty Program                                                                                           | CUSIP: 2390192F8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $39426.39     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Viticus Group Project, Series 2022A                                                                                          | CUSIP: 74442PWM3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $1865951.41   | 0.05%             | 2041-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Santa Margarita-Dana Point Authority                                                      | Santa Margarita-Dana Point Authority, Water District Improvement District No. 2, 3                                                                     | CUSIP: 802248JV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1131615.17   | 0.03%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                      | State of Mississippi                                                                                                                                   | CUSIP: 605581LS4<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33772.00     | 0.00%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2018                                                                      | CUSIP: 64972GQY3<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36679.69     | 0.00%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washoe NV Gas Tax Revenue                                                       | County of Washoe, Fuel Tax                                                                                                                             | CUSIP: 940839CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $87266.27     | 0.00%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                                 | Dallas Area Rapid Transit, Sales Tax, Senior Lien                                                                                                      | CUSIP: 235241TE6<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     45000 | PA      | $51263.91     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                                         | State of Michigan, Environmental Program, Series 2014A                                                                                                 | CUSIP: 594612BR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4492876.50   | 0.13%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019                                                                           | CUSIP: 64972HU75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5021661.00   | 0.14%             | 2037-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Trinity Health Credit Group                                                                                                | CUSIP: 59447TQP1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    130000 | PA      | $137119.37    | 0.00%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Appalachian Regional Healthcare System Obligated Group                                                                       | CUSIP: 74444KBS2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $311443.23    | 0.01%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority                                                                                                         | CUSIP: 6461367A3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2915228.40   | 0.08%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Henry Mayo Newhall Hospital                                                                                       | CUSIP: 13057EDV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $362682.14    | 0.01%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                             | CUSIP: 11861MAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $378764.56    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora CO Water Revenue                                                           | City of Aurora, First Lien Water                                                                                                                       | CUSIP: 051595BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15583.31     | 0.00%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group                                                                      | CUSIP: 74446CAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $266627.43    | 0.01%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Smith Crossing                                                                                                             | CUSIP: 45204FPS8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906914.50    | 0.03%             | 2031-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                                       | CUSIP: 04052BPH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $187931.02    | 0.01%             | 2030-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Gallatin County School District No. 44 Belgrade                                           | Gallatin County School District No. 44 Belgrade, School Building                                                                                       | CUSIP: 36370NEE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $377012.89    | 0.01%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                     | CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio, Series 2021A-1                                                           | CUSIP: 126292AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4065000 | PA      | $3077221.26   | 0.09%             | 2046-12-01      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                                 | School District of the City of Erie (The)                                                                                                              | CUSIP: 295425TU6<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108851.90   | 0.03%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                          | Energy Northwest, Columbia Generating Station                                                                                                          | CUSIP: 29270C2S3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44046.70     | 0.00%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                                                 | Erie City Water Authority, Series B                                                                                                                    | CUSIP: 295542PZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1384483.91   | 0.04%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hobart Building Corp.                                                                     | Hobart Building Corp., Ad Valorem Property Tax First Mortgage                                                                                          | CUSIP: 433747DJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $69627.12     | 0.00%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Salem Community Corp.                                                                                        | CUSIP: 57584Y2W8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    410000 | PA      | $375246.39    | 0.01%             | 2040-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                                | Orange County School Board                                                                                                                             | CUSIP: 684517RW7<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42250.70     | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc.                                                     | CUSIP: 928104MR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1617804.15   | 0.05%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020                                                                      | CUSIP: 64972GUE2<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26996.43     | 0.00%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                             | Central Plains Energy Project, Gas Project No. 5                                                                                                       | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2357935.62   | 0.07%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                         | Indiana Housing and Community Development Authority, Vita of Marion Project                                                                            | CUSIP: 45506CBC0<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    665000 | PA      | $582428.75    | 0.02%             | 2031-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Escambia County Health Facilities Authority                                               | Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group                                                                 | CUSIP: 296110GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3656249.28   | 0.10%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside Unified School District                                                         | Riverside Unified School District, Election of 2016                                                                                                    | CUSIP: 769059ZV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50076.65     | 0.00%             | 2042-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Advocate Health and Hospital Corp. Obligated Group                                                                         | CUSIP: 45204FHX6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     30000 | PA      | $29377.13     | 0.00%             | 2045-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Alto Independent School District                                                          | Alto Independent School District, Unlimited Tax                                                                                                        | CUSIP: 021537EF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28211.47     | 0.00%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                                    | Los Angeles Unified School District, Election of 2005                                                                                                  | CUSIP: 5446467S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4305000 | PA      | $4742872.31   | 0.13%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State University Dormitory Facilities, Series 2018A                                                                | CUSIP: 64990C8F1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4430000 | PA      | $4913910.16   | 0.14%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, City Art Institute                                                               | CUSIP: 60636AQD8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    210000 | PA      | $227409.23    | 0.01%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The), Subordinate Airport                                                                                    | CUSIP: 592190NK4<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   2440000 | PA      | $2552638.21   | 0.07%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                              | Kansas City Industrial Development Authority, City International Airport Terminal Modernization Project                                                | CUSIP: 48504NAV1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2385616.95   | 0.07%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                                       | California Community Housing Agency, Fountains at Emerald Park, Series 2021A-2                                                                         | CUSIP: 13013FAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2269878.58   | 0.06%             | 2046-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Itasca County Independent School District No. 318                                         | Itasca County Independent School District No. 318, School Building, Minnesota School District Credit Enhancement Program, Series 2018A                 | CUSIP: 465468DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1526351.96   | 0.04%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1192359.62   | 0.03%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                          | Energy Northwest, Columbia Generating Station, Series 2017-A                                                                                           | CUSIP: 29270CV51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5025000 | PA      | $5441141.36   | 0.15%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Milwaukee Area Technical College District                                                 | Milwaukee Area Technical College District, Promissory Notes                                                                                            | CUSIP: 602369AF7<br>LEI: 54930048I544G4TM9P14 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40305.71     | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St. Paul Metropolitan Airports Commission                                     | Minneapolis-St. Paul Metropolitan Airports Commission                                                                                                  | CUSIP: 603827F92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106338.27    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                        | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3645000 | PA      | $3739360.67   | 0.11%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albany-Dougherty Inner City Authority                                                     | Albany-Dougherty Inner City Authority, State University Projects                                                                                       | CUSIP: 012173JR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $477723.21    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, Capital Facilities Lease Appropriation Administrative Building Fund Projects, Series 2017A                                              | CUSIP: 67759HJZ8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    760000 | PA      | $832049.22    | 0.02%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                             | CUSIP: 11861MAV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $490697.52    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                                | Delaware Valley Regional Finance Authority                                                                                                             | CUSIP: 246579LR5<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2057578.20   | 0.06%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Will County Community Unit School District No. 365-U Valley View                          | Will County Community Unit School District No. 365-U Valley View                                                                                       | CUSIP: 969078SU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025720.10   | 0.03%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                             | Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion                                        | CUSIP: 696507UU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3530000 | PA      | $3530000.00   | 0.10%             | 2027-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tarrant Regional Water District Water Supply System Revenue                               | Tarrant Regional, Water Control and Improvement District, Water System                                                                                 | CUSIP: 876443PS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26108.40     | 0.00%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019                                                                           | CUSIP: 64972HX98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27776.66     | 0.00%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 411 Issaquah                                              | King County School District No. 411 Issaquah, Unlimited Tax                                                                                            | CUSIP: 4952244F1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33173.08     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Educational Health Cultural & Social Services Finance Authority                  | Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group                            | CUSIP: 63967UAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1282524.23   | 0.04%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                                 | DuBois Hospital Authority, Penn Highlands Healthcare                                                                                                   | CUSIP: 263804BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1799978.53   | 0.05%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus NE Combined Utilities System Revenue                                     | City of Columbus, Combined Utilities System                                                                                                            | CUSIP: 199437MS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $158122.86    | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois, Series 2021A                                                                                                                        | CUSIP: 452153AT6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2703650.55   | 0.08%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                               | Long Island Power Authority, Electric System                                                                                                           | CUSIP: 542691BR0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3240592.50   | 0.09%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                          | Port of Greater Cincinnati Development Authority, FC Cincinnati Public Improvements Project                                                            | CUSIP: 734195BQ2<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |    245000 | PA      | $209556.22    | 0.01%             | 2031-12-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                             | CUSIP: 74444KBF0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    735000 | PA      | $760634.96    | 0.02%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $350075.35    | 0.01%             | 2039-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182QR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8750000 | PA      | $9577713.25   | 0.27%             | 2040-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project                                                                           | CUSIP: 19648AX67<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    235000 | PA      | $233003.75    | 0.01%             | 2024-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709225DU7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2221979.18   | 0.06%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, California Lutheran University                                                                                 | CUSIP: 13048VDJ4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $156957.93    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, On Lok Senior Health Service                                                                         | CUSIP: 13032UYB8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     50000 | PA      | $49336.56     | 0.00%             | 2025-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| West Hills Community College District                                                     | West Hills Community College District                                                                                                                  | CUSIP: 95330NCL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55991.54     | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                   | CUSIP: 484008NT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253464.43    | 0.01%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State University Dormitory Facilities, Series 2017A                                                                | CUSIP: 64990CVD0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $818859.98    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152G70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4900000 | PA      | $5063881.48   | 0.14%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rockford IL                                                                       | City of Rockford, Sales Tax                                                                                                                            | CUSIP: 77316QJ91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $543336.38    | 0.02%             | 2029-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Berks PA                                                                        | County of Berks                                                                                                                                        | CUSIP: 084509WC8<br>LEI: 549300IPNC1J7IUNQB95 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20466.86     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Dieguito School Facilities Financing Authority                                        | San Dieguito School Facilities Financing Authority, Special Tax                                                                                        | CUSIP: 797506BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131181.68    | 0.00%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                                      | Oregon State Lottery                                                                                                                                   | CUSIP: 68607VU86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2644576.64   | 0.07%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Community Medical Center, Series 2017A                                                                         | CUSIP: 13048TQ71<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    900000 | PA      | $949180.68    | 0.03%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenfield Middle School Building Corp.                                                   | Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage                                                                        | CUSIP: 39501PGN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $564375.30    | 0.02%             | 2035-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                    | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBY4<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    110000 | PA      | $104166.33    | 0.00%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Holland School District/MI                                                                | Holland School District                                                                                                                                | CUSIP: 435236JZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25250.32     | 0.00%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                       | State of California, Various Purpose                                                                                                                   | CUSIP: 13062PBK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $618979.03    | 0.02%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgetown Independent School District                                                    | Georgetown Independent School District, Unlimited Tax                                                                                                  | CUSIP: 373046XQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31075.50     | 0.00%             | 2033-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161CS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $353427.85    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                                      | Oregon State Lottery                                                                                                                                   | CUSIP: 68607VU52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1890588.35   | 0.05%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                                       | Houston Independent School District, Maintenance Tax Notes                                                                                             | CUSIP: 442403NG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9700000 | PA      | $10786641.53  | 0.30%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                                      | City of Manhattan, Meadowlark Hills, Series 2021A                                                                                                      | CUSIP: 563017DZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $281882.91    | 0.01%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St. Paul Metropolitan Airports Commission                                     | Minneapolis-St. Paul Metropolitan Airports Commission                                                                                                  | CUSIP: 603827WX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37489.27     | 0.00%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Rapids Public Schools                                                               | Grand Rapids Public Schools, Unlimited Tax                                                                                                             | CUSIP: 386280RH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1500569.01   | 0.04%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSD Warren Township Vision 2005 School Building Corp./IN                                  | Metropolitan School District of Warren Township Vision 2005 School Building Corp., First Mortgage, Ad Valorem Property Tax                             | CUSIP: 553543EQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26136.75     | 0.00%             | 2032-07-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue                        | City of San Francisco, Public Utilities Commission                                                                                                     | CUSIP: 79765RJ42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1603627.35   | 0.05%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3380148.10   | 0.10%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                              | Mississippi Development Bank, Community College Improvement Project                                                                                    | CUSIP: 60534W5C8<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    230000 | PA      | $237955.01    | 0.01%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                          | Energy Northwest, Columbia Generating Station                                                                                                          | CUSIP: 29270CZ24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38880.43     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015                                                                      | CUSIP: 64972GEU4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     25000 | PA      | $24399.79     | 0.00%             | 2044-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sacramento City Financing Authority                                                       | Sacramento City Financing Authority, Master Lease Program Facilities                                                                                   | CUSIP: 785849WE6<br>LEI: 549300D8GE38KYE3NW14 | Long             | DBT              | MUN               | US        |    135000 | PA      | $138388.18    | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UJZ2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    235000 | PA      | $244207.09    | 0.01%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Whitley County Multi School Building Corp.                                                | Whitley County Multi School Building Corp.                                                                                                             | CUSIP: 966412GE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3456009.60   | 0.10%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capistrano Unified School District Community Facilities District No. 90-2                 | Capistrano Unified School District Community Facilities District No. 90-2, Special Tax                                                                 | CUSIP: 139708BJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35350.55     | 0.00%             | 2023-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, Holy Family University Project                                                                      | CUSIP: 71780TBH5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    835000 | PA      | $895116.66    | 0.03%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL                                                                      | County of Broward, Professional Sports Facilities, Civic Arena Project                                                                                 | CUSIP: 115062EC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40645.06     | 0.00%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                             | CUSIP: 11861MAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $701403.98    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                               | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project                                                     | CUSIP: 82170KAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4280000 | PA      | $3737109.39   | 0.11%             | 2054-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., New World Preparatory Charter School Project, Series 2021A                                                                   | CUSIP: 12008ERS7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    320000 | PA      | $238321.34    | 0.01%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Side Union High School District                                                      | East Side Union High School District                                                                                                                   | CUSIP: 275282MD0<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54185.86     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Commonspirit Health, Series 2019A-2                                                                       | CUSIP: 93978HWD3<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052082.20   | 0.03%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Beach Development Authority                                                      | Virginia Beach Development Authority, Public Facility                                                                                                  | CUSIP: 92774GKS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2793788.00   | 0.08%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Macombs Facility Project, Series 2021A                                                                       | CUSIP: 04052BQD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $330571.37    | 0.01%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Industrial Development Authority                                             | Bucks County Industrial Development Authority, Grand View Hospital Project                                                                             | CUSIP: 11861MBD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1058852.44   | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona State University                                                                  | Arizona State University, Series 2017B                                                                                                                 | CUSIP: 04048RSY3<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |    920000 | PA      | $996586.50    | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AER2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     80000 | PA      | $83635.29     | 0.00%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152LV1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     30000 | PA      | $29998.65     | 0.00%             | 2028-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2013A                                                           | CUSIP: 64990EKW6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3016000.80   | 0.09%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project                                                    | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1086917.85   | 0.03%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County Township High School District No. 225                                         | Cook County Township High School District No. 225, Glenbrook                                                                                           | CUSIP: 215777JW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15646.03     | 0.00%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                        | New York Liberty Development Corp.                                                                                                                     | CUSIP: 649519EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3165408.00   | 0.09%             | 2041-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Riverside County Transportation Commission Sales Tax Revenue                              | Riverside County Transportation Commission, Sales Tax                                                                                                  | CUSIP: 769125GS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $66483.76     | 0.00%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015                                                                     | CUSIP: 64971WMW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56820.25     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte County Industrial Development Authority/FL                                      | Charlotte County Industrial Development Authority, Town and Country Utilities Project, Series 2021A                                                    | CUSIP: 16080TAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $401476.40    | 0.01%             | 2041-10-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                      | County of Miami-Dade, Water and Sewer System                                                                                                           | CUSIP: 59334DKX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27398.60     | 0.00%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                                      | City of Manhattan, Meadowlark Hills, Series 2021A                                                                                                      | CUSIP: 563017EB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $373860.75    | 0.01%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Sarasota FL Second Guaranteed Entitlement Revenue                               | County of Sarasota, Guaranteed Entitlement                                                                                                             | CUSIP: 803311BE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25386.78     | 0.00%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UJW9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    135000 | PA      | $140039.64    | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Sacred Heart University                                                                 | CUSIP: 20775DJP8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1871357.43   | 0.05%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer, Junior Lien                                                                                                       | CUSIP: 825485WE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $528942.37    | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fargo ND                                                                          | City of Fargo                                                                                                                                          | CUSIP: 30747M3U8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $299330.78    | 0.01%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Suffolk University Issue                                                                                     | CUSIP: 57584YRS0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    440000 | PA      | $471636.04    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                               | California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2, Series 2022A                           | CUSIP: 13069AAT5<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   5450000 | PA      | $4302584.80   | 0.12%             | 2042-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Portland ME                                                                       | City of Portland                                                                                                                                       | CUSIP: 736560QU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25801.77     | 0.00%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Suffolk NY                                                                      | County of Suffolk, Public Improvement                                                                                                                  | CUSIP: 86476PH43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $913031.24    | 0.03%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                     | Illinois State Toll Highway Authority                                                                                                                  | CUSIP: 452252LH0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31701.56     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AHW8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    135000 | PA      | $142932.74    | 0.00%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                                   | City of Jacksonville                                                                                                                                   | CUSIP: 469400EL5<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $5817779.50   | 0.16%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Roseman University of Health Sciences Project                                                                                | CUSIP: 74442PVT9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    360000 | PA      | $325877.04    | 0.01%             | 2032-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project                                                                     | CUSIP: 19645UGB4<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |     35000 | PA      | $33874.34     | 0.00%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Windler Public Improvement Authority                                                      | Windler Public Improvement Authority, Limited Tax                                                                                                      | CUSIP: 973405AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $5799154.50   | 0.16%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Commonspirit Health, Series 2019A-1                                                                              | CUSIP: 19648FJU9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1962133.30   | 0.06%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie County Fiscal Stability Authority                                                    | Erie County Fiscal Stability Authority, Sales Tax and State Aid Secured                                                                                | CUSIP: 29508RKV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26954.33     | 0.00%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161CV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $402882.60    | 0.01%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Crossing Metropolitan District No. 2                                             | Colorado Crossing Metropolitan District No. 2, Limited Tax                                                                                             | CUSIP: 19645YAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $940577.33    | 0.03%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.                                                                       | CUSIP: 97712DXF8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     95000 | PA      | $101858.87    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FTX2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51559.42     | 0.00%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Mount Laurel NJ                                                               | Township of Mount Laurel                                                                                                                               | CUSIP: 621791QU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25144.72     | 0.00%             | 2023-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara County Financing Authority                                                    | Santa Clara County Financing Authority, County Facilities, Series 2019A                                                                                | CUSIP: 801577MS3<br>LEI: 549300A73O1Q5POHAT69 | Long             | DBT              | MUN               | US        |     25000 | PA      | $28066.74     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                           | Chester County Industrial Development Authority, Longwood Gardens Project                                                                              | CUSIP: 165588EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $337729.21    | 0.01%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 544495G73<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1297095.88   | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc.                                                     | CUSIP: 928104MP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1498294.70   | 0.04%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Unified School District/CA                                                       | Glendale Unified School District                                                                                                                       | CUSIP: 378460VT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25462.03     | 0.00%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Series 2015A                                                                                                                     | CUSIP: 25476FQS0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4391274.30   | 0.12%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Lawrence Technological University                                                                                          | CUSIP: 594479HM2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     50000 | PA      | $48402.58     | 0.00%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Macombs Facility Project, Series 2021A                                                                       | CUSIP: 04052BQF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $311548.78    | 0.01%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                         | State of Colorado, Building Excellent Schools Today, Series 2018N                                                                                      | CUSIP: 19668QKS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82561.34     | 0.00%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC                                                                          | CUSIP: 04052FDF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1556460.27   | 0.04%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                           | County of King, Sewer                                                                                                                                  | CUSIP: 4952898H6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32578.01     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Virginia Transportation Authority                                                | Northern Virginia Transportation Authority, Special Tax                                                                                                | CUSIP: 666045AK5<br>LEI: 2549008UDCIZ1V9YXF69 | Long             | DBT              | MUN               | US        |    300000 | PA      | $310470.66    | 0.01%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                | Virginia Commonwealth Transportation Board, Capital Projects                                                                                           | CUSIP: 927793E21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38582.30     | 0.00%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Buffalo NY                                                                        | City of Buffalo                                                                                                                                        | CUSIP: 119677PV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53483.40     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511JD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1742209.27   | 0.05%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                                     | County of Franklin, Health Care Facilities, Ohio Living Communities                                                                                    | CUSIP: 353180KN1<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    875000 | PA      | $846043.36    | 0.02%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Social Bonds-Learn Chapter School Project                                                                                  | CUSIP: 45204FLF0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    375000 | PA      | $333994.91    | 0.01%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Connecticut State University System                                                     | CUSIP: 20774YPR2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   4165000 | PA      | $4243190.79   | 0.12%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                 | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112TH9<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11119606.00  | 0.31%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986A2A8<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10061683.00  | 0.28%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $16585044.00  | 0.47%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Larimer County School District No. R-1 Poudre                                             | Larimer County School District No. R-1 Poudre                                                                                                          | CUSIP: 517138YB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2677260.04   | 0.08%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois, Series 2021A                                                                                                                        | CUSIP: 452153AQ2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5940000 | PA      | $6152087.11   | 0.17%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1640932.38   | 0.05%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8750000 | PA      | $9319836.75   | 0.26%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Burlington VT                                                                     | City of Burlington, Public Improvement                                                                                                                 | CUSIP: 122062E65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129776.04    | 0.00%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Children's National Medical Center                                                                           | CUSIP: 04052HBG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2601225.83   | 0.07%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                                 | Dallas Area Rapid Transit, Sales Tax, Senior Lien                                                                                                      | CUSIP: 235241UL8<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     45000 | PA      | $51583.10     | 0.00%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clayton County Development Authority                                                      | Clayton County Development Authority, Clayton State University                                                                                         | CUSIP: 184150GJ3<br>LEI: 549300MRIVF01QB6RF86 | Long             | DBT              | MUN               | US        |    270000 | PA      | $297334.13    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                         | Alabama Special Care Facilities Financing Authority-Birmingham, Children's Hospital Health Care Facility                                               | CUSIP: 090929GB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $116226.81    | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Convention & Sports Authority                                                  | Washington Convention and Sports Authority, Senior Lien Dedicated Tax, Series 2018A                                                                    | CUSIP: 93878LBU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4620000 | PA      | $5065004.87   | 0.14%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                               | CUSIP: 041806L24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $37396.26     | 0.00%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UKE7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410024.72    | 0.01%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                                   | Douglas County School District, Elkhorn Public Schools                                                                                                 | CUSIP: 259309M82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $363406.65    | 0.01%             | 2034-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Social Bonds-Learn Chapter School Project                                                                                  | CUSIP: 45204FLD5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    130000 | PA      | $127484.57    | 0.00%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue                                                                   | CUSIP: 574218Q30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001366.70   | 0.03%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Castaic Lake Water Agency                                                                 | Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project, Series 1999A                                                        | CUSIP: 14837KAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10445000 | PA      | $9657324.79   | 0.27%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Riley County Unified School District No. 383 Manhattan-Ogden                              | Riley County Unified School District No. 383, Manhattan-Ogden                                                                                          | CUSIP: 766651RE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $66192.42     | 0.00%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broome County Local Development Corp.                                                     | Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc.                                                                          | CUSIP: 114731BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $617181.64    | 0.02%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Swarthmore Borough Authority                                                              | Swarthmore Borough Authority, Swarthmore College                                                                                                       | CUSIP: 870000LV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50150.05     | 0.00%             | 2041-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                              | CUSIP: 18610PBN7<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    200000 | PA      | $195970.22    | 0.01%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Electric System Revenue                                                 | City of Tacoma, Electric System                                                                                                                        | CUSIP: 873519PD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37956.49     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511HQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534174.25    | 0.02%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                                     | County of Franklin, Health Care Facilities, Ohio Living Communities                                                                                    | CUSIP: 353180KS0<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    475000 | PA      | $437940.45    | 0.01%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017                                                                     | CUSIP: 64971W4X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2662192.85   | 0.08%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $3042733.82   | 0.09%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Springfield IL Electric Revenue                                                   | City of Springfield, Electric System, Senior Lien                                                                                                      | CUSIP: 850578TK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4686524.10   | 0.13%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                                                 | Erie City Water Authority, Series B                                                                                                                    | CUSIP: 295542QA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $894157.68    | 0.03%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                              | Clark County School District, Limited Tax, Series 2017A                                                                                                | CUSIP: 181059WW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2080000 | PA      | $2236652.29   | 0.06%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries                                                              | CUSIP: 97712JDZ3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    375000 | PA      | $354959.55    | 0.01%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                         | State of California Department of Water Resources, Central Valley Project, Water System                                                                | CUSIP: 13067WQS4<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     65000 | PA      | $74538.75     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, Renaissance Charter School, Inc. Project                                                    | CUSIP: 34061UFA1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    235000 | PA      | $215560.00    | 0.01%             | 2030-09-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FYI Properties                                                                            | FYI Properties, State of Washington District Project                                                                                                   | CUSIP: 302716BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7814301.12   | 0.22%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                                 | Delaware County Authority, Haverford College                                                                                                           | CUSIP: 246003NF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47393.87     | 0.00%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rowland Unified School District                                                           | Rowland Unified School District, Election of 2012                                                                                                      | CUSIP: 779631GH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2800950.63   | 0.08%             | 2043-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                           | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.                                                               | CUSIP: 13016NEG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $359190.20    | 0.01%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                              | CUSIP: 57421CBX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $186028.43    | 0.01%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452153CB3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4625310.00   | 0.13%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Will County Forest Preserve District                                                      | Will County Forest Preservation District, Limited Tax                                                                                                  | CUSIP: 968661HT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $571597.75    | 0.02%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                               | California State University, Systemwide, Series 2017A                                                                                                  | CUSIP: 13077DAT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2875000 | PA      | $3125199.18   | 0.09%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                         | Regional Transportation Authority                                                                                                                      | CUSIP: 759911TR1<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |     55000 | PA      | $65559.73     | 0.00%             | 2029-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Municipal Water Finance Authority, Water and Sewer System                                                                                | CUSIP: 64972GVY7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4987006.50   | 0.14%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Materra Campus Project, Series 2021A                                                                            | CUSIP: 546399NF9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1082817.90   | 0.03%             | 2041-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Energy Northwest                                                                          | Energy Northwest, Columbia Generating Station                                                                                                          | CUSIP: 29270C2R5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82873.64     | 0.00%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2020                                                                                                                     | CUSIP: 64966QFM7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     90000 | PA      | $97155.63     | 0.00%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, HonorHealth, Series 2019A                                                                            | CUSIP: 56678PAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050373.50   | 0.03%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                                   | Douglas County School District, Elkhorn Public Schools                                                                                                 | CUSIP: 259309M90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $362240.03    | 0.01%             | 2035-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District/CA                                                    | Los Angeles Unified School District, Election of 2005                                                                                                  | CUSIP: 5446467R7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2321381.09   | 0.07%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                         | City of Dallas                                                                                                                                         | CUSIP: 235219LV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2620127.80   | 0.07%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Plymouth Place, Inc.                                                                                                       | CUSIP: 45204FHR9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    315000 | PA      | $291806.11    | 0.01%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brevard County Health Facilities Authority                                                | Brevard County Health Facilities Authority, Health First, Inc., Project                                                                                | CUSIP: 10741LCZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1440622.96   | 0.04%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, On Lok Senior Health Service                                                                         | CUSIP: 13032UYF9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    150000 | PA      | $144556.86    | 0.00%             | 2029-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                                    | County of Baltimore, Metropolitan District, 2019 Crossover                                                                                             | CUSIP: 05914FL73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26134.07     | 0.00%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alameda County Joint Powers Authority                                                     | Alameda County Joint Powers Authority, Multiple Capital Projects                                                                                       | CUSIP: 010831CB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51285.09     | 0.00%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                                                   | CUSIP: 45470ECM5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1674177.71   | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated                                                                                                | CUSIP: 73358W3K8<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2796730.80   | 0.08%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax, Series 2018E                                                                                      | CUSIP: 64990AMP7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2146015.80   | 0.06%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Transportation Commission Sales Tax Revenue                              | Riverside County Transportation Commission, Sales Tax                                                                                                  | CUSIP: 769125EC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55695.99     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152D40<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25851.34     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Clara CA                                                                  | County of Santa Clara, Election of 2008                                                                                                                | CUSIP: 801546QK1<br>LEI: 254900JSVO2QQ5A3DV83 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27455.24     | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                             | San Francisco Bay Area Rapid Transit District, Election of 2004                                                                                        | CUSIP: 797661VP7<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |     55000 | PA      | $58269.49     | 0.00%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                             | CUSIP: 74444KBH6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514989.60    | 0.01%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax, Series 2014A                                                                                      | CUSIP: 64990ABU8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25673.25     | 0.00%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Clean Energy Project                                                                                  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  39435000 | PA      | $38906192.42  | 1.10%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated                                                                                                | CUSIP: 73358WV92<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    125000 | PA      | $135616.33    | 0.00%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries                                                              | CUSIP: 97712JDY6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    180000 | PA      | $173359.26    | 0.00%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport              | San Francisco City and County Airport Commission, San Francisco International Airport                                                                  | CUSIP: 79766DTM1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5065000 | PA      | $5528733.67   | 0.16%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The), Subordinate Airport                                                                                    | CUSIP: 592190NE8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    545000 | PA      | $598369.72    | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex North Shore Agricultural & Technical School District                                | Essex North Shore Agricultural and Technical School District, State Qualified School Bonds                                                             | CUSIP: 297138CQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $34599.77     | 0.00%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Cornerstone Charter Academy Project                                                                                 | CUSIP: 34061ULL0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    465000 | PA      | $467104.45    | 0.01%             | 2032-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Montgomery OH                                                                   | County of Montgomery, Dayton Children's Hospital                                                                                                       | CUSIP: 613520PB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $883983.46    | 0.02%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2872593.15   | 0.08%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Linn IA                                                                         | County of Linn                                                                                                                                         | CUSIP: 535784AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $508871.03    | 0.01%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, First Lien Wastewater Utility, CWA Authority Project                                                                        | CUSIP: 45505MFC5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     70000 | PA      | $74378.43     | 0.00%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No. 203 Piper                                    | Wyandotte County Unified School District No. 203 Piper, Series 2018A                                                                                   | CUSIP: 982685HW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073516.80   | 0.03%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tupelo MS                                                                         | City of Tupelo                                                                                                                                         | CUSIP: 899797D27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47550.89     | 0.00%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT                                                                     | County of Gallatin, Bozeman Fiber Project, Series 2021A                                                                                                | CUSIP: 363671BB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1810697.60   | 0.05%             | 2032-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                            | Sales Tax Securitization Corp.                                                                                                                         | CUSIP: 79467BBX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18250000 | PA      | $20073107.48  | 0.57%             | 2030-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Belton Independent School District                                                        | Belton Independent School District, Unlimited Tax                                                                                                      | CUSIP: 081077F38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25857.09     | 0.00%             | 2032-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                     | City of Chicago, Waterworks, Second Lien                                                                                                               | CUSIP: 167736B97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511047.00    | 0.01%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Children's National Medical Center                                                                           | CUSIP: 04052HBA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199816.94    | 0.01%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hollister Joint Powers Financing Authority                                                | Hollister Joint Powers Financing Authority                                                                                                             | CUSIP: 43564PCP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $70242.41     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182QK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4565000 | PA      | $4948443.57   | 0.14%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County Community Unit School District No. 365-U Valley View                          | Will County Community Unit School District No. 365-U Valley View                                                                                       | CUSIP: 969078SY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1557194.05   | 0.04%             | 2036-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                        | County of Clark, Las Vegas Convention and Visitors Authority, Limited Tax                                                                              | CUSIP: 180848PG2<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76499.94     | 0.00%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                               | California State University, Systemwide                                                                                                                | CUSIP: 13077C4C5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31219.88     | 0.00%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                                          | City of Erie, Higher Education Building Authority, Gannon University Project - AICUP Financing Program                                                 | CUSIP: 295435CR0<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    100000 | PA      | $91325.35     | 0.00%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Toll Road Authority (The)                                                   | Harris County Toll Road Authority (The), Senior Lien                                                                                                   | CUSIP: 41423PAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35601.15     | 0.00%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1334597.52   | 0.04%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511HU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $554660.30    | 0.02%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                     | City of Columbia                                                                                                                                       | CUSIP: 198504J45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $145106.26    | 0.00%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                                 | Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project                                                                      | CUSIP: 190813SB2<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1326677.33   | 0.04%             | 2045-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                                           | Menlo Park City School District, Capital Appreciation                                                                                                  | CUSIP: 586840MN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $437889.85    | 0.01%             | 2035-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Central Charter School Project                                                                                      | CUSIP: 34061ULG1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    350000 | PA      | $321993.28    | 0.01%             | 2037-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| County of Franklin OH                                                                     | County of Franklin, Health Care Facilities, Ohio Living Communities                                                                                    | CUSIP: 353180KL5<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    225000 | PA      | $222115.05    | 0.01%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Wellforce Issue                                                                                              | CUSIP: 57584YC23<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1260922.23   | 0.04%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                       | Idaho Housing and Finance Association, Federal Highway Trust                                                                                           | CUSIP: 45129WMR8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   4800000 | PA      | $5160507.84   | 0.15%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Champaign County Community Unit School District No. 4 Champaign                           | Champaign County Community Unit School District No. 4 Champaign, School Building                                                                       | CUSIP: 158249LJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $323775.71    | 0.01%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children's Medical Center                                                   | CUSIP: 87638QQD4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54725.61     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190QY1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   9470000 | PA      | $9905727.96   | 0.28%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                      | Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System                                                         | CUSIP: 70917SSH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102867.17    | 0.00%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Easton Area School District                                                               | Easton Area School District                                                                                                                            | CUSIP: 277695LF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55306.39     | 0.00%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels                                                                                        | CUSIP: 89602NZM9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2505099.75   | 0.07%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Fire Protection District No. 2                                                | King County Fire Protection District No. 2, Unlimited Tax                                                                                              | CUSIP: 49475BBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129709.16    | 0.00%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Plainfield High School Building Corp.                                                     | Plainfield High School Building Corp., Ad Valorem Property Tax, First Mortgage                                                                         | CUSIP: 726286FN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33158.83     | 0.00%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                             | North Texas Tollway Authority                                                                                                                          | CUSIP: 66285WM29<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    525000 | PA      | $526036.40    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2021A                                                                                                | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   9430000 | PA      | $9447541.69   | 0.27%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                              | CUSIP: 18610PBE7<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    225000 | PA      | $253758.76    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jackson MO                                                                      | County of Jackson, Special Obligation                                                                                                                  | CUSIP: 467578GV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25338.09     | 0.00%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                        | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3135011.40   | 0.09%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Matagorda County Navigation District No. 1                                                | Matagorda County Navigation District No.1, Pollution Control, Central Power and Light Co. Project                                                      | CUSIP: 576528DT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4625000 | PA      | $4130551.43   | 0.12%             | 2029-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Area School District/PA                                                      | Wilkes-Barre Area School District                                                                                                                      | CUSIP: 968261NP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1361826.30   | 0.04%             | 2044-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Sierra View Local Health Care District/CA                                                 | Sierra View Local Health Care District                                                                                                                 | CUSIP: 82650PDJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $177604.17    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts, Consolidated Loan of 2017                                                                                               | CUSIP: 57582RMP8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   9145000 | PA      | $9964146.00   | 0.28%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Kendal on Hudson Project                                                                                   | CUSIP: 95737TFC5<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    260000 | PA      | $259756.80    | 0.01%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                              | CUSIP: 18610PBH0<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    200000 | PA      | $222587.52    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                        | New York Liberty Development Corp., Secured by Port Authority                                                                                          | CUSIP: 649519ER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1455255.20   | 0.04%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Bay Area Water Supply & Conservation Agency                                               | Bay Area Water Supply and Conservation Agency, Series 2013A                                                                                            | CUSIP: 072031BE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60487.44     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Rapids Charter Township Economic Development Corp.                                  | Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project                                                    | CUSIP: 386211BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4575000 | PA      | $4392875.66   | 0.12%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                             | Cypress-Fairbanks Independent School District, Unlimited Tax                                                                                           | CUSIP: 232769FG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28109.55     | 0.00%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270177.85    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cincinnati OH Water System Revenue                                                | City of Cincinnati, Water System                                                                                                                       | CUSIP: 172311KZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30728.99     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects                                                         | CUSIP: 34061UJL3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    170000 | PA      | $164855.07    | 0.00%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $247569.45    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Center Metropolitan District No. 1                                              | Jefferson Center Metropolitan District No. 1                                                                                                           | CUSIP: 47248EAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $241306.36    | 0.01%             | 2040-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                                       | Port of Portland, International Airport                                                                                                                | CUSIP: 735240X65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2365473.25   | 0.07%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                                    | Lewisville Independent School District, Unlimited Tax                                                                                                  | CUSIP: 5288287F7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10387.26     | 0.00%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries                                                              | CUSIP: 97712JDX8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    175000 | PA      | $170492.44    | 0.00%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                   | CUSIP: 20772JSN3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40294.70     | 0.00%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                            | Buckeye Tobacco Settlement Financing Authority, Class 1                                                                                                | CUSIP: 118217CV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1864561.60   | 0.05%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan St. Louis Sewer District                                                     | Metropolitan St. Louis Sewer District, Wastewater System Improvement                                                                                   | CUSIP: 592481HG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2207656.34   | 0.06%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                               | San Diego County Regional Airport Authority, Subordinate Airport                                                                                       | CUSIP: 79739GKV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27985.18     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                     | CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio                                                                             | CUSIP: 126292BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13400000 | PA      | $9707345.92   | 0.27%             | 2047-03-01      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                              | Alaska Housing Finance Corp., State Capital Project                                                                                                    | CUSIP: 011839UZ8<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21353.79     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark Regional Wastewater District                                                        | Clark Regional Wastewater District                                                                                                                     | CUSIP: 181584AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $117708.65    | 0.00%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer, Junior Lien                                                                                                       | CUSIP: 825485XK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $337075.08    | 0.01%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                                               | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project                                                                     | CUSIP: 048501JG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $66860.21     | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Henderson KY                                                                      | City of Henderson, Series 2022B                                                                                                                        | CUSIP: 425099AD0<br>LEI: 549300UJ32J1O26W1T80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $453817.55    | 0.01%             | 2042-01-01      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Appalachian Regional Healthcare System Obligated Group                                                                       | CUSIP: 74444KBT0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    375000 | PA      | $387562.58    | 0.01%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Municipal Transportation Agency                                             | San Francisco Municipal Transportation Agency                                                                                                          | CUSIP: 797686DS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $65308.96     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                      | City of Charlotte, Airport Special Facilities, Charlotte Douglas International Airport                                                                 | CUSIP: 161036MD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26815.64     | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority                                                                                                         | CUSIP: 6461365D9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2157763.00   | 0.06%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Suffolk University Issue                                                                                     | CUSIP: 57584YRT8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    720000 | PA      | $769984.13    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                                  | University of Utah (The)                                                                                                                               | CUSIP: 915183VM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40675.70     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                              | CUSIP: 57421CCD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $409755.87    | 0.01%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Grand Concourse Academy Charter School                                                                                       | CUSIP: 12008ESY3<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303397.80    | 0.01%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                             | CUSIP: 74444KBJ2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $708929.18    | 0.02%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UKD9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    380000 | PA      | $390964.06    | 0.01%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Victoria TX Utility System Revenue                                                | City of Victoria, Utility System                                                                                                                       | CUSIP: 926336JT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $276480.22    | 0.01%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Will IL                                                                         | County of Will                                                                                                                                         | CUSIP: 968657HL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60820.58     | 0.00%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5175000 | PA      | $5381233.58   | 0.15%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2017                                                                                                                     | CUSIP: 64966MGU7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609J49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302935.56    | 0.01%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                    | City of Mesa, Utility System                                                                                                                           | CUSIP: 590545H77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45136.22     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project                                                          | CUSIP: 95737TES1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |  10450000 | PA      | $8812429.62   | 0.25%             | 2041-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series 2018A                                                            | CUSIP: 6461363N9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   9585000 | PA      | $10089545.77  | 0.28%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $322847.37    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                       | California State Public Works Board, California State University, Various University Projects, Series 2013H                                            | CUSIP: 13068LKA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8275000 | PA      | $8431030.09   | 0.24%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                           | California Community Choice Financing Authority, Green Bond                                                                                            | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | STIV             | MUN               | US        |   2935000 | PA      | $2934061.68   | 0.08%             | 2053-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1281453.45   | 0.04%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County Forest Preserve District                                                      | Will County Forest Preservation District, Limited Tax                                                                                                  | CUSIP: 968661HV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $1034796.47   | 0.03%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                                   | City of Jacksonville, Series 2016A                                                                                                                     | CUSIP: 469487KN1<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107373.94    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Franklin IN                                                                       | City of Franklin, Otterbeit Homes                                                                                                                      | CUSIP: 353593DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $425378.36    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Triad Educational Services, Inc., Series 2021A                                                                               | CUSIP: 74442EHN3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    450000 | PA      | $431861.40    | 0.01%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                                | Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project                                                          | CUSIP: 61075YAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $244778.23    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mississippi Development Bank                                                              | Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project                                     | CUSIP: 60534WBY3<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36819.18     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                                      | City of Charlotte, Airport Special Facilities, Charlotte Douglas International Airport                                                                 | CUSIP: 161036PQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28096.37     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                        | City of Houston, Combined Utility System, First Lien                                                                                                   | CUSIP: 44244CGY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40233.44     | 0.00%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                                     | County of Franklin, Health Care Facilities, Ohio Living Communities                                                                                    | CUSIP: 353180KT8<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    365000 | PA      | $333766.18    | 0.01%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Memorial Health System                                                                                                     | CUSIP: 45204ET57<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    320000 | PA      | $342546.59    | 0.01%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Energy Agency of Nebraska                                                       | Municipal Energy Agency of Nebraska, Power Supply System                                                                                               | CUSIP: 625914KQ8<br>LEI: N31S7V1JSNSIMBEEGT03 | Long             | DBT              | MUN               | US        |    180000 | PA      | $202455.25    | 0.01%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Ascend Leadership Academy Project, Series 2021A                                                                              | CUSIP: 744396GS5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1035000 | PA      | $866164.28    | 0.02%             | 2041-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2020                                                                                                                     | CUSIP: 64966QFF2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27832.51     | 0.00%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No. 44 Belgrade                                           | Gallatin County School District No. 44 Belgrade, School Building                                                                                       | CUSIP: 36370NED3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $420601.66    | 0.01%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Rosa Regional Resources Authority                                                   | Santa Rosa Regional Resources Authority, Facilities Acquisition and Improvement Projects                                                               | CUSIP: 802629AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110053.18    | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                        | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3651023.95   | 0.10%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471AST0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1176140.24   | 0.03%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                                        | Greater Orlando Aviation Authority, Airport Facilities                                                                                                 | CUSIP: 3922742C9<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1890700.66   | 0.05%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwest Houston Redevelopment Authority                                                 | Southwest Houston Redevelopment Authority, Tax Increment                                                                                               | CUSIP: 845045BS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $231907.50    | 0.01%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, On Lok Senior Health Service                                                                         | CUSIP: 13032UYA0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99188.19     | 0.00%             | 2024-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152A27<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    700000 | PA      | $719304.04    | 0.02%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2012A                                                           | CUSIP: 64990EMS3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10244150.00  | 0.29%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986DJQ9<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |    150000 | PA      | $163385.06    | 0.00%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburg Unified School District                                                         | Pittsburg Unified School District                                                                                                                      | CUSIP: 724581RM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55896.15     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                           | Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Series 2018A                                                | CUSIP: 01728A3P9<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   8785000 | PA      | $9410287.31   | 0.27%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rocky Mountain Rail Park Metropolitan District                                            | Rocky Mountain Rail Park Metropolitan District, Limited Tax                                                                                            | CUSIP: 774762AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $644355.38    | 0.02%             | 2041-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Longview Independent School District                                                      | Longview Independent School District, Unlimited Tax                                                                                                    | CUSIP: 543264XV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83917.12     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries                                                              | CUSIP: 97712JEB5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    405000 | PA      | $373334.87    | 0.01%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission                                                                                                            | CUSIP: 67756DH90<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    340000 | PA      | $348428.97    | 0.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ASQ6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534131.60    | 0.02%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                                 | DuBois Hospital Authority, Penn Highlands Healthcare                                                                                                   | CUSIP: 263804BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1526808.97   | 0.04%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                                 | Florida Atlantic University Finance Corp., Student Housing Project                                                                                     | CUSIP: 31200CBU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105124.21    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ASU7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    760000 | PA      | $802799.55    | 0.02%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community College Financing Authority                                          | California Community College Financing Authority, West Valley Mission Community College District                                                       | CUSIP: 13012EW38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58266.23     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group, Series 2019A                                                                 | CUSIP: 93515PDB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $790180.66    | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing Community College                                                                 | Lansing Community College, Building and Site, Limited Tax                                                                                              | CUSIP: 516408JC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $657142.02    | 0.02%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Franklin IN                                                                       | City of Franklin, Otterbeit Homes                                                                                                                      | CUSIP: 353593DT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $789508.70    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Erie Higher Education Building Authority                                          | City of Erie, Higher Education Building Authority, Gannon University Project - AICUP Financing Program                                                 | CUSIP: 295435CS8<br>LEI: 549300JDMWBZICIGLV66 | Long             | DBT              | MUN               | US        |    100000 | PA      | $85965.39     | 0.00%             | 2041-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Tower Health Project                                                                                           | CUSIP: 084538JB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2985000 | PA      | $2677740.82   | 0.08%             | 2040-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                                 | City of Salt Lake, International Airport                                                                                                               | CUSIP: 795576JD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25801.61     | 0.00%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Smith Crossing                                                                                                             | CUSIP: 45204FPM1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    465000 | PA      | $449911.87    | 0.01%             | 2026-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                                         | Hudson Yards Infrastructure Corp., Second Indenture                                                                                                    | CUSIP: 44420RAR1<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21605.59     | 0.00%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha School District                                                                     | Douglas County, Omaha School District No. 001                                                                                                          | CUSIP: 259291PY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10019871.00  | 0.28%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                      | Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project                                                      | CUSIP: 19645UEQ3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    555000 | PA      | $485011.45    | 0.01%             | 2040-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990E5L7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25133.34     | 0.00%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                                      | County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility                                                | CUSIP: 181006HA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205496.30    | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Gas Project No. 8, Series 2022A                                                                                        | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |  18140000 | PA      | $17363584.42  | 0.49%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Hampton PA                                                                    | Township of Hampton                                                                                                                                    | CUSIP: 409468JN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44971.46     | 0.00%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sierra View Local Health Care District/CA                                                 | Sierra View Local Health Care District                                                                                                                 | CUSIP: 82650PDH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $164969.20    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spring-Ford Area School District                                                          | Spring-Ford Area School District                                                                                                                       | CUSIP: 849534RP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50622.77     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Transportation Program                                                                                 | CUSIP: 64613CAE8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2791197.60   | 0.08%             | 2042-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                     | California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund                                                              | CUSIP: 13034ASF8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27368.19     | 0.00%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                              | Commonwealth of Pennsylvania, Series 2018A                                                                                                             | CUSIP: 709144NM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $439146.80    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Irving TX                                                                         | City of Irving, Hotel Occupancy, Occupancy Tax                                                                                                         | CUSIP: 463777Z39<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43973.84     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                                       | University of North Carolina, School of the Arts                                                                                                       | CUSIP: 91472AAP0<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1510464.80   | 0.04%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                             | Berks County Industrial Development Authority, Tower Health Project                                                                                    | CUSIP: 08451PAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $298328.03    | 0.01%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus GA Water & Sewerage Revenue                                              | City of Columbus, Water and Sewerage, Series 2014A                                                                                                     | CUSIP: 199144VL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $459362.78    | 0.01%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                          | Pennsylvania Turnpike Commission                                                                                                                       | CUSIP: 709225DT0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1492922.40   | 0.04%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                                        | State of Louisiana                                                                                                                                     | CUSIP: 546417CL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3800324.92   | 0.11%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Huntsville AL                                                                     | City of Huntsville, Warrants                                                                                                                           | CUSIP: 447025H75<br>LEI: 549300FQXH802SS93031 | Long             | DBT              | MUN               | US        |     70000 | PA      | $76772.86     | 0.00%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                                         | State of California Department of Water Resources, Central Valley Project, Water System                                                                | CUSIP: 13066K4C0<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2016                                                                           | CUSIP: 64972HYM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31574.33     | 0.00%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                              | Massachusetts Bay Transportation Authority, Sales Tax, Series 2006A                                                                                    | CUSIP: 575579LJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5778211.50   | 0.16%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                                   | Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1                                                                                   | CUSIP: 88423EAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1130491.18   | 0.03%             | 2051-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Southwest Houston Redevelopment Authority                                                 | Southwest Houston Redevelopment Authority, Tax Increment                                                                                               | CUSIP: 845045BQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $237614.60    | 0.01%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                                      | Oregon State Lottery, Series 2015C                                                                                                                     | CUSIP: 68607VN35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210608.58    | 0.01%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                             | CUSIP: 74444KAZ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    680000 | PA      | $728514.40    | 0.02%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi Gaming Tax Revenue                                                   | State of Mississippi, Gaming Tax, Series 2019A                                                                                                         | CUSIP: 605638BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1060961.82   | 0.03%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, Newark Charter School, Inc., Project                                                                    | CUSIP: 246372AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $526177.27    | 0.01%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                      | Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2                                                              | CUSIP: 59561TAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1110025.73   | 0.03%             | 2024-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Washington Higher Education Facilities Authority                                          | Washington Higher Education Facilities Authority, Seattle University Project                                                                           | CUSIP: 9397813V0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $386802.59    | 0.01%             | 2039-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                                  | San Antonio Water System, Junior Lien                                                                                                                  | CUSIP: 79642B3V3<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1214286.08   | 0.03%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                 | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112SP2<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |  17400000 | PA      | $18035428.86  | 0.51%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015                                                                     | CUSIP: 64971WGK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102473.19    | 0.00%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, United Airlines, Inc., Terminal Improvements Projects                                                                 | CUSIP: 442349GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3014301.24   | 0.08%             | 2041-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152P88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  15715000 | PA      | $16128568.51  | 0.45%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital                                                         | CUSIP: 60637AQT2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    300000 | PA      | $305106.60    | 0.01%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871AY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $906774.96    | 0.03%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                      | County of Miami-Dade, Water and Sewer System                                                                                                           | CUSIP: 59334DLU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42123.80     | 0.00%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing Community College                                                                 | Lansing Community College, Building and Site, Limited Tax                                                                                              | CUSIP: 516408JE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $693454.10    | 0.02%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                     | Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities                                                               | CUSIP: 140427BE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $558807.54    | 0.02%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609J56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $438583.14    | 0.01%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017                                                                     | CUSIP: 64971W6V7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27189.99     | 0.00%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Joint Powers Financing Authority                                                | San Mateo Joint Powers Financing Authority, Maple Street Correctional Center                                                                           | CUSIP: 79904NEE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77716.07     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Eagle CO                                                                        | County of Eagle                                                                                                                                        | CUSIP: 26947NCN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26486.82     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                                     | County of Franklin, Health Care Facilities, Ohio Living Communities                                                                                    | CUSIP: 353180KP6<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    925000 | PA      | $882196.92    | 0.02%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, New York University                                                                                                | CUSIP: 64990GJQ6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27290.11     | 0.00%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AMS1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    225000 | PA      | $239343.23    | 0.01%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downey Public Finance Authority                                                           | Downey Public Finance Authority                                                                                                                        | CUSIP: 260890AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.00%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Middleburg Heights OH                                                             | City of Middleburg Heights, Southwest General Health Center Project, Tax-Exempt                                                                        | CUSIP: 596126CW0<br>LEI: 549300YPL4J3W5PGVS22 | Long             | DBT              | MUN               | US        |    905000 | PA      | $837867.91    | 0.02%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, State Revolving Fund Program                                                                                                | CUSIP: 45506DDN2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3012521.70   | 0.08%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Adams CO                                                                        | County of Adams                                                                                                                                        | CUSIP: 005596EC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1162502.44   | 0.03%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                               | JEA Electric System                                                                                                                                    | CUSIP: 46613SJH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10081.91     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                                       | City of San Jose, Disaster Preparedness, Public Safety and Infrastructure, Series 2019A-1                                                              | CUSIP: 798135C80<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27772.65     | 0.00%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2285000 | PA      | $1696098.83   | 0.05%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No. 44 Belgrade                                           | Gallatin County School District No. 44 Belgrade, School Building                                                                                       | CUSIP: 36370NDU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276098.05    | 0.01%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                                 | School District of the City of Erie (The), Limited Tax                                                                                                 | CUSIP: 295425TF9<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |    825000 | PA      | $907395.47    | 0.03%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                                               | CUSIP: 01728RPQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $675923.78    | 0.02%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Sports Facilities Authority (The)                                                | Illinois Sports Facilities Authority (The), State Tax                                                                                                  | CUSIP: 452143FP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1581367.80   | 0.04%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                          | Regional Transportation District, Denver Transit Partners                                                                                              | CUSIP: 759151BP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1882870.71   | 0.05%             | 2033-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Water Finance Agency                                                                 | Utah Water Finance Agency, Loan Financing Program                                                                                                      | CUSIP: 917572YD5<br>LEI: 5493008FZQW2WEDN4040 