# EDGAR Filing Document

**Accession Number:** 0000763852
**File Stem:** 0001752724-23-016722
**Filing Date:** 2023-1
**Character Count:** 409933
**Document Hash:** 7ecd87d4ebb99d6f4fc3fd4bf8cadfa3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-016722.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001752724-23-016722

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230228

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04236
- **FILM NUMBER:** 23563100

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

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

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

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

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

## Series and Classes Contracts Data

### JPMorgan Short-Intermediate Municipal Bond Fund (Series ID: S000003499)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009692 | Class A      | OSTAX           |
| C000009694 | Class C      | STMCX           |
| C000077258 | Class I      | JIMIX           |
| C000205207 | Class R6     | OSTSX           |

## Nport-Ex

**JPMorgan Short-Intermediate Municipal 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 Short-Intermediate Municipal 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 — 89.9%** (a) | **Municipal Bonds — 89.9%** (a) | **Municipal Bonds — 89.9%** (a) |
| **Alabama — 3.0%** | **Alabama — 3.0%** | **Alabama — 3.0%** |
| &nbsp;&nbsp;&nbsp; Birmingham Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2027 | 250 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2028 | 350 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2029 | 375 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | 250 | 277 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2033 | 325 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2034 | 375 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Prepay Project No. 3 Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), <br> 2.47%, 12/8/2022 (b)<br>| 7500 | 7440 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Prepay Project No. 4 Series 2019A-1, Rev., 4.00%, 12/1/2025 (c) | 10160 | 10120 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 6 Series 2021B, Rev., 4.00%, 12/1/2026 (c) | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9900 |
| &nbsp;&nbsp;&nbsp; Montgomery County Public Building Authority, Facilities Project Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503 |
| &nbsp;&nbsp;&nbsp; Selma Industrial Development Board, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (c) | &nbsp;&nbsp;&nbsp; 3625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3485 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 33909 |
| **Alaska — 0.6%** | **Alaska — 0.6%** | **Alaska — 0.6%** |
| &nbsp;&nbsp;&nbsp; Alaska Municipal Bond Bank Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp; 1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988 |
| &nbsp;&nbsp;&nbsp; Borough of North Slope, General Purpose Series 2021C, GO, 4.00%, 6/30/2025 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2581 |
| &nbsp;&nbsp;&nbsp; City of Anchorage, Electric Utilities, Senior Lien Series 2014A, Rev., 5.00%, 12/1/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6864 |
| **Arizona — 2.6%** | **Arizona — 2.6%** | **Arizona — 2.6%** |
| &nbsp;&nbsp;&nbsp; Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp; 3540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3682 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Phoenix Children's Hospital Series 2020A, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Elementary School District No. 6 Washington, School Improvement, Project of 2016 Series 2019B, GO, <br> 5.00%, 7/1/2029<br>| &nbsp;&nbsp;&nbsp; 3950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Banner Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 10/18/2024 (c) | &nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, Rev., 5.00%, 5/15/2026 (c) | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3182 |
| &nbsp;&nbsp;&nbsp; Maricopa County Pollution Control Corp., Palo Verde Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010A, Rev., 0.88%, 10/1/2026 (c) | &nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010B, Rev., 0.88%, 10/1/2026 (c) | &nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1897 |
| &nbsp;&nbsp;&nbsp; Tempe Industrial Development Authority, Friendship Village of Tempe Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C-2, Rev., 1.13%, 12/1/2026 | &nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C-1, Rev., 1.50%, 12/1/2027 | &nbsp;&nbsp;&nbsp; 1965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1643 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 29501 |
| **Arkansas — 0.9%** | **Arkansas — 0.9%** | **Arkansas — 0.9%** |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges, Division of Emergency Management Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp; 1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1232 |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp; City of Rogers, Sales Tax Series B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp; 3855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4146 |

---

------

**JPMorgan Short-Intermediate Municipal 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** |
| **Arkansas — continued** | **Arkansas — continued** | **Arkansas — continued** |
| &nbsp;&nbsp;&nbsp; County of Sharp, Sales and Use Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2024 | 595 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2026 | 685 | 722 |
| &nbsp;&nbsp;&nbsp; University of Arkansas, Various Facility UAMS Campus |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2025 | 500 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2026 | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp; University of Central Arkansas, Student Housing System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., AGM, 4.00%, 11/1/2025 | 110 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., AGM, 4.00%, 11/1/2026 | 240 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., AGM, 4.00%, 11/1/2027 | 180 | 185 |
| &nbsp;&nbsp;&nbsp; Total Arkansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 10217 |
| **California — 11.4%** | **California — 11.4%** | **California — 11.4%** |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, Toll Bridge Series S-7, Rev., 4.00%, 4/1/2029 | 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21082 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c) | &nbsp;&nbsp;&nbsp; 7880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7871 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, The Broad Sustainability Bonds Series 2021A, Rev., 5.00%, <br> 6/1/2028<br>| &nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6475 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, California Lutheran University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 |
| &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; California Municipal Finance Authority, North Bay Healthcare Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Enso Village Project Series 2021B-3, Rev., 2.13%, 11/15/2027 (e) | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Marin General Hospital Project, Green Bond Series 2018A, Rev., <br> 5.00%, 8/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp; City of Chula Vista, Police Facility Project COP, 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, International Airport Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 5/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp; 1950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2642 |
| &nbsp;&nbsp;&nbsp; City of Vernon, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 4/1/2025 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp; Grossmont Healthcare District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, GO, 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1296 |
| &nbsp;&nbsp;&nbsp; Los Angeles Community College District Series C, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5397 |
| &nbsp;&nbsp;&nbsp; Los Angeles Community College District, Election of 2016 Series C-1, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Water System Series 2018A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Novato Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875 |

---

------

**JPMorgan Short-Intermediate Municipal 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; Oak Grove School District GO, 5.00%, 8/1/2023 | 1200 | 1220 |
| &nbsp;&nbsp;&nbsp; Oakland State Building Authority, Elihu M. Harris State Office Building Series A, Rev., 5.00%, 12/1/2022 | 1700 | 1700 |
| &nbsp;&nbsp;&nbsp; Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025 | 1770 | 1882 |
| &nbsp;&nbsp;&nbsp; Port of Oakland, Intermediate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021H, Rev., AMT, 5.00%, 5/1/2024 (d) | 210 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021H, Rev., AMT, 5.00%, 5/1/2024 | 2725 | 2798 |
| &nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Electric Series E, Rev., 5.00%, 8/15/2027 | 105 | 116 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority Series 2020A, Rev., 5.00%, 8/1/2027 | 250 | 277 |
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, Election of 2004 Series 2015D, GO, 5.00%, 8/1/2028 | 1685 | 1792 |
| &nbsp;&nbsp;&nbsp; Santa Barbara Unified School District Series B, GO, 5.00%, 8/1/2026 | 50 | 54 |
| &nbsp;&nbsp;&nbsp; Sonoma County Transportation Authority, Limited Tax Rev., 5.00%, 12/1/2024 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp; 2810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2026 | 13210 | &nbsp;&nbsp;&nbsp;&nbsp; 13926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp; 4180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp; 7830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 8/1/2030 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10444 |
| &nbsp;&nbsp;&nbsp; Stockton Public Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp; Walnut Energy Center Authority Series A, Rev., 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp; 128909 |
| **Colorado — 1.4%** | **Colorado — 1.4%** | **Colorado — 1.4%** |
| &nbsp;&nbsp;&nbsp; City of Aurora COP, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp; City of Longmon Series A, COP, 5.00%, 12/1/2023 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; City of Longmont Series A, COP, 5.00%, 12/1/2022 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Colorado Bridge Enterprise, Tax-Exempt Series 2019A, Rev., 4.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5239 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health Series B-2, Rev., 5.00%, 8/1/2026 (c) | &nbsp;&nbsp;&nbsp; 6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6560 |
| &nbsp;&nbsp;&nbsp; Counties of Gunnison, Watershed School District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, 4.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, 5.00%, 12/1/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp; County of Eagle COP, 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District, Denver Transit Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 15653 |

---

------

**JPMorgan Short-Intermediate Municipal 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 — 1.2%** | **Connecticut — 1.2%** | **Connecticut — 1.2%** |
| &nbsp;&nbsp;&nbsp; City of New Haven |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 8/1/2023 | 400 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 8/1/2024 | 400 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 8/1/2025 | 425 | 445 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Series 2020B-2, Rev., 5.00%, 1/1/2027 (c) | 7750 | 8220 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Series 2020C, GO, 4.00%, 6/1/2032 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp; State of Connecticut, Special Tax Transportation Infrastructure Purposes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021D, Rev., 5.00%, 11/1/2029 | 1230 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021D, Rev., 5.00%, 11/1/2030 | 1825 | 2107 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 14043 |
| **District of Columbia — 0.1%** | **District of Columbia — 0.1%** | **District of Columbia — 0.1%** |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1226 |
| **Florida — 1.1%** | **Florida — 1.1%** | **Florida — 1.1%** |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Aviation System Series 2020A, Rev., 5.00%, 10/1/2032 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2206 |
| &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; 126 |
| &nbsp;&nbsp;&nbsp; Fort Pierce Utilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AGM, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AGM, 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority Series 2012-A, Rev., 4.00%, 10/1/2023 (d) | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp; JEA Water and Sewer System Series 2017A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Florida, Department of Transportation, Right-of- Way Acquisition and Bridge Construction Series 2021A, GO, 5.00%, <br> 7/1/2028<br>| &nbsp;&nbsp;&nbsp; 3675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4128 |
| &nbsp;&nbsp;&nbsp; Volusia County School Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp; 1685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp; 1965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2148 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 12440 |
| **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** |
| &nbsp;&nbsp;&nbsp; Atlanta Development Authority (The), New Downtown Atlanta Stadium Project, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A-1, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A-1, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp; Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp; Gordon County School District GO, 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1101 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2027 (c) | &nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3256 |
| &nbsp;&nbsp;&nbsp; Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 5.00%, 9/1/2030 | 10755 | &nbsp;&nbsp;&nbsp;&nbsp; 12458 |
| &nbsp;&nbsp;&nbsp; State of Georgia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016E, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp; 6750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2183 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 30600 |