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55522.04     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511HZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1350066.75   | 0.04%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, Motor Vehicle Surcharges                                                                                    | CUSIP: 64578JBF2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    200000 | PA      | $197278.88    | 0.01%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Ottawa Public Schools                                                                | West Ottawa Public Schools                                                                                                                             | CUSIP: 955023VV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1060305.60   | 0.03%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                           | Lexington County Health Services District, Inc., LexMed Obligated Group                                                                                | CUSIP: 529050EU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201602.50    | 0.01%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                              | CUSIP: 18610PBK3<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201500.06    | 0.01%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan St. Louis Sewer District                                                     | Metropolitan St. Louis Sewer District, Wastewater System Improvement                                                                                   | CUSIP: 592481GY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1738901.36   | 0.05%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511HT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $555950.90    | 0.02%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UAB Medicine Finance Authority                                                            | UAB Medicine Finance Authority                                                                                                                         | CUSIP: 902562DB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $59201.95     | 0.00%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                                     | Illinois State Toll Highway Authority                                                                                                                  | CUSIP: 452252PE3<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27545.86     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwest Houston Redevelopment Authority                                                 | Southwest Houston Redevelopment Authority, Tax Increment                                                                                               | CUSIP: 845045BR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261937.03    | 0.01%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609J72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $164309.08    | 0.00%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                   | CUSIP: 20772KGE3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2498532.55   | 0.07%             | 2036-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arizona (The)                                                               | University of Arizona (The)                                                                                                                            | CUSIP: 040484KU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10322.19     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FYI Properties                                                                            | FYI Properties, State of Washington District Project                                                                                                   | CUSIP: 302716BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4915000 | PA      | $5300290.78   | 0.15%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                           | Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Series 2018A                                                | CUSIP: 01728A3Q7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5352848.00   | 0.15%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542811.85    | 0.02%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Macomb Interceptor Drain Drainage District                                                | Macomb Interceptor Drain Drainage District, Limited Tax                                                                                                | CUSIP: 55539PDA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $94382.39     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Auxiliary Facilities System                                                                                              | CUSIP: 665245YJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $699083.00    | 0.02%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                            | CUSIP: 613603D71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $637923.13    | 0.02%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Erie City Water Authority                                                                 | Erie City Water Authority                                                                                                                              | CUSIP: 295542PT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35447.45     | 0.00%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Social Bonds-Learn Chapter School Project                                                                                  | CUSIP: 45204FLB9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    120000 | PA      | $118708.16    | 0.00%             | 2028-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                               | Southeast Alabama Gas Supply District (The), Project No. 1, Series 2018A                                                                               | CUSIP: 84131TAF9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |  34000000 | PA      | $33959057.20  | 0.96%             | 2049-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Grand Concourse Academy Charter School                                                                                       | CUSIP: 12008ESZ0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    350000 | PA      | $348084.80    | 0.01%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Tiffin University 2019 Project                                                                            | CUSIP: 67756DUS3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    585000 | PA      | $543631.84    | 0.02%             | 2026-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                          | City of Los Angeles, Wastewater System, Series 2013A                                                                                                   | CUSIP: 53945CAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $12660668.75  | 0.36%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                          | Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning, Series 2021A                                                    | CUSIP: 816686AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $173709.53    | 0.00%             | 2041-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| County of Franklin OH                                                                     | County of Franklin, Health Care Facilities, Ohio Living Communities                                                                                    | CUSIP: 353180KR2<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    385000 | PA      | $357849.38    | 0.01%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spokane County School District No. 81 Spokane                                             | Spokane County School District No. 81, Unlimited Tax                                                                                                   | CUSIP: 848712RB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33884.69     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                           | Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Series 2018A                                                | CUSIP: 01728A3N4<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7521264.80   | 0.21%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction                                                                              | CUSIP: 64577B7D0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2162330.31   | 0.06%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Imagine School at Broward Project                                                                                   | CUSIP: 34061UDJ4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    265000 | PA      | $261447.12    | 0.01%             | 2029-12-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                                       | U.S. Treasury 10 Year Ultra Note                                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -834 | NC      | $-1018188.90  | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609H82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203154.02    | 0.01%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                          | Raleigh Durham Airport Authority                                                                                                                       | CUSIP: 751073MQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28092.63     | 0.00%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts, Consolidated Loan of 2016                                                                                               | CUSIP: 57582RME3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  13125000 | PA      | $13220290.13  | 0.37%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Rush University Medical Center Obligated Group                                                                             | CUSIP: 45203HP71<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $1861567.17   | 0.05%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                                | Duluth Independent School District No. 709                                                                                                             | CUSIP: 264474HL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $198435.22    | 0.01%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cambria PA                                                                      | County of Cambria                                                                                                                                      | CUSIP: 132033JJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517417.00    | 0.01%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                                | Monroe County Industrial Development Corp., Rochester Schools Modernization Project                                                                    | CUSIP: 610730CH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $880537.55    | 0.02%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group                                                                      | CUSIP: 74446CAD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1420644.81   | 0.04%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc.                                                     | CUSIP: 928104MS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1612905.00   | 0.05%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                         | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                            | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  67872543 | NS      | $67906478.85  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| San Marcos Unified School District                                                        | San Marcos Unified School, District No. 4, Community Facilities, Special Tax                                                                           | CUSIP: 798762KX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57135.19     | 0.00%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                                   | City of Phoenix Civic Improvement Corp., Senior Lien, Airport System                                                                                   | CUSIP: 71883MNS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039766.90   | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Military Installation Development Authority                                               | Military Installation Development Authority, Tax Allocation, Series 2021A-2                                                                            | CUSIP: 599772AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $966296.82    | 0.03%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Du Page IL                                                                      | County of Du Page, Courthouse Project                                                                                                                  | CUSIP: 262633QN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $778716.26    | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190QS4<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1650707.70   | 0.05%             | 2037-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp./NY                                             | Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project                                                    | CUSIP: 61075YAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $633297.42    | 0.02%             | 2040-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 5444957A6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    275000 | PA      | $285795.73    | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                         | Salem Hospital Facility Authority, Capital Manor Project                                                                                               | CUSIP: 794458GJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $308711.96    | 0.01%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                             | Berks County Industrial Development Authority, Tower Health Project                                                                                    | CUSIP: 08451PAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1021467.72   | 0.03%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach, John Knox Village Project                                                                                                       | CUSIP: 732203BB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1885418.33   | 0.05%             | 2035-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                 | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System                                                              | CUSIP: 414009JA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $191689.90    | 0.01%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc.                                                                             | CUSIP: 45204EYQ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $415784.36    | 0.01%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue                                                                   | CUSIP: 574218Q22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005057.80   | 0.03%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                       | City of New York, Fiscal Year 2013, Series 2013J                                                                                                       | CUSIP: 64966KYW7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55899.81     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871AT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $598296.64    | 0.02%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Mercy Health System                                                                                                        | CUSIP: 45204EBK3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20960.74     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University                                                                                                                           | CUSIP: 665245YB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $441382.26    | 0.01%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AFD2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     70000 | PA      | $75290.24     | 0.00%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Water Authority                                                            | Fairfax County Water Authority                                                                                                                         | CUSIP: 303891ST3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3711824.90   | 0.10%             | 2025-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| McClain County Economic Development Authority                                             | McClain County Economic Development Authority, Educational Facilities, Blanchard Public Schools Project                                                | CUSIP: 57947PDM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $701657.91    | 0.02%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016                                                                     | CUSIP: 64971WC57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31863.66     | 0.00%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utica Community Schools/MI                                                                | Utica Community Schools, School Building and Site, Unlimited Tax                                                                                       | CUSIP: 917661T75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27772.80     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Chester Area School District                                                         | West Chester Area School District                                                                                                                      | CUSIP: 9520304Q4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40461.15     | 0.00%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tacoma Metropolitan Park District                                                         | Tacoma Metropolitan Park District, Unlimited Tax                                                                                                       | CUSIP: 592240VS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1838919.60   | 0.05%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mequon WI Water System Revenue                                                    | City of Mequon, Water System                                                                                                                           | CUSIP: 58731TBV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25873.02     | 0.00%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Steel Point Infrastructure Improvement District                                           | Steel Point Infrastructure Improvement District, Steelpointe Harbor Project                                                                            | CUSIP: 85814YAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $279338.13    | 0.01%             | 2031-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The), Subordinate Airport                                                                                    | CUSIP: 592190PE6<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    625000 | PA      | $651281.44    | 0.02%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer, Junior Lien, Series 2018C                                                                                         | CUSIP: 825485WW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $435175.28    | 0.01%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2022B                                                                                                | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  13780000 | PA      | $14214938.14  | 0.40%             | 2052-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Pebble Campus Project                                                                                        | CUSIP: 04052BMB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $387312.61    | 0.01%             | 2040-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                                        | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                                    | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  18045000 | PA      | $18599871.12  | 0.52%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                                 | Central Texas Regional Mobility Authority, Senior Lien                                                                                                 | CUSIP: 155498LU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972170.50    | 0.03%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Local Government Loan Program, Detroit Water and Sewerage Department Water Supply System Local Project                     | CUSIP: 59447PF48<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51226.33     | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452153CW7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12533134.80  | 0.35%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, Transit Transportation Project                                                                              | CUSIP: 64577XBA3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1456799.10   | 0.04%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                               | Oklahoma Turnpike Authority, Second Senior                                                                                                             | CUSIP: 679111XB5<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2104402.20   | 0.06%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                             | Delaware State Economic Development Authority, Newark Charter School, Inc., Project                                                                    | CUSIP: 246372AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $604757.40    | 0.02%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Rockwood Retirement Communities Project                                                                   | CUSIP: 939783D52<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   7050000 | PA      | $6177437.01   | 0.17%             | 2027-07-01      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                           | New York City Water and Sewer System, Second General Resolution, Fiscal Year 2018                                                                      | CUSIP: 64972GRX4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53199.93     | 0.00%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                             | Berks County Industrial Development Authority, Tower Health Project                                                                                    | CUSIP: 08451PAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $466966.05    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, The Carmelite System, Inc., Obligated Group                                                                                  | CUSIP: 74442PQR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    835000 | PA      | $785869.10    | 0.02%             | 2028-01-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Kingsport TN                                                                      | City of Kingsport                                                                                                                                      | CUSIP: 496443SY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $115735.22    | 0.00%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue               | Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured, Subordinated                            | CUSIP: 57563CFK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44040.66     | 0.00%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                              | Massachusetts Bay Transportation Authority, Sales Tax                                                                                                  | CUSIP: 575579C47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27496.92     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nazareth Area School District                                                             | Nazareth Area School District                                                                                                                          | CUSIP: 639438K58<br>LEI: 549300IXDARD1B2S7628 | Long             | DBT              | MUN               | US        |    550000 | PA      | $586126.31    | 0.02%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Auxiliary Facilities System                                                                                              | CUSIP: 665245YK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $723768.89    | 0.02%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., New World Preparatory Charter School Project, Series 2021A                                                                   | CUSIP: 12008ERR9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    240000 | PA      | $195577.56    | 0.01%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State University of New York Dormitory Facilities                                                                  | CUSIP: 65000BJV1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21120.87     | 0.00%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clear Creek Transit Metropolitan District No. 2                                           | Clear Creek Transit Metropolitan District No. 2, Limited Tax                                                                                           | CUSIP: 184542AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $512774.25    | 0.01%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue                       | Metropolitan Washington Airports Authority Dulles Toll Road, Metrorail and Capital Improvement Projects                                                | CUSIP: 592643DH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $446547.95    | 0.01%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow                    | Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow                                                                               | CUSIP: 625482HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $366380.94    | 0.01%             | 2035-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Central Unified School District                                                           | Central Unified School District                                                                                                                        | CUSIP: 15276PDA4<br>LEI: 549300AKOP2UG4D0YH67 | Long             | DBT              | MUN               | US        |    110000 | PA      | $116238.66    | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                           | Las Vegas Valley Water District, Limited Tax                                                                                                           | CUSIP: 517845GC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45305.08     | 0.00%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project                                                                    | CUSIP: 45506EAA1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    110000 | PA      | $103457.66    | 0.00%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                     | Metropolitan Transportation Authority, Series 2017C-1                                                                                                  | CUSIP: 59261AQA8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4885000 | PA      | $5050199.95   | 0.14%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                   | CUSIP: 484008NR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $236452.88    | 0.01%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project, Series 2021A                         | CUSIP: 71780CBH2<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    400000 | PA      | $290969.72    | 0.01%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Sutter Health, Series 2016A                                                                          | CUSIP: 13032UCJ5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1451097.31   | 0.04%             | 2036-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                                | Duluth Independent School District No. 709                                                                                                             | CUSIP: 264474HH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $220435.93    | 0.01%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Fiscal Accountability Authority                                      | South Carolina State Fiscal Accountability Authority, Department of Mental Health Project                                                              | CUSIP: 837116AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $319877.70    | 0.01%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Project No. 1                                                                                       | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977088.00    | 0.03%             | 2051-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                 | County of Anne Arundel, Consolidated General Improvements                                                                                              | CUSIP: 03588HQZ2<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   3360000 | PA      | $3614415.50   | 0.10%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                                     | Tennessee State School Bond Authority, Higher Educational Facilities Second Program                                                                    | CUSIP: 880558KG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82516.03     | 0.00%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                 | County of Anne Arundel, Consolidated Water and Sewer                                                                                                   | CUSIP: 03588HSB3<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $2016972.94   | 0.06%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Clark-Lindsey Village                                                                                                      | CUSIP: 45204FQL2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    190000 | PA      | $182475.66    | 0.01%             | 2032-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Tower Health Project                                                                                           | CUSIP: 084538HV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $927610.32    | 0.03%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark Regional Wastewater District                                                        | Clark Regional Wastewater District                                                                                                                     | CUSIP: 181584AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $140716.53    | 0.00%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, University Hospitals Health System, Inc., Series 2021E                                                                                  | CUSIP: 67756CFR4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1620679.02   | 0.05%             | 2037-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Reunion Metropolitan District                                                             | Reunion Metropolitan District, Series 2021A                                                                                                            | CUSIP: 76133UAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $358698.80    | 0.01%             | 2044-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, San Antonio Gardens Project, Series 2022B2                                                                     | CUSIP: 13049RBU9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    410000 | PA      | $375092.11    | 0.01%             | 2026-11-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                              | CUSIP: 57421CCF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $420839.93    | 0.01%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, Major New Infrastructure Project                                                                                                        | CUSIP: 677581GX2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7512528.80   | 0.21%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group                                                                           | CUSIP: 259230NT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $315043.90    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, New York University                                                                                                | CUSIP: 64990CEC1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3440627.05   | 0.10%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                              | CUSIP: 57421CBV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $158464.25    | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                           | Kentucky Economic Development Finance Authority, Commonspirit Health, Series 2019A-1                                                                   | CUSIP: 49126PFW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061432.50   | 0.03%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue                                     | City of Grand Rapids, Sanitary Sewer System                                                                                                            | CUSIP: 386289KW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $795032.63    | 0.02%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Kipp DC Project                                                                                                                  | CUSIP: 25483VWA8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    255000 | PA      | $273027.51    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UFV5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021375.90   | 0.03%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Tower Health Project                                                                                           | CUSIP: 084538JC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $1682280.58   | 0.05%             | 2040-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Municipal School District No. 12                                              | Albuquerque Municipal School District No. 12, School Building                                                                                          | CUSIP: 013595VV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1528887.93   | 0.04%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                                   | City of Jacksonville, Health Care Facilities, Brooks Rehabilitation Project                                                                            | CUSIP: 469400EF8<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493385.25    | 0.01%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                   | County of Miami-Dade, Capital Asset Acquisition                                                                                                        | CUSIP: 59333NN74<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     45000 | PA      | $48482.49     | 0.00%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Water Replenishment District                                          | Southern California Water Replenishment District                                                                                                       | CUSIP: 84251KAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79693.21     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Community Consolidated School District No. 3 Beach Park                       | Lake County Community Consolidated School District No. 3 Beach Park                                                                                    | CUSIP: 508444ES1<br>LEI: 549300OXP7UXKVRQI587 | Long             | DBT              | MUN               | US        |    535000 | PA      | $563034.16    | 0.02%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Wellforce Issue                                                                                              | CUSIP: 57584YB99<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1393643.37   | 0.04%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Materra Campus Project, Series 2021C                                                                            | CUSIP: 546399NL6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    440000 | PA      | $358225.47    | 0.01%             | 2041-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Columbia SC Waterworks & Sewer System Revenue                                     | City of Columbia                                                                                                                                       | CUSIP: 198504J78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $181950.19    | 0.01%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                                   | Douglas County School District, Elkhorn Public Schools                                                                                                 | CUSIP: 259309M74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $192861.30    | 0.01%             | 2033-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                                  | University of California, Limited Project                                                                                                              | CUSIP: 91412G2G9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27035.46     | 0.00%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                                        | Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group                                                                       | CUSIP: 009730PM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $376821.94    | 0.01%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Suffolk University Issue                                                                                     | CUSIP: 57584YRX9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    550000 | PA      | $576699.15    | 0.02%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., Kendal on Hudson Project                                                                                   | CUSIP: 95737TFD3<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    250000 | PA      | $245494.85    | 0.01%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Children's National Medical Center                                                                           | CUSIP: 04052HBC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $813401.05    | 0.02%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                         | Yamhill County Hospital Authority, Friendsview, Tax Exempt, Series 2021B-1                                                                             | CUSIP: 98464UAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1457851.23   | 0.04%             | 2028-11-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UFS2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    410000 | PA      | $427180.35    | 0.01%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                       | California State Public Works Board, California State University, Various University Projects, Series 2013H                                            | CUSIP: 13068LKG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5130000 | PA      | $5226729.23   | 0.15%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Department of Transportation State Highway Fund Revenue                           | Arizona Department of Transportation State Highway Fund                                                                                                | CUSIP: 040654XA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26815.63     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara Valley Water District                                                         | Santa Clara Valley Water District, Water System, Series 2017A                                                                                          | CUSIP: 80168AAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3115000 | PA      | $3371151.75   | 0.10%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Sacred Heart University                                                                 | CUSIP: 20775DJQ6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2931856.13   | 0.08%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue                                     | City of Grand Rapids, Sanitary Sewer System                                                                                                            | CUSIP: 386289KX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1483212.78   | 0.04%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017                                                                     | CUSIP: 64971W5T3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10774336.00  | 0.30%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                                 | Florida Atlantic University Finance Corp., Student Housing Project                                                                                     | CUSIP: 31200CCW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1893768.00   | 0.