---

------

**JPMorgan Short-Intermediate Municipal 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** |
| **Guam — 0.2%** | **Guam — 0.2%** | **Guam — 0.2%** |
| &nbsp;&nbsp;&nbsp; Territory of Guam (Guam) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., 5.00%, 1/1/2028 | 250 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., 5.00%, 1/1/2029 | 750 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., 5.00%, 1/1/2030 | 750 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., 5.00%, 1/1/2031 | 750 | 786 |
| &nbsp;&nbsp;&nbsp; Total Guam |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2611 |
| **Hawaii — 0.1%** | **Hawaii — 0.1%** | **Hawaii — 0.1%** |
| &nbsp;&nbsp;&nbsp; City and County of Honolulu Series A, GO, 5.00%, 10/1/2029 | 675 | 717 |
| **Illinois — 8.7%** | **Illinois — 8.7%** | **Illinois — 8.7%** |
| &nbsp;&nbsp;&nbsp; Carol Stream Park District Series 2020C, GO, 4.00%, 11/1/2027 | 200 | 210 |
| &nbsp;&nbsp;&nbsp; Carol Stream Park District, Limited Tax Series 2020A, GO, 4.00%, 11/1/2028 | 145 | 153 |
| &nbsp;&nbsp;&nbsp; Champaign County Community Unit School District No. 4 Champaign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2028 | &nbsp;&nbsp; 1255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2029 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2030 | &nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1361 |
| &nbsp;&nbsp;&nbsp; Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, Zero Coupon, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, Zero Coupon, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp; 4390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp; 4605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020E, Rev., 5.00%, 1/1/2031 | &nbsp;&nbsp; 4620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5138 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Capital Grant Receipts Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031 |
| &nbsp;&nbsp;&nbsp; City of Waukegan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, AGM, 5.00%, 12/30/2025 | &nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, AGM, 5.00%, 12/30/2026 | &nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, AGM, 5.00%, 12/30/2027 | &nbsp;&nbsp; 1185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1289 |
| &nbsp;&nbsp;&nbsp; City of Waukegan, First Lien, Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AGM, 5.00%, 12/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AGM, 5.00%, 12/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AGM, 5.00%, 12/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 772 |
| &nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 65, Evanston, Limited Tax GO, 4.00%, 12/1/2030 | &nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1295 |
| &nbsp;&nbsp;&nbsp; Cook County Community School District No. 97, Oak Park |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp; Cook County High School District No. 207, Maine Township |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 12/1/2027 | &nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp; 1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 12/1/2029 | &nbsp;&nbsp; 1945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2064 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 69, Skokie, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543 |

---

------

**JPMorgan Short-Intermediate Municipal 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; GO, 4.00%, 12/1/2030 | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2031 | 820 | 861 |
| &nbsp;&nbsp;&nbsp; Cook County School District No. 99 Cicero, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 12/1/2024 | 505 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 12/1/2025 | 515 | 545 |
| &nbsp;&nbsp;&nbsp; Cook County Township High School District No. 225, Glenbrook Series 2016A, GO, 5.00%, 12/1/2023 | 5 | 5 |
| &nbsp;&nbsp;&nbsp; Cook County, Proviso Township High School District No. 209, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2022 | 2975 | 2975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2023 | 2350 | 2400 |
| &nbsp;&nbsp;&nbsp; County of Cook Series 2021B, GO, 4.00%, 11/15/2027 | 2425 | 2527 |
| &nbsp;&nbsp;&nbsp; County of Du Page, Courthouse Project GO, 5.00%, 1/1/2024 | 335 | 343 |
| &nbsp;&nbsp;&nbsp; DeKalb County Community Unit School District No. 428 DeKalb |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp; Effingham Community Unit School District No. 40 Series 2019A, GO, 4.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp; Glenview Park District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380 |
| &nbsp;&nbsp;&nbsp; Grundy and Kendall Counties Consolidated Grade School District No. 60-C GO, 4.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1213 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Clean Water Initiative Revolving Fund Series 1998B, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4244 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, DePaul University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/15/2030 | &nbsp;&nbsp;&nbsp; 1960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 1/15/2032 | &nbsp;&nbsp;&nbsp; 2120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, The University of Chicago Medical Center Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 1.80%, <br> 12/8/2022 (c)<br>| &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; Kane and DeKalb Counties Community Unit School District No 301 Burlington GO, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp; Kane County School District No. 131 Aurora East Side |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, AGM, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 4.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 4.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, AGM, 4.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &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; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042 |

---

------

**JPMorgan Short-Intermediate Municipal 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; Peoria County Community Unit School District No. 309 Brimfield |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 4/1/2026 | 750 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 4/1/2027 | 780 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 4/1/2028 | 410 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 4/1/2029 | 240 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 4/1/2030 | 375 | 396 |
| &nbsp;&nbsp;&nbsp; Peoria Public Building Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., AGM, 4.00%, 12/1/2025 | 700 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., AGM, 4.00%, 12/1/2026 | 1000 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., AGM, 4.00%, 12/1/2027 | 1270 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., AGM, 5.00%, 12/1/2028 | 1200 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., AGM, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2633 |
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwestern Illinois Development Authority, Hospital Sisters Services, Inc., Obligated Group Series A, Rev., 5.00%, <br> 2/15/2027<br>| &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2129 |
| &nbsp;&nbsp;&nbsp; State of Illinois Series D, GO, 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5071 |
| &nbsp;&nbsp;&nbsp; University of Illinois, Auxiliary Facilities System Series 2013A, Rev., 5.00%, 4/1/2024 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2516 |
| &nbsp;&nbsp;&nbsp; Will County Forest Preservation District, Limited Tax GO, 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp; Will County Township High School District No. 204 Joliet, Limited Tax GO, 4.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 98119 |
| **Indiana — 2.2%** | **Indiana — 2.2%** | **Indiana — 2.2%** |
| &nbsp;&nbsp;&nbsp; City of Evansville, Sewage Works Rev., 4.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1028 |
| &nbsp;&nbsp;&nbsp; City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5013 |
| &nbsp;&nbsp;&nbsp; Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2023 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health Obligated Group Series B, Rev., 2.25%, 7/1/2025 (c) | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4897 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indianapolis Power and Light Co. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 0.75%, 4/1/2026 (c) | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 0.95%, 4/1/2026 (c) | &nbsp;&nbsp;&nbsp; 4525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 1.40%, 8/1/2029 | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5941 |
| &nbsp;&nbsp;&nbsp; Purdue University, Student Fee |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 25367 |
| **Iowa — 1.0%** | **Iowa — 1.0%** | **Iowa — 1.0%** |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Health System Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 2.43%, 12/8/2022 (b) (e) | 11600 | &nbsp;&nbsp;&nbsp;&nbsp; 11571 |
| **Kansas — 1.2%** | **Kansas — 1.2%** | **Kansas — 1.2%** |
| &nbsp;&nbsp;&nbsp; City of Wichita, Sales Tax, River District Stadium Star Bond Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, State of Kansas Project Series F, Rev., 4.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp; 6820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7112 |
| &nbsp;&nbsp;&nbsp; Overland Park Development Corp., Overland Park Convention Center Hotel Rev., 5.00%, 3/1/2023 | &nbsp;&nbsp;&nbsp; 1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1521 |
| &nbsp;&nbsp;&nbsp; Seward County Unified School District No. 480 Liberal Series 2017-B, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1855 |
| &nbsp;&nbsp;&nbsp; University of Kansas Hospital Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 3/1/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |

---

------

**JPMorgan Short-Intermediate Municipal 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;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 3/1/2024 | 205 | 211 |
| &nbsp;&nbsp;&nbsp; Wyandotte County Unified School District No. 202 Turner |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 5.00%, 9/1/2025 | 400 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 5.00%, 9/1/2026 | 220 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 5.00%, 9/1/2027 | 325 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 5.00%, 9/1/2028 | 400 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, AGM, 5.00%, 9/1/2029 | 375 | 414 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 13454 |
| **Kentucky — 1.4%** | **Kentucky — 1.4%** | **Kentucky — 1.4%** |
| &nbsp;&nbsp;&nbsp; Kentucky Municipal Power Agency, Prairie State Project Series 2015A, Rev., NATL - RE, 5.00%, 9/1/2023 | 240 | 244 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply Series 2018A, Rev., 4.00%, 4/1/2024 (c) | 2500 | 2498 |
| &nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2020D, Rev., 5.00%, 10/1/2029 (c) | 10500 | &nbsp;&nbsp;&nbsp;&nbsp; 11350 |
| &nbsp;&nbsp;&nbsp; Northern Kentucky University Series 2014A, Rev., 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1345 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 15437 |
| **Louisiana — 1.9%** | **Louisiana — 1.9%** | **Louisiana — 1.9%** |
| &nbsp;&nbsp;&nbsp; City of Shreveport, Water and Sewer, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AGM, 4.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 962 |
| &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 2019B, Rev., AGM, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AGM, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., AGM, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &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; Jefferson Sales Tax District Series 2019B, Rev., AGM, 4.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp; 5815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Louisiana Children's Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + <br> 0.65%), 2.50%, 12/8/2022 (b)<br>| 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10005 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Tulane University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 12/15/2022 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 21928 |
| **Maryland — 0.6%** | **Maryland — 0.6%** | **Maryland — 0.6%** |
| &nbsp;&nbsp;&nbsp; State of Maryland, Department of Transportation Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp; 6100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6502 |
| **Massachusetts — 2.3%** | **Massachusetts — 2.3%** | **Massachusetts — 2.3%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2015 Series D, GO, 4.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp; 8290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8560 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Sales Tax Series 2021A-1, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Northeastern University Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1098 |

---

------

**JPMorgan Short-Intermediate Municipal 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; Series 2020A, Rev., 5.00%, 10/1/2030 | 660 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2031 | 585 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2032 | 425 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2033 | 450 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2034 | 500 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 10/1/2035 | 1000 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Partners Healthcare System Issue Series 2017S, Rev., (SIFMA Municipal Swap <br> Index Yield + 0.50%), 2.35%, 12/8/2022 (b)<br>| 10000 | 10002 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Suffolk University Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2025 | 525 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | 435 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2027 | 420 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 26606 |
| **Michigan — 1.2%** | **Michigan — 1.2%** | **Michigan — 1.2%** |
| &nbsp;&nbsp;&nbsp; Avondale School District, Unlimited Tax Series 2020A, GO, Q-SBLF, 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp; 1835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2063 |
| &nbsp;&nbsp;&nbsp; City of Royal Oak, Limited Tax, Capital Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp; Gerald R Ford International Airport Authority, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 5.00%, 1/1/2023 | &nbsp;&nbsp;&nbsp; 1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 5.00%, 1/1/2024 | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1437 |
| &nbsp;&nbsp;&nbsp; Grosse Pointe Public School System GO, 4.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 799 |
| &nbsp;&nbsp;&nbsp; Jackson Public Schools, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.00%, 5/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Q-SBLF, 4.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2364 |
| &nbsp;&nbsp;&nbsp; Northville Public Schools, School Building and Site |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II, GO, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II, GO, 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II, GO, 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 13176 |
| **Minnesota — 0.4%** | **Minnesota — 0.4%** | **Minnesota — 0.4%** |
| &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; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, COP, 5.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, COP, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, COP, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, COP, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339 |
| &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; Series 2019C, COP, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp; Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 |

---

------

**JPMorgan Short-Intermediate Municipal 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** |
| **Minnesota — continued** | **Minnesota — continued** | **Minnesota — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2025 | 185 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2026 | 185 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2027 | 195 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2028 | 240 | 241 |
| &nbsp;&nbsp;&nbsp; Western Minnesota Municipal Power Agency, Power Supply Series 2014A, Rev., 5.00%, 1/1/2024 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4284 |
| **Mississippi — 0.9%** | **Mississippi — 0.9%** | **Mississippi — 0.9%** |
| &nbsp;&nbsp;&nbsp; County of Harrison, Tax-Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 10/1/2027 | 800 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 10/1/2028 | 345 | 385 |
| &nbsp;&nbsp;&nbsp; Medical Center Educational Building Corp., Capital Improvements and Refinancing Project Rev., 5.00%, 6/1/2031 | 3105 | 3430 |
| &nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., Pollution Control, Power Company Project Rev., 3.20%, 9/1/2028 | &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3926 |
| &nbsp;&nbsp;&nbsp; State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1535 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 10156 |
| **Missouri — 0.5%** | **Missouri — 0.5%** | **Missouri — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of St. Louis, St. Louis Lambert International Airport Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1095 |
| &nbsp;&nbsp;&nbsp; City of St. Peters |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582 |
| &nbsp;&nbsp;&nbsp; County of Greene, Special Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5307 |
| **Montana — 0.0% ^** | **Montana — 0.0% ^** | **Montana — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Gallatin County High School District No. 7 Bozeman Series 2017A, GO, 5.00%, 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527 |
| **Nebraska — 2.4%** | **Nebraska — 2.4%** | **Nebraska — 2.4%** |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 5 Series 1, Rev., 5.00%, 10/1/2029 (c) | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10252 |
| &nbsp;&nbsp;&nbsp; Douglas County School District No. 001, Omaha Public |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp; 6665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/15/2030 | &nbsp;&nbsp;&nbsp; 6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7826 |
| &nbsp;&nbsp;&nbsp; Southeast Community College Area, Tax Supported |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 27089 |
| **New Hampshire — 0.5%** | **New Hampshire — 0.5%** | **New Hampshire — 0.5%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Municipal Bond Bank Series 2020A, Rev., 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp; 1870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2107 |
| &nbsp;&nbsp;&nbsp; State of New Hampshire Series 2014A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp; 2880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3027 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5134 |

---

------

**JPMorgan Short-Intermediate Municipal 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 — 5.7%** | **New Jersey — 5.7%** | **New Jersey — 5.7%** |
| &nbsp;&nbsp;&nbsp; City of Newark |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 10/1/2027 | 1000 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, AGM, 5.00%, 10/1/2028 | 750 | 828 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Rev., 5.00%, 6/15/2025 | 1500 | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Rev., 5.00%, 6/15/2026 | 1840 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 5.00%, 6/15/2027 | 435 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 5.00%, 6/15/2028 | 400 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 5.00%, 6/15/2029 | 500 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 5.00%, 6/15/2030 | 275 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021QQQ, Rev., 5.00%, 6/15/2031 | 500 | 553 |
| &nbsp;&nbsp;&nbsp; New Jersey Institute of Technology, Tax-Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp; 5350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/15/2031 | &nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4987 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority Series C-6, Rev., (ICE LIBOR USD 1 Month + 0.75%), 3.63%, 1/1/2023 (b) | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10002 |
| &nbsp;&nbsp;&nbsp; Passaic Valley Sewerage Commission, Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, Rev., AGM, 3.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp; 6370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, Rev., AGM, 3.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp; 6465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, Rev., AGM, 3.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp; 6665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6591 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, COVID-19 Emergency Bonds GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp; 7330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7731 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, Various Purpose GO, 4.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp; 3870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3889 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 64572 |
| **New Mexico — 0.5%** | **New Mexico — 0.5%** | **New Mexico — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of Farmington, San Juan Project Series 2010A, Rev., 0.88%, 10/1/2026 (c) | &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3531 |
| &nbsp;&nbsp;&nbsp; County of Sandoval |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2024 | &nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5903 |
| **New York — 8.3%** | **New York — 8.3%** | **New York — 8.3%** |
| &nbsp;&nbsp;&nbsp; City of Jamestown, Public Improvement GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2020 Series 2020-1, GO, 4.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp; 2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2584 |
| &nbsp;&nbsp;&nbsp; County of Monroe |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455 |
| &nbsp;&nbsp;&nbsp; County of Orange, Public Improvement GO, 5.00%, 2/1/2023 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp; Floral Park-Bellerose Union Free School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715 |

---

------

**JPMorgan Short-Intermediate Municipal 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; Long Island Power Authority, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2025 | 500 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2027 | 500 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | 750 | 817 |
| &nbsp;&nbsp;&nbsp; Longwood Central School District, Suffolk County GO, 5.00%, 6/15/2026 | 365 | 394 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Subseries C-1, Rev., 5.00%, 11/15/2024 | 3000 | 3086 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Dedicated Tax Fund Subseries 2017B-2, Rev., 4.00%, 11/15/2032 | 4000 | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Series 2014B, <br> Rev., 5.00%, 7/1/2023<br>| 800 | 808 |
| &nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Queens Baseball Stadium Project Rev., AGM, 4.00%, 1/1/2032 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Yankee Stadium Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 3/1/2028 | 1000 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 3/1/2031 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 3/1/2032 | &nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1560 |
| &nbsp;&nbsp;&nbsp; New York Convention Center Development Corp., Hotel Unit Fee Secured Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5238 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp; 4255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4438 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Montefiore Obligated Group Series 2018A, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp; 3225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3314 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Non Stop Supported Debt, New School University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2024 (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1053 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, St. John's University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2021A, Rev., 5.00%, 3/15/2034 | &nbsp;&nbsp;&nbsp; 5965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project <br> Rev., AMT, 5.00%, 1/1/2023<br>| &nbsp;&nbsp;&nbsp; 9200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9204 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp; Niagara Frontier Transportation Authority, Buffalo Niagara International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., AMT, 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., AMT, 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp; Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp; State of New York Series 2019A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3493 |
| &nbsp;&nbsp;&nbsp; Syracuse Industrial Development Agency, School District Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329 |
| &nbsp;&nbsp;&nbsp; Town of Oyster Bay, Public Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority Series 2013A, Rev., 5.00%, 11/15/2024 | &nbsp;&nbsp;&nbsp; 3290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3327 |

---

------

**JPMorgan Short-Intermediate Municipal 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; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., BAN, 5.00%, 11/1/2025 | 5000 | 5318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A-2, Rev., 2.00%, 5/15/2028 (c) | 10000 | 8912 |
| &nbsp;&nbsp;&nbsp; Trust for Cultural Resources of The City of New York, The Museum of Modern Art Series 2020A, Rev., 5.00%, 12/1/2031 | 3800 | 4318 |
| &nbsp;&nbsp;&nbsp; White Plains City School District GO, 5.00%, 5/15/2024 | 1550 | 1604 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 93719 |
| **North Carolina — 1.2%** | **North Carolina — 1.2%** | **North Carolina — 1.2%** |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (c) | 13805 | 13466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., AGM, 5.00%, <br> 10/1/2023<br>| 445 | 454 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 13920 |
| **Ohio — 0.5%** | **Ohio — 0.5%** | **Ohio — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp; City of Dublin, Various Purpose GO, 4.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp; Cuyahoga Community College District, Facilities Construction Improvement, Unlimited Tax GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2474 |
| &nbsp;&nbsp;&nbsp; Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 844 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5142 |
| **Oklahoma — 2.9%** | **Oklahoma — 2.9%** | **Oklahoma — 2.9%** |
| &nbsp;&nbsp;&nbsp; Bryan County School Finance Authority, Durant Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458 |
| &nbsp;&nbsp;&nbsp; Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1318 |
| &nbsp;&nbsp;&nbsp; Cleveland County Educational Facilities Authority, Moore Public Schools Project Rev., 4.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9371 |
| &nbsp;&nbsp;&nbsp; Cleveland County Educational Facilities Authority, Norman Public Schools Project Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp; 3050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3205 |
| &nbsp;&nbsp;&nbsp; Custer County Economic Development Authority, Thomas Fay Public Schools Rev., 4.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719 |
| &nbsp;&nbsp;&nbsp; Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1306 |
| &nbsp;&nbsp;&nbsp; Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project Rev., 4.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; Muskogee Industrial Trust, Muskogee Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2575 |

---

------

**JPMorgan Short-Intermediate Municipal 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** |
| **Oklahoma — continued** | **Oklahoma — continued** | **Oklahoma — continued** |
| &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%, 10/1/2023 | 355 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/1/2025 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp; Pittsburg County Educational Facilities Authority, McAlester Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2027 | 125 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2028 | 175 | 182 |
| &nbsp;&nbsp;&nbsp; University of Oklahoma (The), Tax Exempt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2026 | 810 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2027 | 430 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2028 | 455 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2029 | 480 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp; 1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1226 |
| &nbsp;&nbsp;&nbsp; Wagoner County School Development Authority, Wagoner Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 33008 |
| **Oregon — 0.3%** | **Oregon — 0.3%** | **Oregon — 0.3%** |
| &nbsp;&nbsp;&nbsp; City of Portland, Sewer System, First Lien Series 2014A, Rev., 5.00%, 10/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Port of Portland, International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 23, Rev., 5.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 23, Rev., 5.00%, 7/1/2024 | &nbsp;&nbsp;&nbsp; 1595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1650 |
| &nbsp;&nbsp;&nbsp; Yamhill County Hospital Authority, Friendsview, Tax Exempt Series 2021B-1, Rev., 2.50%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3147 |
| **Pennsylvania — 6.4%** | **Pennsylvania — 6.4%** | **Pennsylvania — 6.4%** |
| &nbsp;&nbsp;&nbsp; Allegheny County Sanitary Authority, Sewer Rev., 5.00%, 12/1/2022 | &nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp; Berks County Industrial Development Authority, Tower Health Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2024 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957 |
| &nbsp;&nbsp;&nbsp; Charleroi Borough Authority Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 12/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Chester County Health and Education Facilities Authority, Main Line Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
| &nbsp;&nbsp;&nbsp; City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp; County of Lackawanna |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp; 1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, GO, 4.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1618 |
| &nbsp;&nbsp;&nbsp; County of Northampton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778 |

---

------

**JPMorgan Short-Intermediate Municipal 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; Series 2019A, GO, 4.00%, 10/1/2027 | 1565 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 4.00%, 10/1/2028 | 920 | 960 |
| &nbsp;&nbsp;&nbsp; County of Westmoreland Series 2019A, GO, 5.00%, 8/15/2028 | 3000 | 3312 |
| &nbsp;&nbsp;&nbsp; General Authority of Southcentral Pennsylvania, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026 | 1400 | 1467 |
| &nbsp;&nbsp;&nbsp; General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group Series 2014A, Rev., 5.00%, 6/1/2024 | 380 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, <br> 9/1/2024<br>| 1000 | 1031 |
| &nbsp;&nbsp;&nbsp; Panther Valley School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 10/15/2026 | 750 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 10/15/2027 | 680 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 10/15/2028 | 300 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 10/15/2029 | 300 | 263 |
| &nbsp;&nbsp;&nbsp; Penn Hills School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp; 3585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp; 3585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp; 3815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Series 2018A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 2.45%, <br> 12/8/2022 (b)<br>| 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12999 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate Series 2017-3, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp; Pittsburgh Water and Sewer Authority, First Lien Series 2019A, Rev., 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp; Quaker Valley School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 9/1/2023 | &nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 9/1/2024 | &nbsp;&nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1313 |
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp; 3115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3472 |
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority, Asset Improvement Program Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp; Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp; 2925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5269 |
| &nbsp;&nbsp;&nbsp; State Public School Building Authority, Community College of Philadelphia Project Rev., 5.00%, 6/15/2024 | &nbsp;&nbsp;&nbsp; 2625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2708 |
| &nbsp;&nbsp;&nbsp; Upper St. Clair Township School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 4.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 4.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 72677 |
| **Rhode Island — 0.4%** | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |
| &nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Public School Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021F, Rev., 4.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021F, Rev., 4.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021F, Rev., 4.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2115 |
| &nbsp;&nbsp;&nbsp; Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5111 |

---

------

**JPMorgan Short-Intermediate Municipal 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 — 2.3%** | **Tennessee — 2.3%** | **Tennessee — 2.3%** |
| &nbsp;&nbsp;&nbsp; County of Hamilton Series 2020B, GO, 5.00%, 3/1/2027 | 2685 | 2942 |
| &nbsp;&nbsp;&nbsp; County of Rutherford Series 2015A, GO, 5.00%, 4/1/2026 | 1165 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Chippington Towers Project <br> Rev., 0.45%, 10/1/2024 (c)<br>| 10000 | 9455 |
| &nbsp;&nbsp;&nbsp; State of Tennessee Series 2021A, GO, 5.00%, 11/1/2033 | 3980 | 4656 |
| &nbsp;&nbsp;&nbsp; Tennergy Corp., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2028 (c) | 6500 | 6369 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2023 | 1400 | 1403 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 26053 |
| **Texas — 4.4%** | **Texas — 4.4%** | **Texas — 4.4%** |
| &nbsp;&nbsp;&nbsp; Abilene Independent School District, Unlimited Tax School Building GO, PSF-GTD, 4.00%, 2/15/2029 | 2000 | 2114 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp; Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp; Bridge City Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp; City of Austin, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., AMT, 5.00%, 11/15/2026 | &nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., AMT, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., AMT, 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp; City of Denton GO, 5.00%, 2/15/2023 | &nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| &nbsp;&nbsp;&nbsp; City of Galveston GO, 4.00%, 5/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646 |
| &nbsp;&nbsp;&nbsp; City of Garland, Water and Sewer System Series 2018A, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp; City of Houston, Public Improvement Series 2017A, GO, 5.00%, 3/1/2025 | &nbsp;&nbsp; 1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1253 |
| &nbsp;&nbsp;&nbsp; Elgin Independent School District Series 2022, GO, PSF-GTD, 5.00%, 8/1/2032 | &nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200 |
| &nbsp;&nbsp;&nbsp; Forney Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2024 | &nbsp;&nbsp; 1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1361 |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., System Toll Rev., BAN, 5.00%, 2/1/2023 (d) | 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, <br> 12/1/2026<br>| &nbsp;&nbsp; 1910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1983 |
| &nbsp;&nbsp;&nbsp; Harris County Fresh Water Supply District No. 61 GO, AGM, 3.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532 |
| &nbsp;&nbsp;&nbsp; Hereford Independent School District, School Building, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/15/2028 | &nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/15/2029 | &nbsp;&nbsp; 1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1537 |
| &nbsp;&nbsp;&nbsp; Houston Community College System, Limited Tax GO, 5.00%, 2/15/2023 (d) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1005 |
| &nbsp;&nbsp;&nbsp; Irving Hospital Authority, Baylor Scott and White Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 1.10%), 2.95%, 12/8/2022 (b) | &nbsp;&nbsp; 1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp; Katy Independent School District, School Building GO, PSF-GTD, 4.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp; Klein Independent School District, Unlimited Tax Series B, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 553 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Series A, Rev., 4.00%, 1/1/2033 | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2567 |
| &nbsp;&nbsp;&nbsp; Odessa Junior College District, Consolidated Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 7/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |

---

------

**JPMorgan Short-Intermediate Municipal 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; Rev., AGM, 4.00%, 7/1/2025 | 440 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 7/1/2026 | 300 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 7/1/2027 | 430 | 450 |
| &nbsp;&nbsp;&nbsp; Pasadena Independent School District, School Building, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2028 | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp; Richardson Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2029 | 3165 | 3503 |
| &nbsp;&nbsp;&nbsp; S&S Consolidated Independent School District GO, PSF-GTD, 4.00%, 2/15/2028 | 580 | 606 |
| &nbsp;&nbsp;&nbsp; Southwest Higher Education Authority, Inc., Southern Methodist University Project Rev., 5.00%, 10/1/2023 | 400 | 408 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp., I Gas Supply Senior Lien Series D, Rev., 6.25%, 12/15/2026 | 1100 | 1149 |
| &nbsp;&nbsp;&nbsp; West Travis County Public Utility Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/15/2023 | 325 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 8/15/2027 | 350 | 381 |
| &nbsp;&nbsp;&nbsp; Wichita Falls Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/1/2031 | &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1063 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 49817 |
| **Utah — 0.9%** | **Utah — 0.9%** | **Utah — 0.9%** |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Tax-Exempt Telecommunications Series 2017A, Rev., 5.00%, 10/15/2025 | &nbsp;&nbsp;&nbsp; 6880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7005 |
| &nbsp;&nbsp;&nbsp; West Valley City Municipal Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 2/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 2/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9691 |
| **Virginia — 1.5%** | **Virginia — 1.5%** | **Virginia — 1.5%** |
| &nbsp;&nbsp;&nbsp; Chesapeake Bay Bridge and Tunnel District General Resolution Rev., BAN, 5.00%, 11/1/2023 | &nbsp;&nbsp;&nbsp; 8355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8497 |
| &nbsp;&nbsp;&nbsp; Fairfax County Water Authority Series B, Rev., 5.25%, 4/1/2024 | &nbsp;&nbsp;&nbsp; 5615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs Series 2017C, Rev., <br> 5.00%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp; Virginia Resources Authority, Infrastructure Pooled Financing Program Series C, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1337 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 16735 |
| **Washington — 2.3%** | **Washington — 2.3%** | **Washington — 2.3%** |
| &nbsp;&nbsp;&nbsp; Snohomish County Public Utility District No. 1, Electric System Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp; University of Washington Series 2022C, Rev., 4.00%, 8/1/2027 (c) | &nbsp;&nbsp;&nbsp; 7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8177 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Commonspirit Health Series B-3, Rev., 5.00%, 8/1/2026 (c) | 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17701 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 26411 |
| **Wisconsin — 1.8%** | **Wisconsin — 1.8%** | **Wisconsin — 1.8%** |
| &nbsp;&nbsp;&nbsp; Pewaukee School District Series 2019B, GO, 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin Series 2016A, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp; 5050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5332 |
| &nbsp;&nbsp;&nbsp; Sun Prairie Area School District GO, 4.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2611 |
| &nbsp;&nbsp;&nbsp; Wauwatosa School District, School Building and Improvement Series 2019A, GO, 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp; 6025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6562 |
| &nbsp;&nbsp;&nbsp; Wisconsin Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1346 |

---

------

**JPMorgan Short-Intermediate Municipal 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 2021A, Rev., 5.00%, 7/1/2029 | 1970 | 2248 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2025 | 325 | 342 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 20479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $1,068,203)<br>|  | 1017732 |
| **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; FNMA, REMIC Series 2002-36, Class FS, 4.52%, 6/25/2032 (a) (c)(Cost $38) | 38 | 38 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments — 8.5%** | **Short-Term Investments — 8.5%** | **Short-Term Investments — 8.5%** |
| **Investment Companies — 8.5%** | **Investment Companies — 8.5%** | **Investment Companies — 8.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.77% (f) (g) <br>(Cost $96,379)<br>| 96335 | 96383 |
| **Total Investments — 98.4%** <br>**(Cost $1,164,620)**<br>|  | **1114153** |
| **Other Assets Less Liabilities — 1.6%** |  | **18194** |
| **NET ASSETS — 100.0%** |  | **1132347** |

---

&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** |  |
| AGM | Insured by Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COP | Certificate of Participation |
| FNMA | Federal National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| ICE | Intercontinental Exchange |
| LIBOR | London Interbank Offered Rate |
| LOC | Letter of Credit |
| 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 |
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SIFMA | The Securities Industry and Financial Markets Association |
| USD | United States Dollar |
| VRDO | Variable Rate Demand Obligation |

---

&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) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2022. |
| (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) | Security is prerefunded or escrowed to maturity. |
| (e) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |

---

------

**JPMorgan Short-Intermediate Municipal Bond Fund** <br>**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF November 30, 2022 (Unaudited) (continued)

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

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

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

------

**JPMorgan Short-Intermediate Municipal 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.

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 ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Collateralized Mortgage Obligations | $— | $38 | $— | $38 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1017732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1017732 |

---

------

**JPMorgan Short-Intermediate Municipal 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 | $96383 | $— | $— | $96383 |
| **Total Investments in Securities** | $96383 | $1017770 | $— | $1114153 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** | **For the period ended November 30, 2022** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2022**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**November 30,** <br>**2022**<br>| **Shares at** <br>**November 30,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money <br> Market Fund Class IM Shares, 1.77% <br> (a) (b)<br>| $68570 | $755741 | $727934 | $8 | $(2) | $96383 | 96335 | $275 | $— |

---

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

- **a. Name of Series:** JPMorgan Short-Intermediate Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000003499

- **c. LEI of Series:** 8EG1U7EOD8DPT7MPIX12

**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:** $1127356890.03

**Total Liabilities:** $376675.88

**Net Assets:** $1126980214.15

**Cash Not Reported:** $57457835.75

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1276.50255000 | **1-Year:** 51259.00330000 | **5-Year:** 259883.68957000 | **10-Year:** 46983.63132000 | **30-Year:** 0.00000000

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

- **3-Month:** 120.76440000 | **1-Year:** 362.42570000 | **5-Year:** 3152.45433000 | **10-Year:** 533.51117000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009694 | -2.29%               | -0.31%               | 2.50%                |
| Class ID C000205207 | -2.21%               | -0.33%               | 2.70%                |
| Class ID C000009692 | -2.36%               | -0.28%               | 2.57%                |
| Class ID C000077258 | -2.22%               | -0.24%               | 2.59%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-101963.69              | $-29735516.73                              |
| Month 2  | $-5070012.53             | $630907.31                                 |
| Month 3  | $-480327.50              | $26319899.58                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kane County School District No. 131 Aurora East Side                             | Kane County School District No. 131 Aurora East Side                                                                       | CUSIP: 484008PC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $225923.54    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | Port of Portland, International Airport                                                                                    | CUSIP: 735240H30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1650318.75   | 0.15%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Anchorage AK Electric Revenue                                            | City of Anchorage, Electric Utilities, Senior Lien, Series 2014A                                                           | CUSIP: 033177YK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511751.40    | 0.05%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburg County Educational Facilities Authority                                | Pittsburg County Educational Facilities Authority, McAlester Public Schools Project                                        | CUSIP: 72460MAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129794.94    | 0.01%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Valley City Municipal Building Authority                                    | West Valley City Municipal Building Authority                                                                              | CUSIP: 95640EHZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1142531.56   | 0.10%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha School District                                                            | Douglas County, Omaha School District No. 001                                                                              | CUSIP: 259291RE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6665000 | PA      | $7562686.86   | 0.67%             | 2029-12-15      | 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    | 0.02%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Suffolk University Issue                                                         | CUSIP: 57584YRQ4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    420000 | PA      | $443731.85    | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp.                                          | Maricopa County Pollution Control Corp., Palo Verde Project, Series 2010B                                                  | CUSIP: 566854EL5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2150000 | PA      | $1897422.52   | 0.17%             | 2043-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Peoria County Community Unit School District No. 309 Brimfield                   | Peoria County Community Unit School District No. 309 Brimfield                                                             | CUSIP: 713125AY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $812506.58    | 0.07%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series 2013A                                                                       | CUSIP: 89602NK60<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3290000 | PA      | $3326636.12   | 0.30%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grossmont Healthcare District                                                    | Grossmont Healthcare District, Series 2015C                                                                                | CUSIP: 399223CH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057695.00   | 0.09%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 99 Cicero                                        | Cook County School District No. 99 Cicero, Limited Tax                                                                     | CUSIP: 214381JZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $525649.65    | 0.05%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irving Hospital Authority                                                        | Irving Hospital Authority, Baylor Scott and White Medical Center, Series 2017B                                             | CUSIP: 463794KJ5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1490000 | PA      | $1490000.00   | 0.13%             | 2044-10-15      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                             | City of New Haven, Series 2021A                                                                                            | CUSIP: 645021BC9<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    425000 | PA      | $444643.63    | 0.04%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Penn Hills School District                                                       | Penn Hills School District                                                                                                 | CUSIP: 707487JV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3585000 | PA      | $3898232.21   | 0.35%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                  | CUSIP: 64577XCF1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    275000 | PA      | $304284.75    | 0.03%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glenview Park District                                                           | Glenview Park District                                                                                                     | CUSIP: 379028RY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $326525.40    | 0.03%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson Public Schools/MI                                                        | Jackson Public Schools, Unlimited Tax                                                                                      | CUSIP: 468312JB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1143135.87   | 0.10%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | Long Island Power Authority, Electric System                                                                               | CUSIP: 542691AE0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    500000 | PA      | $531227.35    | 0.05%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Northeastern University Issue                                                    | CUSIP: 57584YA41<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110247.00   | 0.10%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                        | City of Vernon, Electric System, Series 2021A                                                                              | CUSIP: 924397EG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1543192.50   | 0.14%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners                                                                  | CUSIP: 759151BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $143611.85    | 0.01%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wagoner County School Development Authority                                      | Wagoner County School Development Authority, Wagoner Public Schools Project                                                | CUSIP: 93055DAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $311209.74    | 0.03%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madison-Macoupin Etc Counties Community College District No. 536/IL              | Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community                               | CUSIP: 557738PE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $410198.68    | 0.04%             | 2025-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Quaker Valley School District/PA                                                 | Quaker Valley School District                                                                                              | CUSIP: 747442NK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $391831.93    | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County Public Utility District No. 1 Electric System Revenue           | Snohomish County Public Utility District No. 1, Electric System                                                            | CUSIP: 833102ZB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533143.90    | 0.05%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Pollution Control Corp.                                          | Maricopa County Pollution Control Corp., Palo Verde Project, Series 2010A                                                  | CUSIP: 566854EK7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4500000 | PA      | $3971349.45   | 0.35%             | 2043-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2016A                                                                                           | CUSIP: 97705MCX1<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   5050000 | PA      | $5331823.84   | 0.47%             | 2026-05-01      | Fixed         | 5.00%                 | 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    | 0.01%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                          | City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements, Series 2018A                              | CUSIP: 186387UL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $159422.99    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Winston-Salem State University Foundation LLC                                    | Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina                  | CUSIP: 975706GE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $453514.85    | 0.04%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Bridge Enterprise                                                       | Colorado Bridge Enterprise, Tax-Exempt                                                                                     | CUSIP: 19633SAX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5238811.50   | 0.46%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indianapolis Power and Light Co. Project, Series 2021A                                          | CUSIP: 455059AK1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | STIV             | MUN               | US        |   7000000 | PA      | $5940314.80   | 0.53%             | 2029-08-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Will County Township High School District No. 204 Joliet                         | Will County Township High School District No. 204 Joliet, Limited Tax                                                      | CUSIP: 969037MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263959.10    | 0.02%             | 2029-01-01      | Fixed         | 4.00%                 | 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        |    185000 | PA      | $192757.38    | 0.02%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | City of Shreveport, Water and Sewer, Junior Lien, Series 2018C                                                             | CUSIP: 825485WG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $533054.70    | 0.05%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kansas Hospital Authority                                          | University of Kansas Hospital Authority, Series 2017A                                                                      | CUSIP: 914367GY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72039.28     | 0.01%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County                 | Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax                                              | CUSIP: 724799BQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $3039293.68   | 0.27%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Panther Valley School District                                                   | Panther Valley School District                                                                                             | CUSIP: 698912PZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $268545.90    | 0.02%             | 2028-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                        | Borough of North Slope, General Purpose, Series 2021C                                                                      | CUSIP: 662523N21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2581295.75   | 0.23%             | 2025-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Placentia-Yorba Linda Unified School District                                    | Placentia-Yorba Linda Unified School District                                                                              | CUSIP: 725894LQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1882111.98   | 0.17%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | California Infrastructure and Economic Development Bank, The Broad Sustainability Bonds                                    | CUSIP: 13034AQ29<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $6474585.68   | 0.57%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Longmont CO                                                              | City of Longmon                                                                                                            | CUSIP: 543096AH4<br>LEI: 549300E7S8EY1IWPW223 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102350.28    | 0.01%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Township High School District No. 207                                      | Maine Township High School District No. 207                                                                                | CUSIP: 215543MC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1945000 | PA      | $2064019.80   | 0.18%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Peters MO                                                             | City of St. Peters                                                                                                         | CUSIP: 793187EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $730166.60    | 0.06%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Volusia County School Board                                                      | Volusia County School Board                                                                                                | CUSIP: 92884EJU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965000 | PA      | $2148279.68   | 0.19%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carter County Public Facilities Authority                                        | Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project                      | CUSIP: 146201DF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $379327.31    | 0.03%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sandoval NM                                                            | County of Sandoval                                                                                                         | CUSIP: 80004PEW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1141862.92   | 0.10%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 69 Skokie                                        | Cook County School District No. 69, Skokie, Limited Tax                                                                    | CUSIP: 213759HB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $489166.46    | 0.04%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 69 Skokie                                        | Cook County School District No. 69, Skokie, Limited Tax                                                                    | CUSIP: 213759HF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210697.94    | 0.02%             | 2030-12-01      | 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        |   1500000 | PA      | $1392673.80   | 0.12%             | 2027-11-15      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                     | Birmingham Airport Authority                                                                                               | CUSIP: 090888GN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $410192.63    | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc.                                           | CUSIP: 54659LCE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $11350019.10  | 1.01%             | 2047-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waukegan IL                                                              | City of Waukegan                                                                                                           | CUSIP: 942860SR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1288850.44   | 0.11%             | 2027-12-30      | 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    | 0.01%             | 2032-07-01      | 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, Capital Appreciation                                      | CUSIP: 158249ML3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $476371.46    | 0.04%             | 2028-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | City of Shreveport, Water and Sewer, Junior Lien                                                                           | CUSIP: 825485XC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $383799.38    | 0.03%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irving Hospital Authority                                                        | Irving Hospital Authority, Baylor Scott and White Medical Center, Series 2017A                                             | CUSIP: 463794JW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523631.30    | 0.05%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien                                                         | CUSIP: 167593N32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4390000 | PA      | $4864449.25   | 0.43%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wagoner County School Development Authority                                      | Wagoner County School Development Authority, Wagoner Public Schools Project                                                | CUSIP: 93055DAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $640827.56    | 0.06%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University Project                                                           | CUSIP: 546399JF4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    150000 | PA      | $160727.19    | 0.01%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                   | University of Central Arkansas, Student Housing System, Series 2019C                                                       | CUSIP: 914115P95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112824.32    | 0.01%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                               | City of Wichita, Sales Tax, River District Stadium Star Bond Project                                                       | CUSIP: 967323AH9<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    300000 | PA      | $316286.94    | 0.03%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp./TN                                                                | Tennergy Corp., Gas Supply                                                                                                 | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6369036.05   | 0.57%             | 2051-12-01      | Variable      | 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: 484008PD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $141750.53    | 0.01%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Convention Facilities Authority                                  | Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project                | CUSIP: 35317DAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $648251.69    | 0.06%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northville Public Schools                                                        | Northville Public Schools, School Building and Site                                                                        | CUSIP: 667230UH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $663369.36    | 0.06%             | 2028-05-01      | 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: 67868UFU2<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |    355000 | PA      | $361851.68    | 0.03%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Oyster Bay NY                                                            | Town of Oyster Bay, Public Improvement                                                                                     | CUSIP: 692160RT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $711897.19    | 0.06%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Yankee Stadium Project                                                        | CUSIP: 64971PJY2<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088483.20   | 0.10%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health                                                            | CUSIP: 56682HCN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9353817.90   | 0.83%             | 2048-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                             | Hillsborough County Industrial Development Authority, Tampa General Hospital Project                                       | CUSIP: 43233AEN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010156.50   | 0.09%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Health System                                                                                      | CUSIP: 46246K4Q2<br>LEI: 549300NQVL49BTHOW391 | Long             | STIV             | MUN               | US        |  11600000 | PA      | $11570633.44  | 1.03%             | 2035-02-15      | Floating      | 2.47%                 | Yes           |                  2 | On Loan: No      |
| Trust for Cultural Resources of The City of New York (The)                       | Trust for Cultural Resources of The City of New York, The Museum of Modern Art, Series 2020A                               | CUSIP: 649717VG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $4317756.84   | 0.38%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois                                                                                                          | CUSIP: 452152P70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5071390.50   | 0.45%             | 2023-11-01      | 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, Series 2014A                    | CUSIP: 414009HY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1982992.18   | 0.18%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California, Various Purpose                                                                                       | CUSIP: 13063C6D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7830000 | PA      | $8488938.35   | 0.75%             | 2029-08-01      | Fixed         | 5.00%                 | 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    | 0.02%             | 2028-02-01      | 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: 6461363J8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3165708.00   | 0.28%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bridge City Independent School District                                          | Bridge City Independent School District                                                                                    | CUSIP: 108043VD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $599201.04    | 0.05%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax                                                                      | CUSIP: 52882PCN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $762512.33    | 0.07%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                              | Atlanta Development Authority (The), New Downtown Atlanta Stadium Project, Senior Lien, Series 2015A-1                     | CUSIP: 04780NJB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047217.00   | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abilene Independent School District                                              | Abilene Independent School District, Unlimited Tax School Building                                                         | CUSIP: 003464LL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2113825.20   | 0.19%             | 2029-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Eagle CO                                                               | County of Eagle                                                                                                            | CUSIP: 26947NCG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 99 Cicero                                        | Cook County School District No. 99 Cicero, Limited Tax                                                                     | CUSIP: 214381KA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $545020.84    | 0.05%             | 2025-12-01      | 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: 484008NL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $69001.04     | 0.01%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gallatin County High School District No. 7 Bozeman                               | Gallatin County High School District No. 7 Bozeman                                                                         | CUSIP: 363658HQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $527001.46    | 0.05%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Quaker Valley School District/PA                                                 | Quaker Valley School District                                                                                              | CUSIP: 747442NL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $483046.97    | 0.04%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series 2021D                                     | CUSIP: 207758G31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $2106719.78   | 0.19%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Convention Facilities Authority                                  | Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project                | CUSIP: 35317DAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $844328.96    | 0.07%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria County Community Unit School District No. 309 Brimfield                   | Peoria County Community Unit School District No. 309 Brimfield                                                             | CUSIP: 713125AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $776142.83    | 0.07%             | 2026-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Odessa Junior College District                                                   | Odessa Junior College District, Consolidated Fund                                                                          | CUSIP: 676040JL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $311537.31    | 0.03%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Peoria Public Building Commission                                                | Peoria Public Building Commission, Series 2019A                                                                            | CUSIP: 71323MEK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1317717.12   | 0.12%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison-Macoupin Etc Counties Community College District No. 536/IL              | Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community                               | CUSIP: 557738PJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042263.30   | 0.09%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt            | CUSIP: 650116EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $840648.96    | 0.07%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Muskogee Industrial Trust                                                        | Muskogee Industrial Trust, Muskogee Public Schools Project                                                                 | CUSIP: 62813NAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1905221.88   | 0.17%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | Territory of Guam                                                                                                          | CUSIP: 40065NCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    750000 | PA      | $783944.93    | 0.07%             | 2030-01-01      | 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, Series 2018A                                                      | CUSIP: 544525WP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106355.18    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic Valley Sewerage Commission                                               | Passaic Valley Sewerage Commission, Sewer System                                                                           | CUSIP: 702826LB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6665000 | PA      | $6590940.52   | 0.58%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | City of Los Angeles Department of Airports, International Airport Senior                                                   | CUSIP: 5444357F1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2642492.07   | 0.23%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Oklahoma (The)                                                     | University of Oklahoma (The), Tax Exempt                                                                                   | CUSIP: 91476PVQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $467335.57    | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irving Hospital Authority                                                        | Irving Hospital Authority, Baylor Scott and White Medical Center, Series 2017A                                             | CUSIP: 463794JV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262791.15    | 0.02%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University Project                                                           | CUSIP: 546399EK8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263402.63    | 0.02%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation                                                                                     | CUSIP: 977123Z92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2248338.94   | 0.20%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2021B                                                                                               | CUSIP: 213185ME8<br>LEI: 5493004UMR7OX4YITE10 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2526561.67   | 0.22%             | 2027-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                 | JEA Water and Sewer System, Series 2017A                                                                                   | CUSIP: 46613P3E4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265564.43    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | City of Shreveport, Water and Sewer, Junior Lien                                                                           | CUSIP: 825485XF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $331466.94    | 0.03%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                            | Sacramento Municipal Utility District, Electric                                                                            | CUSIP: 786005ZH4<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |    105000 | PA      | $115792.10    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Oklahoma (The)                                                     | University of Oklahoma (The), Tax Exempt                                                                                   | CUSIP: 91476PVS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $534019.44    | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority                                                                                      | CUSIP: 546399NY8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55048.83     | 0.00%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                                  | San Diego Public Facilities Financing Authority                                                                            | CUSIP: 79730CJZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276657.05    | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University Project                                                           | CUSIP: 546399JH0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    220000 | PA      | $240637.63    | 0.02%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Richardson Independent School District                                           | Richardson Independent School District, Unlimited Tax                                                                      | CUSIP: 7632613J1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3165000 | PA      | $3502863.12   | 0.31%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | Territory of Guam                                                                                                          | CUSIP: 40065NCP0<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    750000 | PA      | $786269.33    | 0.07%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Health Facilities Authority                                              | Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals, Series 2014A                                            | CUSIP: 040507PF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3540000 | PA      | $3682308.35   | 0.33%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                  | Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.                                          | CUSIP: 60416JCM0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    185000 | PA      | $186490.67    | 0.02%             | 2025-12-01      | 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        |    915000 | PA      | $962158.83    | 0.09%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | City of Los Angeles Department of Airports, International Airport Senior                                                   | CUSIP: 5444354W7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $372465.56    | 0.03%             | 2024-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                                           | Tempe Industrial Development Authority, Friendship Village of Tempe Project, Series 2021C-1                                | CUSIP: 87972MBV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1642456.25   | 0.15%             | 2027-12-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Northeastern University Issue                                                    | CUSIP: 57584YZY8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    585000 | PA      | $661360.05    | 0.06%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sandoval NM                                                            | County of Sandoval                                                                                                         | CUSIP: 80004PEX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $529679.50    | 0.05%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sonoma County Transportation Authority                                           | Sonoma County Transportation Authority, Limited Tax                                                                        | CUSIP: 83557TBM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045650.20   | 0.09%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority Public Safety Charges Revenue             | Arkansas Development Finance Authority Public Safety Charges, Division of Emergency Management Project                     | CUSIP: 04084DAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1232040.82   | 0.11%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Oklahoma (The)                                                     | University of Oklahoma (The), Tax Exempt                                                                                   | CUSIP: 91476PVR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $500656.47    | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria Public Building Commission                                                | Peoria Public Building Commission, Series 2019A                                                                            | CUSIP: 71323MEH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041931.40   | 0.09%             | 2026-12-01      | Fixed         | 4.00%                 | 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: 650116CB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9200000 | PA      | $9204352.52   | 0.82%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No. 202 Turner                          | Wyandotte County Unified School District No. 202 Turner                                                                    | CUSIP: 982683FM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $414258.94    | 0.04%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | Arkansas Development Finance Authority, Department of Community Correction Project                                         | CUSIP: 040849DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $350553.87    | 0.03%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Community Unit School District No. 428 DeKalb                      | DeKalb County Community Unit School District No. 428 DeKalb                                                                | CUSIP: 240685LD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1329089.96   | 0.12%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dahlonega Downtown Development Authority                                         | Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project                                                   | CUSIP: 23378RFA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261541.23    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | City of Los Angeles Department of Airports, International Airport Senior                                                   | CUSIP: 5444357D6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2810646.00   | 0.25%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, Various Purpose                                                                                       | CUSIP: 646039UH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3870000 | PA      | $3888453.32   | 0.35%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St. Louis MO Airport Revenue                                             | City of St. Louis, St. Louis Lambert International Airport                                                                 | CUSIP: 791638C98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1094545.76   | 0.10%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Panther Valley School District                                                   | Panther Valley School District                                                                                             | CUSIP: 698912PX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $698946.15    | 0.06%             | 2026-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Grundy & Kendall Counties Consolidated Grade School District No. 60-C/IL         | Grundy and Kendall Counties Consolidated Grade School District No. 60-C                                                    | CUSIP: 400199BU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1212885.56   | 0.11%             | 2030-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grossmont Healthcare District                                                    | Grossmont Healthcare District                                                                                              | CUSIP: 399223CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1295676.38   | 0.11%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No. 202 Turner                          | Wyandotte County Unified School District No. 202 Turner                                                                    | CUSIP: 982683FL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $441953.20    | 0.04%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group                                                       | CUSIP: 45470YEX5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4897080.00   | 0.43%             | 2058-12-01      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate                                                | CUSIP: 709224B99<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082599.50   | 0.10%             | 2028-12-01      | 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: 484008NH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $123720.04    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Community Unit School District No. 428 DeKalb                      | DeKalb County Community Unit School District No. 428 DeKalb                                                                | CUSIP: 240685LF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $631017.72    | 0.06%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                  | CUSIP: 64577XCE4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $548814.80    | 0.05%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Queens Baseball Stadium Project                                               | CUSIP: 64971PLA1<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042523.20   | 0.09%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northville Public Schools                                                        | Northville Public Schools, School Building and Site                                                                        | CUSIP: 667230UJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $280148.80    | 0.02%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Louisiana Children's Medical Center Project                                         | CUSIP: 546395S96<br>LEI: 549300RQIPT5S4P4M065 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10005211.00  | 0.89%             | 2057-09-01      | Floating      | 2.55%                 | No            |                  2 | On Loan: No      |
| Maine Township High School District No. 207                                      | Maine Township High School District No. 207                                                                                | CUSIP: 215543MA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1915000 | PA      | $2120378.96   | 0.19%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Oklahoma (The)                                                     | University of Oklahoma (The), Tax Exempt                                                                                   | CUSIP: 91476PVP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $866545.21    | 0.08%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut, Special Tax Transportation Infrastructure Purposes, Series 2021D                                     | CUSIP: 207758G23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1398951.69   | 0.12%             | 2029-11-01      | 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: 825485WD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $372057.09    | 0.03%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Northampton PA                                                         | County of Northampton, Series 2019A                                                                                        | CUSIP: 663532JT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $960346.32    | 0.09%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Westmoreland PA                                                        | County of Westmoreland, Series 2019A                                                                                       | CUSIP: 960895XS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3311641.50   | 0.29%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dublin OH                                                                | City of Dublin, Various Purpose                                                                                            | CUSIP: 263713ZU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207388.98    | 0.02%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                               | Grand Parkway Transportation Corp., System Toll                                                                            | CUSIP: 38612PAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10041739.00  | 0.89%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic Valley Sewerage Commission                                               | Passaic Valley Sewerage Commission, Sewer System                                                                           | CUSIP: 702826KZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6465000 | PA      | $6457772.13   | 0.57%             | 2028-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien                                                         | CUSIP: 167593Q70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092427.60   | 0.10%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                     | Birmingham Airport Authority                                                                                               | CUSIP: 090888GS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $356394.81    | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Institute of Technology/NJ                                            | New Jersey Institute of Technology, Tax-Exempt                                                                             | CUSIP: 64579RDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $803291.52    | 0.07%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                             | City of New Haven, Series 2021A                                                                                            | CUSIP: 645021BB1<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    400000 | PA      | $412579.36    | 0.04%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority                                                                         | CUSIP: 842039EQ8<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   3115000 | PA      | $3471543.21   | 0.31%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Travis County Public Utility Agency                                         | West Travis County Public Utility Agency                                                                                   | CUSIP: 95632CDC0<br>LEI: 549300O1CP7CFGPMMX97 | Long             | DBT              | MUN               | US        |    325000 | PA      | $330330.59    | 0.03%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison-Macoupin Etc Counties Community College District No. 536/IL              | Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community                               | CUSIP: 557738PF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207007.62    | 0.02%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Peters MO                                                             | City of St. Peters                                                                                                         | CUSIP: 793187EP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $763347.93    | 0.07%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                    | San Francisco Bay Area Rapid Transit District, Election of 2004, Series 2015D                                              | CUSIP: 797661VK8<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1792277.21   | 0.16%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Odessa Junior College District                                                   | Odessa Junior College District, Consolidated Fund                                                                          | CUSIP: 676040JM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $450392.11    | 0.04%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Greene MO                                                              | County of Greene, Special Obligation                                                                                       | CUSIP: 394594DL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $316853.28    | 0.03%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs, Series 2017C     | CUSIP: 92778VEB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089371.10   | 0.10%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Phoenix Children's Hospital                                                      | CUSIP: 04052EAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $135143.63    | 0.01%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2021A                                              | CUSIP: 89602RGS8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5318427.50   | 0.47%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Panther Valley School District                                                   | Panther Valley School District                                                                                             | CUSIP: 698912QA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $263368.98    | 0.02%             | 2029-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                          | County of Lackawanna                                                                                                       | CUSIP: 505480W66<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1618225.69   | 0.14%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Township High School District No. 207                                      | Maine Township High School District No. 207                                                                                | CUSIP: 215543MB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $2175595.20   | 0.19%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners                                                                  | CUSIP: 759151BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $317967.09    | 0.03%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University Project                                                           | CUSIP: 546399JJ6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    130000 | PA      | $143791.01    | 0.01%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                            | City of Pittsburgh                                                                                                         | CUSIP: 725209NN6<br>LEI: 549300EZQQVTL1QEIU17 | Long             | DBT              | MUN               | US        |    350000 | PA      | $383503.82    | 0.03%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Panther Valley School District                                                   | Panther Valley School District                                                                                             | CUSIP: 698912PY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $621012.31    | 0.06%             | 2027-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | Long Island Power Authority, Electric System                                                                               | CUSIP: 542691AH3<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    750000 | PA      | $816770.40    | 0.07%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                   | Sales Tax Securitization Corp.                                                                                             | CUSIP: 79467BBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3072585.90   | 0.27%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | City of Austin, Airport System, Series 2017B                                                                               | CUSIP: 052398FG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1157083.22   | 0.10%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Community College Area                                                 | Southeast Community College Area, Tax Supported                                                                            | CUSIP: 84134TAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $602321.51    | 0.05%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Travis County Public Utility Agency                                         | West Travis County Public Utility Agency                                                                                   | CUSIP: 95632CDG1<br>LEI: 549300O1CP7CFGPMMX97 | Long             | DBT              | MUN               | US        |    350000 | PA      | $381123.40    | 0.03%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Yankee Stadium Project                                                        | CUSIP: 64971PKB0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2620776.00   | 0.23%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                             | Alaska Municipal Bond Bank Authority                                                                                       | CUSIP: 01179RE82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1421952.68   | 0.13%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority                                                                                              | CUSIP: 646140BM4<br>LEI: 5493005YN67D71KSMI84 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10001945.00  | 0.89%             | 2030-01-01      | Floating      | 3.39%                 | No            |                  2 | On Loan: No      |
| Floral Park-Bellerose Union Free School District                                 | Floral Park-Bellerose Union Free School District                                                                           | CUSIP: 339832EF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $722196.86    | 0.06%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Purdue University                                                                | Purdue University, Student Fee                                                                                             | CUSIP: 746189YD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $921256.05    | 0.08%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax                                                                      | CUSIP: 52882PCP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $660752.56    | 0.06%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Northeastern University Issue                                                    | CUSIP: 57584YA33<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $557984.60    | 0.05%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Valley City Municipal Building Authority                                    | West Valley City Municipal Building Authority                                                                              | CUSIP: 95640EHU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506957.75    | 0.04%             | 2024-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madison-Macoupin Etc Counties Community College District No. 536/IL              | Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community                               | CUSIP: 557738PH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $365018.89    | 0.03%             | 2028-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bryan County School Finance Authority                                            | Bryan County School Finance Authority, Durant Public Schools Project                                                       | CUSIP: 117510BN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $404992.36    | 0.04%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | City of Shreveport, Water and Sewer, Junior Lien                                                                           | CUSIP: 825485WC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270000.00    | 0.02%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleroi Borough Authority Water System Revenue                                 | Charleroi Borough Authority Water System                                                                                   | CUSIP: 159735FX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $131326.15    | 0.01%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | City of Shreveport, Water and Sewer, Junior Lien                                                                           | CUSIP: 825485XD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $647731.20    | 0.06%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Niagara Frontier Transportation Authority                                        | Niagara Frontier Transportation Authority, Buffalo Niagara International Airport, Series 2019A                             | CUSIP: 653544DU7<br>LEI: 2549006J37UHUDTNJV60 | Long             | DBT              | MUN               | US        |    265000 | PA      | $279711.74    | 0.02%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Penn Hills School District                                                       | Penn Hills School District                                                                                                 | CUSIP: 707487JX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3815000 | PA      | $4265583.93   | 0.38%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Community College District                                              | Cuyahoga Community College District, Facilities Construction Improvement, Unlimited Tax                                    | CUSIP: 232392AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2473918.41   | 0.22%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bryan County School Finance Authority                                            | Bryan County School Finance Authority, Durant Public Schools Project                                                       | CUSIP: 117510BP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $436421.10    | 0.04%             | 2029-12-01      | Fixed         | 4.00%                 | 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        |   2250000 | PA      | $2364248.70   | 0.21%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County High School District No. 209 Proviso Township                        | Cook County, Proviso Township High School District No. 209, Limited Tax                                                    | CUSIP: 215579GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2975000.00   | 0.26%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority                                                                                      | CUSIP: 59259YZ44<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3085966.20   | 0.27%             | 2024-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, St. John's University                                                                  | CUSIP: 65000BAK4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1334449.35   | 0.12%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Waukegan IL                                                              | City of Waukegan                                                                                                           | CUSIP: 942860SQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1214112.15   | 0.11%             | 2026-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Overland Park Development Corp.                                                  | Overland Park Development Corp., Overland Park Convention Center Hotel                                                     | CUSIP: 690278BL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1520641.90   | 0.13%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Uplift Education, Series 2017A                                                   | CUSIP: 041806ML1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029811.50   | 0.09%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien                                                         | CUSIP: 167593U59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4620000 | PA      | $5138362.15   | 0.46%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction                                                  | CUSIP: 64577BK37<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1840000 | PA      | $1954945.90   | 0.17%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                              | Atlanta Development Authority (The), New Downtown Atlanta Stadium Project, Senior Lien                                     | CUSIP: 04780NJA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048812.70   | 0.09%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center                                                 | CUSIP: 64990C4N8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077220.50   | 0.10%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation                                                                                     | CUSIP: 977123Z84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1345934.64   | 0.12%             | 2028-07-01      | 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        |   2500000 | PA      | $2498091.75   | 0.22%             | 2048-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                                  | Port of Oakland, Intermediate Lien, Series 2021H                                                                           | CUSIP: 735000UE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $216993.80    | 0.02%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Department of Transportation, Right-of- Way Acquisition and Bridge Construction                          | CUSIP: 34115PAG0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |   3675000 | PA      | $4128010.27   | 0.37%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | Territory of Guam                                                                                                          | CUSIP: 40065NCL9<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    250000 | PA      | $259366.25    | 0.02%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleroi Borough Authority Water System Revenue                                 | Charleroi Borough Authority Water System                                                                                   | CUSIP: 159735FV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154993.74    | 0.01%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Effingham Community Unit School District No. 40                                  | Effingham Community Unit School District No. 40, Series 2019A                                                              | CUSIP: 282065CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $595591.59    | 0.05%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New Hampshire                                                           | State of New Hampshire, Series 2014A                                                                                       | CUSIP: 644682X92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2880000 | PA      | $3026933.57   | 0.27%             | 2026-03-01      | 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, Capital Appreciation                                      | CUSIP: 158249MK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $333843.43    | 0.03%             | 2027-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pasadena Independent School District                                             | Pasadena Independent School District, School Building, Unlimited Tax, Series 2015A                                         | CUSIP: 702334BN2<br>LEI: 549300QY114RR4MXVU24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026090.60   | 0.09%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Convention Center Development Corp.                                     | New York Convention Center Development Corp., Hotel Unit Fee Secured                                                       | CUSIP: 649451CS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5238246.00   | 0.46%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Montefiore Obligated Group, Series 2018A                                               | CUSIP: 64990GFW7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3225000 | PA      | $3313917.77   | 0.29%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709                                                                                 | CUSIP: 264474HU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $339083.20    | 0.03%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, DePaul University                                                                              | CUSIP: 45203H8F2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203578.12    | 0.02%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Prepay Project No. 4                                                                   | CUSIP: 09182RAR2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10160000 | PA      | $10120172.80  | 0.90%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, St. John's University                                                                  | CUSIP: 65000BAL2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1125787.30   | 0.10%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Jamestown NY                                                             | City of Jamestown, Public Improvement                                                                                      | CUSIP: 470574C77<br>LEI: 549300B6ML3S2H2XXS23 | Long             | DBT              | MUN               | US        |    540000 | PA      | $568448.71    | 0.05%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt            | CUSIP: 650116EH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527837.10    | 0.05%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                | City of Newark                                                                                                             | CUSIP: 650367PP4<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089719.50   | 0.10%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, North Bay Healthcare Group, Series 2017A                                           | CUSIP: 13048TM83<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506624.55    | 0.04%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Monroe NY                                                              | County of Monroe                                                                                                           | CUSIP: 61074PXX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $391626.73    | 0.03%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                   | University of Central Arkansas, Student Housing System, Series 2019C                                                       | CUSIP: 914115Q29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $246772.56    | 0.02%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                         | Chester County Health and Education Facilities Authority, Main Line Health System                                          | CUSIP: 16557HEV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218030.62    | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No. 202 Turner                          | Wyandotte County Unified School District No. 202 Turner                                                                    | CUSIP: 982683FK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $353548.39    | 0.03%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carol Stream Park District                                                       | Carol Stream Park District, Limited Tax                                                                                    | CUSIP: 143735UZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $152821.42    | 0.01%             | 2028-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dahlonega Downtown Development Authority                                         | Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project                                                   | CUSIP: 23378RFD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $400710.04    | 0.04%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2021A                               | CUSIP: 64990FZN7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5965000 | PA      | $6774845.98   | 0.60%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | City of Los Angeles Department of Airports                                                                                 | CUSIP: 5444357E4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2023756.22   | 0.18%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Purdue University                                                                | Purdue University, Student Fee                                                                                             | CUSIP: 746189YF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10998.77     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Township High School District No. 225                                | Cook County Township High School District No. 225, Glenbrook, Series 2016A                                                 | CUSIP: 215777JV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5116.02      | 0.00%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, St. John's University                                                                  | CUSIP: 65000BAH1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    475000 | PA      | $487544.89    | 0.04%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                              | Stockton Public Financing Authority                                                                                        | CUSIP: 86139TAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $643087.62    | 0.06%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sun Prairie Area School District/WI                                              | Sun Prairie Area School District                                                                                           | CUSIP: 866854RR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2610988.25   | 0.23%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                  | Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.                                          | CUSIP: 60416JCP3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    195000 | PA      | $196213.35    | 0.02%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grady County School Finance Authority                                            | Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project                          | CUSIP: 384201FY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $415680.15    | 0.04%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                     | Birmingham Airport Authority                                                                                               | CUSIP: 090888GM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $381367.25    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project                                      | CUSIP: 45204E2C1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2195313.21   | 0.19%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Royal Oak MI                                                             | City of Royal Oak, Limited Tax, Capital Improvement                                                                        | CUSIP: 780464LN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $269884.41    | 0.02%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority                                                                         | CUSIP: 842039EN5<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    635000 | PA      | $687560.47    | 0.06%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Project No. 6, Series 2021B                                                            | CUSIP: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9899742.00   | 0.88%             | 2052-10-01      | Variable      | 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        |   1100000 | PA      | $1149322.90   | 0.10%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Carter County Public Facilities Authority                                        | Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project                      | CUSIP: 146201DG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $859382.63    | 0.08%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indianapolis Power and Light Co. Project                                                        | CUSIP: 455059AH8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | STIV             | MUN               | US        |   3000000 | PA      | $2591433.60   | 0.23%             | 2038-12-01      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Asset Improvement Program                                              | CUSIP: 842039FC8<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    100000 | PA      | $116104.92    | 0.01%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sandoval NM                                                            | County of Sandoval                                                                                                         | CUSIP: 80004PEY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $700528.92    | 0.06%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Municipal Power Agency                                                  | Kentucky Municipal Power Agency, Prairie State Project, Series 2015A                                                       | CUSIP: 491501DU3<br>LEI: 2549001MTI3IE05Z7959 | Long             | DBT              | MUN               | US        |    240000 | PA      | $243807.86    | 0.02%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                  | CUSIP: 64577XCC8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    435000 | PA      | $468416.27    | 0.04%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                        | City of Vernon, Electric System, Series 2021A                                                                              | CUSIP: 924397EJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039583.50   | 0.09%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                           | University of Arkansas, Various Facility UAMS Campus                                                                       | CUSIP: 914072VK6<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524168.60    | 0.05%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Galveston TX                                                             | City of Galveston                                                                                                          | CUSIP: 364478VK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $645794.05    | 0.06%             | 2024-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Institute of Technology/NJ                                            | New Jersey Institute of Technology, Tax-Exempt                                                                             | CUSIP: 64579RDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $462981.26    | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                          | City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements, Series 2018A                              | CUSIP: 186387UP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276585.80    | 0.02%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Novato Unified School District/CA                                                | Novato Unified School District, Series A                                                                                   | CUSIP: 669878EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $688064.69    | 0.06%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FNMA                                                                             | FNMA, REMIC, Series 2002-36, Class FS                                                                                      | CUSIP: 31392DKJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37945 | PA      | $37857.66     | 0.00%             | 2032-06-25      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| Cook County Community School District No. 97 Oak Park                            | Cook County Community School District No. 97, Oak Park                                                                     | CUSIP: 213287BY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $395938.65    | 0.04%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Resources Authority                                                     | Virginia Resources Authority, Infrastructure Pooled Financing Program                                                      | CUSIP: 92818MAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1337343.22   | 0.12%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rogers AR Sales & Use Tax Revenue                                        | City of Rogers, Sales Tax                                                                                                  | CUSIP: 775080FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3855000 | PA      | $4146263.75   | 0.37%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Northampton PA                                                         | County of Northampton, Series 2019A                                                                                        | CUSIP: 663532JR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $778191.00    | 0.07%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                         | Chester County Health and Education Facilities Authority, Main Line Health System                                          | CUSIP: 16557HEW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $193691.35    | 0.02%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Oklahoma (The)                                                     | University of Oklahoma (The), Tax Exempt                                                                                   | CUSIP: 91476PVV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1225468.98   | 0.11%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, COVID-19 Emergency Bonds                                                                              | CUSIP: 646039YJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7330000 | PA      | $7730683.46   | 0.69%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                          | County of Lackawanna                                                                                                       | CUSIP: 505480W41<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1556098.49   | 0.14%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                           | University of Arkansas, Various Facility UAMS Campus                                                                       | CUSIP: 914072VL4<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048560.30   | 0.09%             | 2026-03-