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District                                                                                                                         | CUSIP: 09182TBC0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   8455000 | PA      | $8292453.47   | 0.23%             | 2053-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                   | Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project                            | CUSIP: 594698RR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2360000 | PA      | $2266051.70   | 0.06%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Irving TX Waterworks & Sewer System Revenue                                       | City of Irving, Waterworks and Sewer System, New Lien                                                                                                  | CUSIP: 463831RD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22283.68     | 0.00%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Murrieta Valley Unified School District                                                   | Murrieta Valley Unified School District, Election of 2014                                                                                              | CUSIP: 626905LK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25789.00     | 0.00%             | 2044-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Alexandria LA Utilities Revenue                                                   | City of Alexandria, Series 2013A                                                                                                                       | CUSIP: 015086MP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1414611.24   | 0.04%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152XS5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    120000 | PA      | $120833.92    | 0.00%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                | Virginia Commonwealth Transportation Board, Federal Transportation                                                                                     | CUSIP: 92778UAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47897.53     | 0.00%             | 2025-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                                      | City of Manhattan, Meadowlark Hills, Series 2021A                                                                                                      | CUSIP: 563017DY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $315191.48    | 0.01%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lawrence Public Schools/MI                                                                | Lawrence Public Schools, Unlimited Tax                                                                                                                 | CUSIP: 520264HX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30660.47     | 0.00%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan St. Louis Sewer District                                                     | Metropolitan St. Louis Sewer District, Wastewater System Improvement                                                                                   | CUSIP: 592481HF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1973904.49   | 0.06%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia                                                                                                                                   | CUSIP: 25476FSV1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54321.96     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State University Dormitory Facilities, Series 2018A                                                                | CUSIP: 64990C8E4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2437597.68   | 0.07%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                              | CUSIP: 18610PBG2<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    200000 | PA      | $223971.10    | 0.01%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Merion Area School District/PA                                                      | Upper Merion Area School District                                                                                                                      | CUSIP: 915899PD4<br>LEI: 549300VSHSYXQGHRSD87 | Long             | DBT              | MUN               | US        |    650000 | PA      | $695910.35    | 0.02%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                                        | Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group                                                                       | CUSIP: 009730PL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $293934.03    | 0.01%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                        | Denver Health and Hospital Authority                                                                                                                   | CUSIP: 24918EEG1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1369337.37   | 0.04%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                             | City of Atlanta, Water and Wastewater                                                                                                                  | CUSIP: 047870MX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2222599.31   | 0.06%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                          | Kentucky Public Energy Authority, Gas Supply, Series 2022A-1                                                                                           | CUSIP: 74440DDS0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  12815000 | PA      | $12455116.36  | 0.35%             | 2052-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan St. Louis Sewer District                                                     | Metropolitan St. Louis Sewer District, Wastewater System Improvement, Series 2017A                                                                     | CUSIP: 592481JW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6765000 | PA      | $7415912.74   | 0.21%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Commonspirit Health, Series 2019A-2                                                                       | CUSIP: 93978HWE1<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047049.50   | 0.03%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, The Franklin School of Innovation                                                                                            | CUSIP: 74442EHZ6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $441130.10    | 0.01%             | 2042-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                                    | County of Miami-Dade, Transit System, Sales Surtax                                                                                                     | CUSIP: 59334PGG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35788.30     | 0.00%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                                    | State of West Virginia                                                                                                                                 | CUSIP: 956553J85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43187.59     | 0.00%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System, Series B                                                                                      | CUSIP: 544495D68<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3151720.94   | 0.09%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                              | New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series 2016B                                                   | CUSIP: 649451GW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10625000 | PA      | $2340218.94   | 0.07%             | 2052-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Water System Revenue                                                  | City of Portland, Water System, Second Lien                                                                                                            | CUSIP: 736754QY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $51243.56     | 0.00%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peak Metropolitan District No. 1                                                          | Peak Metropolitan District No. 1                                                                                                                       | CUSIP: 704676AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $448947.60    | 0.01%             | 2041-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                                   | Buffalo and Erie County Industrial Land Development Corp., D'youville College Project                                                                  | CUSIP: 11943KEA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $966916.67    | 0.03%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Higher Education Facilities Authority                                             | Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects                                                              | CUSIP: 373511HV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $886028.88    | 0.02%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Commonspirit Health, Series 2019A-1                                                                       | CUSIP: 93978HVK8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061432.50   | 0.03%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Marcos Unified School District                                                        | San Marcos Unified School District                                                                                                                     | CUSIP: 798755FJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $65893.82     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                                    | San Antonio Education Facilities Corp., University of the Incarnate Word Project, Series 2021A                                                         | CUSIP: 796247DH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $773056.89    | 0.02%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Casper Community College District                                                         | Casper Community College District                                                                                                                      | CUSIP: 147647BV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $454468.61    | 0.01%             | 2035-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FLA0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     95000 | PA      | $101519.43    | 0.00%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Texas System                                                          | University of North Texas System                                                                                                                       | CUSIP: 914729QF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51668.64     | 0.00%             | 2040-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018                                                                           | CUSIP: 64972HC59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49160.21     | 0.00%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System, Series 2017A                                                                                  | CUSIP: 544495Y99<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5448341.00   | 0.15%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Auxiliary Facilities System                                                                                              | CUSIP: 665245YL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $506716.61    | 0.01%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4265000 | PA      | $3037375.62   | 0.09%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Warren Consolidated Schools                                                               | Warren Consolidated Schools, School Building and Site, Unlimited Tax                                                                                   | CUSIP: 935341F93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26265.00     | 0.00%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Clean Water Fund - State Revolving Fund                              | State of Connecticut Clean Water Fund, State Revolving Fund                                                                                            | CUSIP: 20775YBV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72135.32     | 0.00%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Whitman County Reorganized School District No. 300 Colfax                                 | Whitman County Reorganized School District No. 300, Colfax Unlimited Tax                                                                               | CUSIP: 966476EH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44251.04     | 0.00%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mountain View Los Altos Union High School District/CA                                     | Mountain View-Los Altos Union High School District, Election of 2010                                                                                   | CUSIP: 624454KR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $863596.40    | 0.02%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                                               | CUSIP: 01728RPP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257644.05    | 0.01%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                                      | Dominion Water and Sanitation District                                                                                                                 | CUSIP: 25755AAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1082156.31   | 0.03%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ASR4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1087134.26   | 0.03%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Caledonia Community Schools                                                               | Caledonia Community Schools, Unlimited Tax                                                                                                             | CUSIP: 129271QQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $68715.36     | 0.00%             | 2044-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer                                                                                                                    | CUSIP: 825485VA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80277.90     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, California Lutheran University                                                                                 | CUSIP: 13048VDK1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158202.92    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $549056.64    | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                          | Maricopa County Industrial Development Authority, Ottawa University                                                                                    | CUSIP: 56678RAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125776.70    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                           | Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Series 2018A                                                | CUSIP: 01728A3R5<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $4064088.60   | 0.11%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Key West Utility Board                                                                    | Key West Utility Board, Electric System                                                                                                                | CUSIP: 493230NJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49291.89     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                         | State of Maryland, State and Local Facilities Loan of 2017                                                                                             | CUSIP: 574193NM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7225000 | PA      | $7604184.62   | 0.21%             | 2030-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                                       | County of Denton, Permanent Improvement                                                                                                                | CUSIP: 2487755B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53755.29     | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St. Johns County Industrial Development Authority                                         | St. Johns County Industrial Development Authority, Vicar's Landing Project, Series 2021A                                                               | CUSIP: 79041LAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $415213.35    | 0.01%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Charter School Finance Authority                                                     | Utah Charter School Finance Authority, Beehive Science and Technology Academy Project, Series 2021A                                                    | CUSIP: 91754TL84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1143598.25   | 0.03%             | 2031-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| California Public Finance Authority                                                       | California Public Finance Authority, Enso Village Project, Series 2021A                                                                                | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $444025.42    | 0.01%             | 2046-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Sacred Heart University                                                                 | CUSIP: 20775DJL7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    725000 | PA      | $786842.79    | 0.02%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                      | Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System                                                         | CUSIP: 70917S6M0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55890.90     | 0.00%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greeneville Health & Educational Facilities Board                                         | Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group, Series 2018A                                                       | CUSIP: 396649EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8860000 | PA      | $8904828.94   | 0.25%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                                  | City of Austin, Airport System                                                                                                                         | CUSIP: 052398FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5026925.50   | 0.14%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX                                                                         | City of Denton                                                                                                                                         | CUSIP: 248866B87<br>LEI: 549300UWEY8IKYK09T27 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26251.51     | 0.00%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Christus Health                                                                            | CUSIP: 87638TGA5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43734.39     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, Various Purpose                                                                                                                   | CUSIP: 93974DLG1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  20965000 | PA      | $21683594.24  | 0.61%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                              | District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien                                                                      | CUSIP: 254845MD9<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105081.14    | 0.00%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                         | County of Hays, Unlimited Tax                                                                                                                          | CUSIP: 421020L55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49827.47     | 0.00%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Carson Valley Medical Center, Series 2021A                                                                                   | CUSIP: 74442CDF8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    350000 | PA      | $328959.37    | 0.01%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kitsap County School District No. 401 Central Kitsap                                      | Kitsap County School District No. 401 Central Kitsap, Unlimited Tax                                                                                    | CUSIP: 498098SH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47486.82     | 0.00%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UFQ6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    370000 | PA      | $383812.36    | 0.01%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group, Series 2013A                                                                 | CUSIP: 93515PAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $763624.43    | 0.02%             | 2028-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of McAllen TX                                                                        | City of McAllen                                                                                                                                        | CUSIP: 579083VG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $390907.36    | 0.01%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Boulder Community Health Project                                                                                 | CUSIP: 19648FRS5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    300000 | PA      | $290723.43    | 0.01%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $869719.52    | 0.02%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                       | State of California, Various Purpose                                                                                                                   | CUSIP: 13063CSW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  24000000 | PA      | $25204538.40  | 0.71%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Community Medical Center                                                                                       | CUSIP: 13048TQ30<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46007.56     | 0.00%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                                    | University of Colorado, Enterprise System                                                                                                              | CUSIP: 91417KV40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25720.21     | 0.00%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Iowa                                                                             | State of Iowa, Special Obligation                                                                                                                      | CUSIP: 46257TEM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206814.14    | 0.01%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dansville Schools                                                                         | Dansville Schools, Unlimited Tax                                                                                                                       | CUSIP: 236388BV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25235.84     | 0.00%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                                              | CUSIP: 64577XCK0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500870.55    | 0.01%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Kipp DC Project                                                                                                                  | CUSIP: 25483VVX9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    185000 | PA      | $193235.11    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                               | California Educational Facilities Authority, Claremont McKenna College, Series 2015A                                                                   | CUSIP: 130179DJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2622494.21   | 0.07%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage & Cook Counties Community Consolidated School District No. 181 Hinsdale            | DuPage and Cook Counties Community Consolidated School District No. 181 Hinsdale                                                                       | CUSIP: 262579RW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26086.92     | 0.00%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Sacred Heart University                                                                 | CUSIP: 20775DJM5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    525000 | PA      | $566620.01    | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190QU9<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2510297.74   | 0.07%             | 2039-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                         | Southeast Energy Authority A Cooperative District, Project No. 4                                                                                       | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  14065000 | PA      | $14436078.30  | 0.41%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Luis Obispo Public Financing Authority                                                | San Luis Obispo Public Financing Authority, Los Osos Valley Road Interchange Project                                                                   | CUSIP: 798641AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76001.62     | 0.00%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                                        | City of Houston, Public Improvement, Series 2014A                                                                                                      | CUSIP: 442331E91<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2780340.93   | 0.08%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana State University & Agricultural & Mechanical College                            | Louisiana State University, Agricultural and Mechanical College, Auxiliary Facilities System                                                           | CUSIP: 546540MX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76231.06     | 0.00%             | 2036-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                                       | County of Cook, Sales Tax                                                                                                                              | CUSIP: 213248BT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3875076.72   | 0.11%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Bond Bank                                                                         | Indiana Bond Bank, Hamilton County Projects                                                                                                            | CUSIP: 45462TJR4<br>LEI: 549300TZMGETS4ELEI93 | Long             | DBT              | MUN               | US        |    560000 | PA      | $453963.78    | 0.01%             | 2029-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                                 | North Texas Municipal Water District Water System                                                                                                      | CUSIP: 662903QA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20988.55     | 0.00%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Community Facilities District                                               | Orange County Community Facilities District                                                                                                            | CUSIP: 68423PZG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $418354.80    | 0.01%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Montclair NJ                                                                  | Township of Montclair, General Improvement                                                                                                             | CUSIP: 6122218D6<br>LEI: 549300IHOLDMQO2O8I86 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35627.76     | 0.00%             | 2024-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                            | Washington Metropolitan Area Transit Authority                                                                                                         | CUSIP: 938782GJ2<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5360.93      | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                              | County of DeKalb, Water and Sewerage, Series 2006B                                                                                                     | CUSIP: 240523UJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $6013448.65   | 0.17%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Buffalo & Erie County Industrial Land Development Corp.                                   | Buffalo and Erie County Industrial Land Development Corp., D'youville College Project                                                                  | CUSIP: 11943KDZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $499258.77    | 0.01%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Triad Educational Services, Inc., Series 2021A                                                                               | CUSIP: 74442EHL7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    415000 | PA      | $404375.92    | 0.01%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                              | County of DeKalb, Water and Sewerage                                                                                                                   | CUSIP: 240523UF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8660000 | PA      | $8852726.57   | 0.25%             | 2023-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452153DM8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10662338.00  | 0.30%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of High Point NC Combined Water & Sewer System Revenue                               | City of High Point, Combined Water and Sewer System                                                                                                    | CUSIP: 429749FQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27182.65     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC                                                                          | CUSIP: 04052FDH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $2006411.06   | 0.06%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue                | Los Angeles County Metropolitan Transportation Authority, Measure R Senior Sales Tax                                                                   | CUSIP: 54466HDJ2<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35458.58     | 0.00%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi Gaming Tax Revenue                                                   | State of Mississippi, Gaming Tax, Series 2019A                                                                                                         | CUSIP: 605638BD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1605368.85   | 0.05%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Global Community Charter School                                                                                              | CUSIP: 12008ETC0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    135000 | PA      | $127107.39    | 0.00%             | 2032-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Peoria County Community Unit School District No. 323                                      | Peoria County Community Unit School District No. 323                                                                                                   | CUSIP: 713163JS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104167.51    | 0.00%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, Various Purpose                                                                                                                   | CUSIP: 93974DG36<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42407.26     | 0.00%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels                                                                                        | CUSIP: 89602NZH0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240489.58    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                          | Raleigh Durham Airport Authority                                                                                                                       | CUSIP: 751073MA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2534577.82   | 0.07%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Missoula MT Water System Revenue                                                  | City of Missoula, Water System                                                                                                                         | CUSIP: 605871AU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $599725.50    | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Trinity Health Corp.                                                                                                       | CUSIP: 59447TYB3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991790.00    | 0.03%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                          | New York State Thruway Authority, Personal Income Tax                                                                                                  | CUSIP: 650028YT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $13133551.20  | 0.37%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage County Community Unit School District No. 200 Wheaton-Warrenville                  | DuPage County Community Unit School District No. 200 Wheaton-Warrenville                                                                               | CUSIP: 263493YM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31808.78     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                                     | County of Buncombe, Limited Obligation                                                                                                                 | CUSIP: 120525HF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28370.84     | 0.00%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwest Houston Redevelopment Authority                                                 | Southwest Houston Redevelopment Authority, Tax Increment                                                                                               | CUSIP: 845045BV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $353343.87    | 0.01%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Suffolk University Issue                                                                                     | CUSIP: 57584YRW1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    800000 | PA      | $843695.76    | 0.02%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                               | California Educational Facilities Authority, Santa Clara University                                                                                    | CUSIP: 130179JU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $85949.08     | 0.00%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                        | County of Clark, Stadium Improvement, Limited Tax, Series 2018A                                                                                        | CUSIP: 180848WW9<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1299140.55   | 0.04%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                                     | County of Franklin, Health Care Facilities, Ohio Living Communities                                                                                    | CUSIP: 353180KU5<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   5290000 | PA      | $5299702.92   | 0.15%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $356157.90    | 0.01%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Middleburg Heights OH                                                             | City of Middleburg Heights, Southwest General Health Center Project, Tax-Exempt                                                                        | CUSIP: 596126CU4<br>LEI: 549300YPL4J3W5PGVS22 | Long             | DBT              | MUN               | US        |    325000 | PA      | $350221.50    | 0.01%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, State and Local Agency Real and Personal Property                                                                                 | CUSIP: 939720ZZ4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1144248.00   | 0.03%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jacinto Community College District                                                    | San Jacinto Community College District, Limited Tax                                                                                                    | CUSIP: 798025LX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77181.95     | 0.00%             | 2024-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, Subordinate Lien                                                                                                      | CUSIP: 442349DD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $68919.59     | 0.00%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction                                                                              | CUSIP: 64577B5F7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2046697.20   | 0.06%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152L82<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1805779.68   | 0.05%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue                                                                      | CUSIP: 5742182Q5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1231007.64   | 0.03%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                             | San Francisco Bay Area Rapid Transit District, Election of 2004                                                                                        | CUSIP: 797661YS8<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |     85000 | PA      | $97343.14     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 48 Scottsdale                                 | Maricopa County Unified School District No. 48 Scottsdale, School Improvement, Project of 2016                                                         | CUSIP: 567288TZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27350.10     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chelan County School District No. 228 Cascade                                             | Chelan County School District No. 228 Cascade, Unlimited Tax                                                                                           | CUSIP: 163192FC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $96961.44     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goshen IN                                                                         | City of Goshen, Multi-Family, Green Oaks of Goshen Project, Series 2021A                                                                               | CUSIP: 38327MAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $580688.70    | 0.02%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                                        | Pittsburgh Water and Sewer Authority                                                                                                                   | CUSIP: 725304VE6<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1512948.71   | 0.04%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue                    | Raindance Metropolitan District No. 1, Non-Potable Water System                                                                                        | CUSIP: 75087GAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $681959.63    | 0.02%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609H58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $156516.74    | 0.00%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Tiffin University 2019 Project                                                                            | CUSIP: 67756DUW4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1480633.82   | 0.04%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                                       | CUSIP: 04052BPF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $191811.36    | 0.01%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Public Power Generation Agency                                                            | Public Power Generation Agency, Whelan Energy Center Unit 2                                                                                            | CUSIP: 744434EF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $526030.65    | 0.01%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health and Educational Facilities Authority, Sacred Heart University                                                                 | CUSIP: 20775DJN3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073739.30   | 0.03%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                                                    | Hillsborough County, Aviation Authority, Tampa International Airport                                                                                   | CUSIP: 432308K52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $158580.14    | 0.00%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                                       | California State Public Works Board, Series C                                                                                                          | CUSIP: 13068LL60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3305396.33   | 0.09%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                    | Wisconsin Department of Transportation                                                                                                                 | CUSIP: 977123U55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32943.73     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                                    | Maine Health and Higher Educational Facilities Authority, Mainehealth                                                                                  | CUSIP: 56042RYC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $942316.78    | 0.03%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Tulane University Project, Series 2016A                                                                         | CUSIP: 5463986C7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    160000 | PA      | $170618.42    | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                                           | Menlo Park City School District, Capital Appreciation                                                                                                  | CUSIP: 586840MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $568476.13    | 0.02%             | 2041-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Manatee FL Public Utilities Revenue                                             | County of Manatee, Public Utilities                                                                                                                    | CUSIP: 561851JL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $897060.15    | 0.03%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                        | City of Houston, Combined Utility System, First Lien                                                                                                   | CUSIP: 44244CGP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25817.38     | 0.00%             | 2031-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Stevenson University Project                                                              | CUSIP: 57421CCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $224031.38    | 0.01%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin County Transportation Authority Measure K Sales Tax Revenue                   | San Joaquin County Transportation Authority, Measure K Sales Tax                                                                                       | CUSIP: 798110CG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $816789.30    | 0.02%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of West Palm Beach FL                                                                | City of West Palm Beach, Special Obligation                                                                                                            | CUSIP: 955116AP3<br>LEI: 549300N3DHFUWWUMCW69 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27003.57     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Valley City Municipal Building Authority                                             | West Valley City Municipal Building Authority                                                                                                          | CUSIP: 95640EJH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31650.45     | 0.00%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The), Subordinate Airport                                                                                    | CUSIP: 592190NC2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    825000 | PA      | $919200.73    | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, The Presbyterian Homes Obligated Group                                                                         | CUSIP: 65821DXM8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    650000 | PA      | $587801.76    | 0.02%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                            | Sales Tax Securitization Corp.                                                                                                                         | CUSIP: 79467BCA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22820000 | PA      | $25025715.02  | 0.71%             | 2032-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Joaquin County Transportation Authority Measure K Sales Tax Revenue                   | San Joaquin County Transportation Authority, Measure K Sales Tax                                                                                       | CUSIP: 798110CF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2184545.20   | 0.06%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AFC4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37697.27     | 0.00%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990FWX8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     80000 | PA      | $83874.37     | 0.00%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                                    | San Antonio Education Facilities Corp., Hallmark University Project, Series 2021A                                                                      | CUSIP: 796247DW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $245934.44    | 0.01%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3670000 | PA      | $2980014.68   | 0.08%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Personal Income Tax, General Purpose                                                                         | CUSIP: 64990EY92<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31699.51     | 0.00%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                        | City of Detroit                                                                                                                                        | CUSIP: 2510934Y3<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    475000 | PA      | $482646.60    | 0.01%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                              | CUSIP: 18610PBF4<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    250000 | PA      | $280818.55    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Joint Powers Financing Authority                                                | San Mateo Joint Powers Financing Authority, Youth Services Campus, Series 2016A                                                                        | CUSIP: 79904NFF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26997.25     | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                              | Commonwealth of Pennsylvania, Series 2018A                                                                                                             | CUSIP: 709144NQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $466467.55    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                     | California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund                                                           | CUSIP: 13034AGC8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42670.63     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Viticus Group Project, Series 2022A                                                                                          | CUSIP: 74442PWL5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    540000 | PA      | $485607.53    | 0.01%             | 2031-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                                        | City of Seattle, Municipal Light and Power Improvement, Series 2018A                                                                                   | CUSIP: 812643SB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1932004.00   | 0.05%             | 2048-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Convention & Sports Authority                                                  | Washington Convention and Sports Authority, Senior Lien Dedicated Tax, Series 2018A                                                                    | CUSIP: 93878LBS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1855512.23   | 0.05%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                                  | Lynchburg Economic Development Authority, Central Health, Inc.                                                                                         | CUSIP: 55123TBL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $527660.98    | 0.01%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                        | County of Clark, Flood Control Crossover, Limited Tax                                                                                                  | CUSIP: 180848TZ6<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    200000 | PA      | $209034.30    | 0.01%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152A50<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154217.73    | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group                                                                           | CUSIP: 259230PD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $585364.62    | 0.02%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                                               | CUSIP: 01728RPU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $384129.00    | 0.01%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                                | Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project                                                        | CUSIP: 95737TEM4<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $845985.60    | 0.02%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                         | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018                                                                           | CUSIP: 64972HG22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27499.07     | 0.00%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                                      | City of Manhattan, Meadowlark Hills, Series 2021A                                                                                                      | CUSIP: 563017DX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $304028.11    | 0.01%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Transportation System                                                                                  | CUSIP: 6461355S8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5004976.50   | 0.14%             | 2022-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                           | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.                                                               | CUSIP: 13016NER1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $315940.38    | 0.01%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp, Outlook at Windhaven Forefront Living                                                             | CUSIP: 64542UGL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2187855.85   | 0.06%             | 2026-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Clean Water Fund - State Revolving Fund                              | State of Connecticut Clean Water Fund, State Revolving Fund                                                                                            | CUSIP: 20775YCX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20131.92     | 0.00%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project                                                            | CUSIP: 04052TAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4440000 | PA      | $3117806.18   | 0.09%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Scottsdale AZ Water & Sewer Revenue                                               | City of Scottsdale, Water and Sewer System                                                                                                             | CUSIP: 810526MV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1905115.88   | 0.05%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority                                                                                                                 | CUSIP: 89602RGH2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4021529.20   | 0.11%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, San Antonio Gardens Project, Series 2022B1                                                                     | CUSIP: 13049RBT2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    160000 | PA      | $143722.66    | 0.00%             | 2027-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Northern Virginia Transportation Authority                                                | Northern Virginia Transportation Authority, Special Tax                                                                                                | CUSIP: 666045AV1<br>LEI: 2549008UDCIZ1V9YXF69 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2356241.50   | 0.07%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yamhill County Hospital Authority                                                         | Yamhill County Hospital Authority, Friendsview, Tax Exempt, Series 2021B-3                                                                             | CUSIP: 98464UBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $258045.17    | 0.01%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Southwest Houston Redevelopment Authority                                                 | Southwest Houston Redevelopment Authority, Tax Increment                                                                                               | CUSIP: 845045BU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $227554.27    | 0.01%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group, Series 2019A                                                                 | CUSIP: 93515PDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272211.45    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Water Finance Agency                                                                 | Utah Water Finance Agency, Loan Financing Program, Series 2017C                                                                                        | CUSIP: 917572XV6<br>LEI: 5493008FZQW2WEDN4040 | Long             | DBT              | MUN               | US        |    350000 | PA      | $373727.24    | 0.01%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                                    | City of San Antonio, General Improvement                                                                                                               | CUSIP: 79623PCU7<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     20000 | PA      | $22012.35     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Golf and Equestrian Center Public Infrastructure District                            | Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax                                                                            | CUSIP: 59561BAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $870929.29    | 0.02%             | 2041-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Verve Metropolitan District No. 1                                                         | Verve Metropolitan District No. 1                                                                                                                      | CUSIP: 92538YAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1051664.96   | 0.03%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                  | City of Pompano Beach, John Knox Village Project                                                                                                       | CUSIP: 732203BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    935000 | PA      | $809879.05    | 0.02%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, On Lok Senior Health Service                                                                         | CUSIP: 13032UYD4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    150000 | PA      | $145979.39    | 0.00%             | 2027-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, Senior Lien                                                                                               | CUSIP: 928104NG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3237536.58   | 0.09%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Special Health Care District                                              | Maricopa County Special Health Care District, Integrated Health Services                                                                               | CUSIP: 56756TAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27703.67     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                                    | Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien                                                               | CUSIP: 40934TAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49250.45     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown City School District                                                            | Allentown City School District, Limited Tax                                                                                                            | CUSIP: 018411UB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4784681.81   | 0.13%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                 | New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project                                | CUSIP: 650116CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1424512.18   | 0.04%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Macombs Facility Project, Series 2021A                                                                       | CUSIP: 04052BQB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $326800.13    | 0.01%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 650035W79<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10310.35     | 0.00%             | 2024-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL                                                                 | Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and 2002-1                                     | CUSIP: 09755VBA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $635435.02    | 0.02%             | 2026-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                               | Connecticut State Health & Educational Facilities Authority                                                                                            | CUSIP: 20774Y2C0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1777608.36   | 0.05%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                            | Sales Tax Securitization Corp.                                                                                                                         | CUSIP: 79467BAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63851.85     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 650035R34<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62775.38     | 0.00%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Transportation Facilities Revenue                                        | County of Lee, Transportation Facilities                                                                                                               | CUSIP: 523523LE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $195030.38    | 0.01%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                      | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels                                                                                        | CUSIP: 89602NK37<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     90000 | PA      | $92040.87     | 0.00%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Commonspirit Health, Series 2019A-1                                                                       | CUSIP: 93978HVJ1<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    780000 | PA      | $830304.46    | 0.02%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, DePauw University Project                                                                                                   | CUSIP: 45470ECL7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1525368.60   | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shaker Heights City School District                                                       | Shaker Heights City School District, School Facilities Improvement, Unlimited Tax, Series 2018A                                                        | CUSIP: 819071QV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086813.20   | 0.03%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Community Facilities District                                               | Orange County Community Facilities District                                                                                                            | CUSIP: 68423PZH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $821660.00    | 0.02%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A                                                                | CUSIP: 6461363E9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10880000 | PA      | $11222455.62  | 0.32%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                               | California Educational Facilities Authority, Claremont McKenna College, Series 2015A                                                                   | CUSIP: 130179DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2140811.60   | 0.06%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                                           | Menlo Park City School District, Capital Appreciation                                                                                                  | CUSIP: 586840ML1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $663078.90    | 0.02%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Military Installation Development Authority                                               | Military Installation Development Authority, Tax Allocation and Hotel Tax, Series 2021A-1                                                              | CUSIP: 599772AA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $546222.17    | 0.02%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia, Series 2015A                                                                                                                     | CUSIP: 25476FQQ4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   7175000 | PA      | $7503520.29   | 0.21%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona State University                                                                  | Arizona State University, Series 2017B                                                                                                                 | CUSIP: 04048RSZ0<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079345.90   | 0.03%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, New York University                                                                                                | CUSIP: 64990GJM5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49833.27     | 0.00%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                  | Build NYC Resource Corp., Global Community Charter School                                                                                              | CUSIP: 12008ETD8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    365000 | PA      | $345815.38    | 0.01%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                    | California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A                                                            | CUSIP: 13048VBZ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4555000 | PA      | $4127474.53   | 0.12%             | 2035-12-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    385000 | PA      | $337399.56    | 0.01%             | 2036-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                                     | Utility Debt Securitization Authority                                                                                                                  | CUSIP: 91802RBV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5519010.00   | 0.16%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St. Paul Metropolitan Airports Commission                                     | Minneapolis-St. Paul Metropolitan Airports Commission                                                                                                  | CUSIP: 603827WZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26584.57     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                            | New Jersey Transportation Trust Fund Authority                                                                                                         | CUSIP: 6461367C9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $965106.60    | 0.03%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group                                                                                  | CUSIP: 45470YDX6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26840.41     | 0.00%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cambria PA                                                                      | County of Cambria                                                                                                                                      | CUSIP: 132033JL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $720414.59    | 0.02%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 37 Vancouver                                             | Clark County, Vancouver School District No. 37, Unlimited Tax                                                                                          | CUSIP: 181144SA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27388.76     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986DFQ3<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40592.19     | 0.00%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Transportation Commission Sales Tax Revenue                              | Riverside County Transportation Commission, Sales Tax                                                                                                  | CUSIP: 769125GV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49365.38     | 0.00%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children's Medical Center                                                   | CUSIP: 87638QQF9<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |     25000 | PA      | $28165.60     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                             | CUSIP: 74444KBG8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    700000 | PA      | $723032.59    | 0.02%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Imagine School at Broward Project                                                                                   | CUSIP: 34061UDH8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    185000 | PA      | $179616.04    | 0.01%             | 2024-12-15      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Centre                                                                          | CUSIP: 64542QCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $501612.52    | 0.01%             | 2027-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                              | New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Tax-Exempt                                                               | CUSIP: 64711N8L2<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25778.02     | 0.00%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No. 203 Piper                                    | Wyandotte County Unified School District No. 203 Piper                                                                                                 | CUSIP: 982685HX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32162.59     | 0.00%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Educational Health Cultural & Social Services Finance Authority                  | Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group                            | CUSIP: 63967UAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152175.69    | 0.00%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                                          | Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning, Series 2021A                                                    | CUSIP: 816686AJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $132076.54    | 0.00%             | 2036-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| St. Johns County Industrial Development Authority                                         | St. Johns County Industrial Development Authority, Vicar's Landing Project, Series 2021A                                                               | CUSIP: 79041LAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $180236.88    | 0.01%             | 2030-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, Subordinate Lien                                                                                                      | CUSIP: 442349AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265113.60    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Lenoir-Rhyne University                                                                                                      | CUSIP: 74443DHR5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    670000 | PA      | $690162.65    | 0.02%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                                | City of Lincoln, Electric System                                                                                                                       | CUSIP: 534272K73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42388.98     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, Tiffin University 2019 Project                                                                            | CUSIP: 67756DUR5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    605000 | PA      | $573156.73    | 0.02%             | 2025-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Commonspirit Health, Series 2019A-2                                                                              | CUSIP: 19648FKJ2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2122865.00   | 0.06%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                      | District of Columbia                                                                                                                                   | CUSIP: 25476FRL4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26968.44     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                          | California Health Facilities Financing Authority, Sutter Health                                                                                        | CUSIP: 13032URK6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37240.26     | 0.00%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UFU7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    375000 | PA      | $388884.34    | 0.01%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Etiwanda School District Community Facilities District No. 9                              | Etiwanda School District Community Facilities District No. 9, Special Tax                                                                              | CUSIP: 29767TAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $312010.12    | 0.01%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Auxiliary Facilities System                                                                                              | CUSIP: 665245YX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $349863.05    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waterview II Metropolitan District                                                        | Waterview II Metropolitan District                                                                                                                     | CUSIP: 94222GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1114040.63   | 0.03%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Educational Facilities, Valparaiso University Project                                                                       | CUSIP: 45470EAP0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    170000 | PA      | $164898.54    | 0.00%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                                  | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                              | CUSIP: 18610PBM9<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    280000 | PA      | $279938.04    | 0.01%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                          | State of New Mexico, Severance Tax Permanent Fund, Series 2017A                                                                                        | CUSIP: 6473102L4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $186668.17    | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017                                                                     | CUSIP: 64971WM31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40266.83     | 0.00%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Playmouth Place Inc.                                                                                                       | CUSIP: 45204FSR7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501842.05    | 0.01%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System, Series 2017A                                                                                  | CUSIP: 544495Y73<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2055000 | PA      | $2245786.61   | 0.06%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, New York University                                                                                                | CUSIP: 64990CC58<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45293.63     | 0.00%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Carson Valley Medical Center, Series 2021A                                                                                   | CUSIP: 74442CDG6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $627481.88    | 0.02%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                                        | State of Wisconsin                                                                                                                                     | CUSIP: 97705MKS3<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   4190000 | PA      | $4584627.61   | 0.13%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                                       | CUSIP: 04052BPK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $206195.56    | 0.01%             | 2032-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Commonspirit Health, Series 2019A-2                                                                              | CUSIP: 19648FKH6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064492.90   | 0.03%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Allen Multi School Building Corp.                                                    | East Allen Multi School Building Corp., Indiana Ad Valorem Property Tax, First Mortgage                                                                | CUSIP: 270456HF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26850.25     | 0.00%             | 2038-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Hills Community College District                                                     | West Hills Community College District                                                                                                                  | CUSIP: 95330NCN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1656912.35   | 0.05%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                            | CUSIP: 613603C80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $745414.34    | 0.02%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                                    | Board of Governors of Colorado State University System                                                                                                 | CUSIP: 196707H89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50112.71     | 0.00%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction                                                                              | CUSIP: 64577B7J7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073830.10   | 0.03%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra View Local Health Care District/CA                                                 | Sierra View Local Health Care District                                                                                                                 | CUSIP: 82650PDK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $173249.31    | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                   | CUSIP: 20772J6W7<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    460000 | PA      | $464860.96    | 0.01%             | 2037-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                                 | Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue                                                             | CUSIP: 57421CAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $725710.72    | 0.02%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Carroll KY                                                                      | County of Carroll, Kentucky Environmental Facilities, Series 2008A                                                                                     | CUSIP: 14483RAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11025000 | PA      | $8788468.50   | 0.25%             | 2032-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                               | Omaha Public Power District, Electric System, Series 2017A                                                                                             | CUSIP: 682001FT4<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1361191.88   | 0.04%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                               | City of Shreveport, Water and Sewer, Junior Lien                                                                                                       | CUSIP: 825485XH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $550308.50    | 0.02%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The), Subordinate Airport                                                                                    | CUSIP: 592190PK2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1341362.87   | 0.04%             | 2054-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                                 | Private Colleges and Universities Authority, Emory University                                                                                          | CUSIP: 74265LR42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44856.14     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The), Subordinate Airport                                                                                    | CUSIP: 592190NL2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    180000 | PA      | $187004.41    | 0.01%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                         | Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project                                          | CUSIP: 67868UFW8<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |    510000 | PA      | $537756.44    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                                | Utah Infrastructure Agency, Tax-Exempt Telecommunications, Series 2018A                                                                                | CUSIP: 917467AT9<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    965000 | PA      | $991354.44    | 0.03%             | 2033-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2020                                                         | CUSIP: 64971XND6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38854.12     | 0.00%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System, Series B                                                                                      | CUSIP: 544495D50<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3486664.30   | 0.10%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broadway Park North Metropolitan District No. 2                                           | Broadway Park North Metropolitan District No. 2, Limited Tax                                                                                           | CUSIP: 111561AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $515232.47    | 0.01%             | 2040-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Knox TN                                                                         | County of Knox                                                                                                                                         | CUSIP: 499513BE8<br>LEI: 549300WT27UFXOLT2D56 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1569694.77   | 0.04%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                     | Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities                                                               | CUSIP: 140427BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020703.20   | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL                                                                 | Village of Bolingbrook, Capital Appreciation                                                                                                           | CUSIP: 097552JM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2189510.74   | 0.06%             | 2023-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                 | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112QJ8<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5825444.90   | 0.16%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Blue Ridge Healthcare Facilities                                                                                             | CUSIP: 74444KBE3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $624540.84    | 0.02%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609J23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253307.00    | 0.01%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue                                     | City of Grand Rapids, Sanitary Sewer System                                                                                                            | CUSIP: 386289LY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37608.17     | 0.00%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                                   | Bay Area Toll Authority, Toll Bridge                                                                                                                   | CUSIP: 072024VH2<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36495.47     | 0.00%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madera Irrigation District CA Water Revenue                                               | Madera Irrigation District                                                                                                                             | CUSIP: 556437BR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $159163.28    | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                                               | George L Smith II Congress Center Authority, Convention Center Hotel First                                                                             | CUSIP: 37255MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $436906.45    | 0.01%             | 2031-01-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                                  | City of Portland, Sewer System, Second Lien                                                                                                            | CUSIP: 736742ZW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $96462.74     | 0.00%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plymouth-Canton Community School District                                                 | Plymouth-Canton Community School District                                                                                                              | CUSIP: 729429NU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51286.22     | 0.00%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                                  | Arlington Higher Education Finance Corp.                                                                                                               | CUSIP: 041806K66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $207203.55    | 0.01%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System, Series A                                                                                      | CUSIP: 544495Y81<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2782482.23   | 0.08%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                        | City of Houston, Combined Utility System, First Lien, Series 2016B                                                                                     | CUSIP: 44244CGU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1525900.08   | 0.04%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group                                                                  | CUSIP: 19648FAK0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32017.00     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cedar Rapids IA Sewer Revenue                                                     | City of Cedar Rapids, Sewer                                                                                                                            | CUSIP: 150573HD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25839.37     | 0.00%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Sewer Revenue                                                           | City of Tacoma                                                                                                                                         | CUSIP: 873545KM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44813.43     | 0.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                                               | CUSIP: 01728RPS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $790895.57    | 0.02%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                                       | County of Harris, Toll Road, Senior Lien                                                                                                               | CUSIP: 414005WR5<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     60000 | PA      | $63643.11     | 0.00%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                                        | City of Wichita, Airport Bonds                                                                                                                         | CUSIP: 967245BA8<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25133.16     | 0.00%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix (The)                             | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A         | CUSIP: 71885DCT7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    700000 | PA      | $726872.30    | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Yavapai (The)                           | Industrial Development Authority of the County of Yavapai (The), Regional Medical Center, Series 2013A                                                 | CUSIP: 985900DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011700.00   | 0.03%             | 2033-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, State and Local Agency Real and Personal Property                                                                                 | CUSIP: 939720G93<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49233.09     | 0.00%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Appalachian Regional Healthcare System Obligated Group                                                                       | CUSIP: 74444KBR4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    350000 | PA      | $365399.51    | 0.01%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                     | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    705000 | PA      | $551988.92    | 0.02%             | 2051-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UJV1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    110000 | PA      | $113209.54    | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Bond Bank                                                                         | Indiana Bond Bank, Hamilton County Projects                                                                                                            | CUSIP: 45462TJQ6<br>LEI: 549300TZMGETS4ELEI93 | Long             | DBT              | MUN               | US        |     50000 | PA      | $41319.95     | 0.00%             | 2028-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| County of Adams CO                                                                        | County of Adams                                                                                                                                        | CUSIP: 005596EF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525769.85    | 0.01%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County Hospital Authority No. 2                                                   | Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group                                                                           | CUSIP: 259230PA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $423738.86    | 0.01%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Sullivan TN                                                                     | County of Sullivan                                                                                                                                     | CUSIP: 865287TQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39942.34     | 0.00%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                               | Ohio State University (The), General Receipts                                                                                                          | CUSIP: 677632ZJ3<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |     20000 | PA      | $22486.09     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                          | County of Lee, Florida Airport, Series 2021A                                                                                                           | CUSIP: 523470GK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11550000 | PA      | $12582268.55  | 0.35%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 405 Bellevue                                              | King County School District No. 405 Bellevue, Unlimited Tax                                                                                            | CUSIP: 495098YQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25607.49     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                                   | Chattanooga Health Educational and Housing Facility Board, Commonspirit Health, Series 2019A-1                                                         | CUSIP: 162410EF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $789061.65    | 0.02%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                 | Metropolitan Government of Nashville and Davidson County                                                                                               | CUSIP: 592112TF3<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |  27295000 | PA      | $30427494.30  | 0.86%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Centre                                                                          | CUSIP: 64542QCD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $441253.94    | 0.01%             | 2030-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Wilkes-Barre Area School District/PA                                                      | Wilkes-Barre Area School District                                                                                                                      | CUSIP: 968261MW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110915.67    | 0.00%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Turnpike & Bridge Authority                                                  | Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax                                                                                             | CUSIP: 762322BV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $462163.10    | 0.01%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 403 Renton                                                | King County School District No. 403 Renton, Unlimited Tax                                                                                              | CUSIP: 495080VF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36254.02     | 0.00%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                                           | Menlo Park City School District, Capital Appreciation                                                                                                  | CUSIP: 586840MP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $659803.76    | 0.02%             | 2036-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Stamford CT Water Pollution Control System & Facility Revenue                     | City of Stamford, Water Pollution Control System and Facility, Series 2013A                                                                            | CUSIP: 852660CB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152481.36    | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL Airport System Revenue                                            | County of Palm Beach, Airport System                                                                                                                   | CUSIP: 696499EC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515037.95    | 0.01%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Independent School District/TX                                                  | Arlington Independent School District, Unlimited Tax                                                                                                   | CUSIP: 0418264V7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45120.98     | 0.00%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                             | New York State Environmental Facilities Corp., State Revolving Fund                                                                                    | CUSIP: 64986DLH6<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   7515000 | PA      | $7645383.75   | 0.22%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, Various Purpose                                                                                                                   | CUSIP: 93974D2Q0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  14430000 | PA      | $15626183.51  | 0.44%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Community Consolidated School District No. 3 Beach Park                       | Lake County Community Consolidated School District No. 3 Beach Park                                                                                    | CUSIP: 508444ER3<br>LEI: 549300OXP7UXKVRQI587 | Long             | DBT              | MUN               | US        |    830000 | PA      | $874467.58    | 0.02%             | 2031-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2018                                                         | CUSIP: 64971XAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26577.13     | 0.00%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC                                                                          | CUSIP: 04052FDJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1889762.80   | 0.05%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                            | American Municipal Power, Inc., Solar Electricity Prepayment Project, Series 2019A                                                                     | CUSIP: 02765MAG7<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    200000 | PA      | $212497.82    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                        | Ohio Water Development Authority, Water Pollution Control Loan Fund                                                                                    | CUSIP: 67766WXV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27488.80     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Spartanburg SC Water System Revenue                                               | City of Spartanburg, Water System                                                                                                                      | CUSIP: 847184UT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $523829.62    | 0.01%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                     | City of San Antonio, Electric and Gas Systems                                                                                                          | CUSIP: 79625GCJ0<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32976.43     | 0.00%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Borough Board of Education/Warren County                                       | Washington Borough Board of Education                                                                                                                  | CUSIP: 939402CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27104.93     | 0.00%             | 2031-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Kitsap WA Sewer Revenue                                                         | County of Kitsap, Sewer                                                                                                                                | CUSIP: 498119EP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26412.31     | 0.00%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Boone KY                                                                        | County of Boone, Duke Energy Kentucky, Inc.                                                                                                            | CUSIP: 098792AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5220000 | PA      | $5158304.30   | 0.15%             | 2027-08-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                                        | County of Clark, Stadium Improvement, Limited Tax, Series 2018A                                                                                        | CUSIP: 180848WU3<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1985000 | PA      | $2136473.96   | 0.06%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waterford School District/MI                                                              | Waterford School District                                                                                                                              | CUSIP: 941468YP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41469.56     | 0.00%             | 2032-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Bond Bank                                                                         | Indiana Bond Bank, Hamilton County Projects                                                                                                            | CUSIP: 45462TJT0<br>LEI: 549300TZMGETS4ELEI93 | Long             | DBT              | MUN               | US        |    750000 | PA      | $584906.40    | 0.02%             | 2030-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington & Multnomah Counties School District No. 48J Beaverton                         | Washington and Multnomah Counties School District No. 48J Beaverton                                                                                    | CUSIP: 938429K97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $108821.38    | 0.00%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                   | Port Authority of New York and New Jersey, Consolidated, Series 93                                                                                     | CUSIP: 733580S88<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12448857.60  | 0.35%             | 2094-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Vermont Educational & Health Buildings Financing Agency                                   | Vermont Educational and Health Buildings Financing Agency, University of Vermont Medical Center                                                        | CUSIP: 924166HC8<br>LEI: 549300ZC1ZW1EUIIV708 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31546.19     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital                                                         | CUSIP: 60637AQU9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    315000 | PA      | $322628.01    | 0.01%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, Municipal Health Facilities Improvement Program, Series 2018 1                                                     | CUSIP: 64990GEZ1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3787312.08   | 0.11%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                         | Philadelphia Authority for Industrial Development, MAST Community Charter School II Project                                                            | CUSIP: 71780CAH3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    260000 | PA      | $268231.00    | 0.01%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL                                                                 | Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and 2002-1                                     | CUSIP: 09755VBB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $383774.85    | 0.01%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, Mercy Health                                                                     | CUSIP: 60637AMZ2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107927.85    | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                            | CUSIP: 613603D22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $966079.76    | 0.03%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., The Mayflower Retirement Community Project, Series 2021B2                                                           | CUSIP: 34061WBQ6<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    925000 | PA      | $829629.54    | 0.02%             | 2026-06-01      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| King County School District No. 415 Kent                                                  | King County School District No. 415 Kent, Unlimited Tax                                                                                                | CUSIP: 495278Z22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40999.50     | 0.00%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                    | City of Mesa, Utility System                                                                                                                           | CUSIP: 590545WC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51618.67     | 0.00%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                                         | Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project                                          | CUSIP: 67868UFX6<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |    500000 | PA      | $534810.05    | 0.02%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State Sales Tax                                                                                                    | CUSIP: 64990AJT3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     40000 | PA      | $44207.02     | 0.00%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Tower Health Project                                                                                           | CUSIP: 084538JA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7518924.00   | 0.21%             | 2040-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                         | City and County of Denver, Airport System                                                                                                              | CUSIP: 249182LK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2701765.50   | 0.08%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                                             | Volusia County Educational Facility Authority, Embry-Riddle Aeronautical University, Inc., Project                                                     | CUSIP: 928836MZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492476.15    | 0.01%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rancho Water District Financing Authority                                                 | Rancho Water District Financing Authority                                                                                                              | CUSIP: 752111NF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25413.99     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Springfield IL Electric Revenue                                                   | City of Springfield, Electric System, Senior Lien                                                                                                      | CUSIP: 850578TN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3521263.55   | 0.10%             | 2030-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                                       | CUSIP: 04052BPM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $177967.48    | 0.01%             | 2034-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Stamford CT Water Pollution Control System & Facility Revenue                     | City of Stamford, Water Pollution Control System and Facility, Series 2013A                                                                            | CUSIP: 852660CA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $355814.48    | 0.01%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Airport Authority                                                   | Memphis-Shelby County Airport Authority, Series 2021A                                                                                                  | CUSIP: 586111PA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $589302.29    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 544495H80<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258160.18    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Wellforce Issue                                                                                              | CUSIP: 57584YD22<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1322328.06   | 0.04%             | 2045-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Henry County Water Authority                                                              | Henry County, Water and Sewerage Authority                                                                                                             | CUSIP: 426366BV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5617043.00   | 0.16%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                         | Florida Development Finance Corp., Mater Academy Project                                                                                               | CUSIP: 34061UJX7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    145000 | PA      | $151397.47    | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority                                                                                                                              | CUSIP: 45506DW50<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33627.59     | 0.00%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FYI Properties                                                                            | FYI Properties, State of Washington District Project                                                                                                   | CUSIP: 302716BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5990000 | PA      | $6551761.97   | 0.18%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Huntington Local Development Corp.                                                        | Huntington Local Development Corp., Fountaingate Garden Project                                                                                        | CUSIP: 446490AT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $86616.08     | 0.00%             | 2025-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Bernalillo NM Gross Receipts Tax Revenue                                        | County of Bernalillo                                                                                                                                   | CUSIP: 08527NFL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $875193.30    | 0.02%             | 2027-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152VF5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    450000 | PA      | $451190.25    | 0.01%             | 2029-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Albuquerque Municipal School District No. 12                                              | Albuquerque Municipal School District No. 12, School Building                                                                                          | CUSIP: 013595VT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $943002.41    | 0.03%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Steel Point Infrastructure Improvement District                                           | Steel Point Infrastructure Improvement District, Steelpointe Harbor Project                                                                            | CUSIP: 85814YAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $467350.84    | 0.01%             | 2041-04-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia College Building Authority                                                       | Virginia College Building Authority, Education Facilities, Regent University Project                                                                   | CUSIP: 92778FKK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $362456.05    | 0.01%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Knoxville TN Electric System Revenue                                              | City of Knoxville, Electric System                                                                                                                     | CUSIP: 499746D69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25367.21     | 0.00%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project                                                                       | CUSIP: 613609K39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96776.93     | 0.00%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                           | State of Oregon, Article XI-G State Projects                                                                                                           | CUSIP: 68609BX44<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2134098.89   | 0.06%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                             | Commonwealth of Massachusetts                                                                                                                          | CUSIP: 57582NXL4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10181942.00  | 0.29%             | 2023-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                                       | County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group, Series 2019A                                                                 | CUSIP: 93515PDH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $926563.10    | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                                    | University of Michigan                                                                                                                                 | CUSIP: 914455SN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28335.78     | 0.00%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Carolina System                                                       | University of North Carolina, School of the Arts                                                                                                       | CUSIP: 91472AAM7<br>LEI: 5493004DU2QADMVXVR58 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1366542.25   | 0.04%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC                                                                          | CUSIP: 04052FDG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1668496.73   | 0.05%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                                       | CUSIP: 04052BPD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $112269.61    | 0.00%             | 2026-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Kane Cook & DuPage Counties School District No. U-46 Elgin                                | Kane Cook and DuPage Counties School District No. U-46 Elgin, Series 2015D                                                                             | CUSIP: 483836TV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1723496.72   | 0.05%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                                 | County of Anne Arundel, Consolidated Water and Sewer                                                                                                   | CUSIP: 03588HSC1<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2064359.03   | 0.06%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                                | Duluth Independent School District No. 709                                                                                                             | CUSIP: 264474HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211927.00    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuBois Hospital Authority                                                                 | DuBois Hospital Authority, Penn Highlands Healthcare                                                                                                   | CUSIP: 263804BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1602815.57   | 0.05%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series 2018B                                                              | CUSIP: 87638TGH0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107267.17    | 0.00%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                          | New York State Thruway Authority                                                                                                                       | CUSIP: 650009P49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1355086.38   | 0.04%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Jordan Municipal Building Authority                                                  | West Jordan Municipal Building Authority                                                                                                               | CUSIP: 953527BY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5099.83      | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Public Transportation Authority                                                  | Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund                                        | CUSIP: 75902JBD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040259.20   | 0.03%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Bond Bank                                                                         | Indiana Bond Bank, Hamilton County Projects                                                                                                            | CUSIP: 45462TJU7<br>LEI: 549300TZMGETS4ELEI93 | Long             | DBT              | MUN               | US        |    740000 | PA      | $566064.55    | 0.02%             | 2030-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                                   | Montgomery County Higher Education and Health Authority, Arcadia University                                                                            | CUSIP: 613603C64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $860944.24    | 0.02%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Citrus Community College District                                                         | Citrus Community College District                                                                                                                      | CUSIP: 17741REZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20337.85     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                                    | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                        | CUSIP: 60374VEC3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   6230000 | PA      | $6043601.52   | 0.17%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                                 | Bergen County Improvement Authority (The), Guaranteed Governmental Loan                                                                                | CUSIP: 083774MD8<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55362.85     | 0.00%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                              | Commonwealth of Pennsylvania                                                                                                                           | CUSIP: 70914PVR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51819.71     | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 452152VM0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2263193.77   | 0.06%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Rapids MI Sanitary Sewer System Revenue                                     | City of Grand Rapids, Sanitary Sewer System                                                                                                            | CUSIP: 386289KS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $345797.14    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                               | Virginia Small Business Financing Authority, Senior Lien                                                                                               | CUSIP: 928104NL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4951380.50   | 0.14%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                 | City of Houston, Airport System, Subordinate Lien                                                                                                      | CUSIP: 442349BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $93182.54     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                  | Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project, Series 2021A                                                       | CUSIP: 04052BPR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $109404.92    | 0.00%             | 2041-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161CW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $357462.02    | 0.01%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, State University of New York Dormitory Facilities                                                                  | CUSIP: 65000BJU3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5479.03      | 0.00%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, State Agency Real Property                                                                                                        | CUSIP: 939720ZF8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42531.48     | 0.00%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Allegheny School District                                                           | North Allegheny School District                                                                                                                        | CUSIP: 656678VH9<br>LEI: 549300MJH200V28PJP95 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40214.62     | 0.00%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, New York University                                                                                                | CUSIP: 64990CEB3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    140000 | PA      | $147965.71    | 0.00%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                | Middleton Community Development                                                                                                                        | CUSIP: 596681AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253381.28    | 0.01%             | 2032-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                               | Metropolitan Washington Airports Authority Aviation                                                                                                    | CUSIP: 592647GX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82330.67     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                          | City of Tampa, H. Lee Moffitt Cancer Center Project                                                                                                    | CUSIP: 875161CT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271157.65    | 0.01%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                     | Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities                                                               | CUSIP: 140427BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019819.50   | 0.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                                    | Ohio Air Quality Development Authority, American Electric Power Co. Project                                                                            | CUSIP: 677525WG8<br>LEI: 549300DZUU80AYOR6M80 | Long             | STIV             | MUN               | US        |   1820000 | PA      | $1607257.11   | 0.05%             | 2038-12-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue                   | Metropolitan Transit Authority of Harris County, Sales and Use Tax, Contractual Obligations                                                            | CUSIP: 41422EEN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25553.67     | 0.00%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1620880.65   | 0.05%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                    | North Carolina Medical Care Commission, The Presbyterian Homes Obligated Group                                                                         | CUSIP: 65821DXP1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    600000 | PA      | $516313.14    | 0.01%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, Cleveland Clinic Health System Obligated Group                                                                                          | CUSIP: 677561KJ0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    170000 | PA      | $186418.58    | 0.01%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                             | State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects                                                    | CUSIP: 67760ADY9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38359.05     | 0.00%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                               | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series 2020A                                                     | CUSIP: 939783C95<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1589682.40   | 0.04%             | 2041-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                           | City of Gainesville, Utilities System                                                                                                                  | CUSIP: 362848UK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $127860.74    | 0.00%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newport News VA Water Revenue                                                     | City of Newport News                                                                                                                                   | CUSIP: 652282CG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10382.28     | 0.00%             | 2024-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                                      | School District of Broward County                                                                                                                      | CUSIP: 115065B78<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     35000 | PA      | $39382.40     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Sales Tax                                                                                                | CUSIP: 64985TCT6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1918449.00   | 0.05%             | 2046-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                                 | Maine Municipal Bond Bank                                                                                                                              | CUSIP: 56045RZA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $719076.80    | 0.02%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                  | CUSIP: 97712DB88<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36871.63     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Escambia FL Sales Tax Revenue                                                   | County of Escambia, Sales Tax                                                                                                                          | CUSIP: 296136FE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15891.78     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Commonspirit Health, Series 2019A-1                                                                       | CUSIP: 93978HVN2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    750000 | PA      | $785287.13    | 0.02%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Huber Heights OH                                                                  | City of Huber Heights, Limited Tax, Various Purpose                                                                                                    | CUSIP: 443524WD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26915.21     | 0.00%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Milwaukee WI Airport Revenue                                                    | County of Milwaukee, Airport                                                                                                                           | CUSIP: 602248LD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $189023.66    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Holt Public Schools                                                                       | Holt Public Schools, Unlimited Tax                                                                                                                     | CUSIP: 436542QQ0<br>LEI: 5493003S1N4V7MU43M43 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49681.46     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, State and Local Agency Real and Personal Property                                                                                 | CUSIP: 939720SW9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50156.46     | 0.00%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado State Board for Community Colleges & Occupational Educational System             | Colorado State Board for Community Colleges and Occupational Educational System                                                                        | CUSIP: 196696RE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42455.04     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                                   | Douglas County School District, Elkhorn Public Schools                                                                                                 | CUSIP: 259309L83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $435524.20    | 0.01%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Juan Unified School District                                                          | San Juan Unified School District, Election of 2002                                                                                                     | CUSIP: 798306SR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3540000 | PA      | $3599799.10   | 0.10%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Spokane WA                                                                      | County of Spokane, Limited Tax                                                                                                                         | CUSIP: 8486443H1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27276.75     | 0.00%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Facilities, Inc.                                                       | Los Angeles County Facilities, Inc., Vermont Corridor County Administration Building                                                                   | CUSIP: 54531FAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25602.51     | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 6500357W2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37778.55     | 0.00%             | 2037-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Huron School District                                                                     | Huron School District, Unlimited Tax                                                                                                                   | CUSIP: 447564LX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37452.09     | 0.00%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                        | Tobacco Settlement Financing Corp., Series 2018A                                                                                                       | CUSIP: 888808HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4697473.95   | 0.13%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                      | Colorado Health Facilities Authority, Commonspirit Health, Series 2019A-1                                                                              | CUSIP: 19648FJR6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2662742.75   | 0.08%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority Future Tax Secured, Tax Exempt, Fiscal Year 2022                                                          | CUSIP: 64971XSA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10575000 | PA      | $10574302.05  | 0.30%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                               | Omaha Public Power District, Electric System                                                                                                           | CUSIP: 682001GR7<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     35000 | PA      | $39374.84     | 0.00%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                              | Northern Illinois University, Auxiliary Facilities System                                                                                              | CUSIP: 665245YG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $271442.60    | 0.01%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                   | County of Miami-Dade, Building Better Communities Program, Series 2016A                                                                                | CUSIP: 59333FSS0<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   5355000 | PA      | $5668972.75   | 0.16%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Playmouth Place Inc.                                                                                                       | CUSIP: 45204FST3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003761.90   | 0.03%             | 2027-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                       | California School Finance Authority, Kipp Social Projects                                                                                              | CUSIP: 13059TGY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $455134.33    | 0.01%             | 2040-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| School District of the City of Erie (The)                                                 | School District of the City of Erie (The), Limited Tax                                                                                                 | CUSIP: 295425TA0<br>LEI: 549300VQZWUO5J8WLO42 | Long             | DBT              | MUN               | US        |    310000 | PA      | $343744.09    | 0.01%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                                        | Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group                                                                       | CUSIP: 009730PK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $138612.29    | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Carson Valley Medical Center, Series 2021A                                                                                   | CUSIP: 74442CDE1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $237575.63    | 0.01%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                             | City of Atlanta, Water and Wastewater                                                                                                                  | CUSIP: 047870MY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4475782.95   | 0.13%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brainerd MN                                                                       | City of Brainerd, Series 2016A                                                                                                                         | CUSIP: 104889A42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10427.51     | 0.00%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Campbell WY                                                                     | County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry Fork Station Facilities                                             | CUSIP: 134340AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23570000 | PA      | $20682422.80  | 0.58%             | 2039-07-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                       | State of Washington, State and Local Agency Real and Personal Property                                                                                 | CUSIP: 939720WZ7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38117.23     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Thurston & Pierce Counties Community Schools                                              | Thurston and Pierce Counties Community Schools, Unlimited Tax                                                                                          | CUSIP: 886112GC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36269.84     | 0.00%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                                     | CSCDA Community Improvement Authority, Essential Housing, Senior Lien, Series 2021A-1                                                                  | CUSIP: 126292AV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2174559.90   | 0.06%             | 2047-02-01      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| San Diego Community College District                                                      | San Diego Community College District                                                                                                                   | CUSIP: 797272PR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26610.12     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                         | State of Illinois                                                                                                                                      | CUSIP: 4521525X5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5880000 | PA      | $5167165.25   | 0.15%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No. 44 Belgrade                                           | Gallatin County School District No. 44 Belgrade, School Building                                                                                       | CUSIP: 36370NEF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $386220.84    | 0.01%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Weslaco Independent School District                                                       | Weslaco Independent School District, Limited Maintenance Tax Notes                                                                                     | CUSIP: 950885TY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27036.12     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                     | Capital Projects Finance Authority, Capital Projects Loan Program - Florida Universities                                                               | CUSIP: 140427BF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019745.80   | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                      | New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project                                                                   | CUSIP: 64542UFW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $361561.79    | 0.01%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                                   | Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology, Series M                                             | CUSIP: 57586CBL8<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |   4070000 | PA      | $4345518.24   | 0.12%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                        | City of Houston, Combined Utility System, Junior Lien, Series 2002A                                                                                    | CUSIP: 4424362G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2502480.80   | 0.07%             | 2032-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority                                                                                                                              | CUSIP: 45506DW68<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     35000 | PA      | $39071.44     | 0.00%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County Community Unit School District No. 365-U Valley View                          | Will County Community Unit School District No. 365-U Valley View                                                                                       | CUSIP: 969078SR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $1002655.88   | 0.03%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Beverly Hills Unified School District CA                                                  | Beverly Hills Unified School District, Election of 2008                                                                                                | CUSIP: 088023KN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31901.21     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                   | Los Angeles Department of Water and Power, Power System                                                                                                | CUSIP: 5444955W0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33225.67     | 0.00%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190QR6<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    600000 | PA      | $663508.08    | 0.02%             | 2036-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oregon State Lottery                                                                      | Oregon State Lottery                                                                                                                                   | CUSIP: 68607VJ30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25785.14     | 0.00%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                        | New York State Dormitory Authority, School Districts Financing Program                                                                                 | CUSIP: 64990GNG3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     80000 | PA      | $86964.26     | 0.00%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                                    | Berks County Municipal Authority (The), Tower Health Project                                                                                           | CUSIP: 084538HW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $640246.52    | 0.02%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Utah UT                                                                         | County of Utah, IHC Health Services, Inc.                                                                                                              | CUSIP: 917393CS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31878.36     | 0.00%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                                    | State of West Virginia                                                                                                                                 | CUSIP: 956553ZB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27932.67     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Birmingham AL                                                                     | City of Birmingham, Warrant, Series 2018B                                                                                                              | CUSIP: 09088RH66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $522025.80    | 0.01%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017                                                                     | CUSIP: 64971W4Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7583164.40   | 0.21%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                                         | Hudson Yards Infrastructure Corp., Second Indenture                                                                                                    | CUSIP: 44420RBA7<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52919.76     | 0.00%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                       | Wisconsin Health and Educational Facilities Authority                                                                                                  | CUSIP: 97712D6X9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1566023.10   | 0.04%             | 2051-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                        | Health and Educational Facilities Authority of the State of Missouri, SSM Health System                                                                | CUSIP: 60637AGF3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100576.50    | 0.00%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                                     | County of Franklin, Health Care Facilities, Ohio Living Communities                                                                                    | CUSIP: 353180KM3<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    265000 | PA      | $259882.45    | 0.01%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                                   | Douglas County School District, Elkhorn Public Schools                                                                                                 | CUSIP: 259309M41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $513959.04    | 0.01%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, State Police Barracks Project                                                                               | CUSIP: 64578EHR1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75905.76     | 0.00%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                                | City of Los Angeles Department of Airports, International Airport Subordinate                                                                          | CUSIP: 544445LB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $50448.76     | 0.00%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                               | Washington Health Care Facilities Authority, Seattle Cancer Care Alliance                                                                              | CUSIP: 93978HXF7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104480.74    | 0.00%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Higher Education Facilities Authority                                          | Washington Higher Education Facilities Authority, Seattle University Project                                                                           | CUSIP: 9397813X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $459844.05    | 0.01%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                     | Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group                                            | CUSIP: 61360PCL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $250331.85    | 0.01%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                                 | Los Angeles Community College District, Series 2015A                                                                                                   | CUSIP: 54438CTH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2357537.72   | 0.07%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                            | Metropolitan Nashville Airport Authority (The)                                                                                                         | CUSIP: 592190QV7<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2176692.80   | 0.06%             | 2040-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                                     | County of Franklin, Health Care Facilities, Ohio Living Communities                                                                                    | CUSIP: 353180KQ4<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1356537.60   | 0.04%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                  | Public Finance Authority, Lenoir-Rhyne University                                                                                                      | CUSIP: 74443DHS3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1437711.35   | 0.04%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                | Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project, Tax Exempt                                | CUSIP: 87638RKJ5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  18900000 | PA      | $17904588.03  | 0.50%             | 2027-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                                    | Oklahoma Development Finance Authority, Health System, OU Medicine Project                                                                             | CUSIP: 67884XCE5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   6030000 | PA      | $5762579.75   | 0.16%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                                      | State of Mississippi, Series 2018A                                                                                                                     | CUSIP: 605581LE5<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |  21155000 | PA      | $21499240.51  | 0.61%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                            | Black Belt Energy Gas District, Gas Project                                                                                                            | CUSIP: 09182TBL0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  13050000 | PA      | $13606194.92  | 0.38%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Higher Education Facilities Authority                                          | Washington Higher Education Facilities Authority, Seattle University Project                                                                           | CUSIP: 9397813W8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $828221.10    | 0.02%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                      | State of Connecticut                                                                                                                                   | CUSIP: 20772JU42<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60771.20     | 0.00%             | 2036-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                | Illinois Finance Authority, Clark-Lindsey Village                                                                                                      | CUSIP: 45204FQM0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    175000 | PA      | $165321.33    | 0.00%             | 2037-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                               | Omaha Public Power District, Electric System, Series 2017A                                                                                             | CUSIP: 682001FV9<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2162860.60   | 0.06%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Franklin IN                                                                       | City of Franklin, Otterbeit Homes                                                                                                                      | CUSIP: 353593DW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $673232.04    | 0.02%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA Sewer Revenue                                                        | County of Fairfax, Sewer                                                                                                                               | CUSIP: 303867KE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50874.94     | 0.00%             | 2038-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                                | Virginia Commonwealth Transportation Board, Capital Projects, Series 2017A                                                                             | CUSIP: 927793D89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11056494.00  | 0.31%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Middleburg Heights OH                                                             | City of Middleburg Heights, Southwest General Health Center Project, Tax-Exempt                                                                        | CUSIP: 596126CV2<br>LEI: 549300YPL4J3W5PGVS22 | Long             | DBT              | MUN               | US        |    355000 | PA      | $382391.80    | 0.01%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Water Replenishment District                                          | Southern California Water Replenishment District                                                                                                       | CUSIP: 84251KBD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25412.33     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                 | New Jersey Economic Development Authority, School Facilities Construction                                                                              | CUSIP: 64577B7C2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2994800.05   | 0.08%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Milledgeville & Baldwin County Development Authority                                      | Milledgeville and Baldwin County Development Authority                                                                                                 | CUSIP: 60039GAZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $758011.87    | 0.02%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                           | Lexington County Health Services District, Inc., LexMed Obligated Group                                                                                | CUSIP: 529050EQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $615474.02    | 0.02%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                   | New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2018                                                         | CUSIP: 64971XAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32535.60     | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Trinity Health Credit Group                                                                                                | CUSIP: 59447TQH9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    125000 | PA      | $136815.54    | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wilkes-Barre Area School District/PA                                                      | Wilkes-Barre Area School District                                                                                                                      | CUSIP: 968261NM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $346775.80    | 0.01%             | 2038-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Escondido Union School District/CA                                                        | Escondido Union School District, Election of 2014                                                                                                      | CUSIP: 296371SL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106083.96    | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                         | State of Colorado                                                                                                                                      | CUSIP: 196711RG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76927.22     | 0.00%             | 2034-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| McHenry County Community Consolidated School District No. 47 Crystal Lake                 | McHenry County Community Consolidated School District No. 47 Crystal Lake                                                                              | CUSIP: 581000PW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26095.92     | 0.00%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                           | State of Oregon, Article XI-G State Projects                                                                                                           | CUSIP: 68609BX36<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1930000 | PA      | $2089831.41   | 0.06%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nazareth Area School District                                                             | Nazareth Area School District                                                                                                                          | CUSIP: 639438K74<br>LEI: 549300IXDARD1B2S7628 | Long             | DBT              | MUN               | US        |    810000 | PA      | $863204.20    | 0.02%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glynn-Brunswick Memorial Hospital Authority                                               | Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project                                                                   | CUSIP: 380037HA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $457926.73    | 0.01%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                                      | Allegheny County Higher Education Building Authority, Chatham University                                                                               | CUSIP: 01728RPN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $133761.20    | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp.                                                    | New York State Urban Development Corp., State Personal Income Tax, General Purpose                                                                     | CUSIP: 64985TAL5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     70000 | PA      | $75358.42     | 0.00%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                           | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp.                                                               | CUSIP: 13016NEK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $420721.48    | 0.01%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                          | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                    | CUSIP: 20282EAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1313237.25   | 0.04%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                  | Massachusetts Development Finance Agency, Suffolk University Issue                                                                                     | CUSIP: 57584YRV3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    770000 | PA      | $816490.21    | 0.02%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond CA Wastewater Revenue                                                    | City of Richmond, Wastewater                                                                                                                           | CUSIP: 764507DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40662.39     | 0.00%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                               | Ohio Higher Educational Facility Commission, University of Findlay 2019 Project                                                                        | CUSIP: 67756DTE6<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    720000 | PA      | $742070.02    | 0.02%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County School District No. 44 Belgrade                                           | Gallatin County School District No. 44 Belgrade, School Building                                                                                       | CUSIP: 36370NEB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $279292.24    | 0.01%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                                      | Kane County School District No. 131 Aurora East Side                                                                                                   | CUSIP: 484008NN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105524.41    | 0.00%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| La Canada Unified School District                                                         | La Canada Unified School District, Election of 2017                                                                                                    | CUSIP: 502516PN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56165.25     | 0.00%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                | Michigan Finance Authority, Trinity Health Credit Group                                                                                                | CUSIP: 59447TPK3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54591.62     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                 | Indiana Finance Authority, Goshen Health, Series 2019A                                                                                                 | CUSIP: 45471ASX1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    335000 | PA      | $328615.54    | 0.01%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lexington County Health Services District, Inc.                                           | Lexington County Health Services District, Inc., LexMed Obligated Group                                                                                | CUSIP: 529050EL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $147028.59    | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria                              | Maricopa County Union High School District No. 216 Agua Fria, School Improvement                                                                       | CUSIP: 567541RC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51967.41     | 0.00%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer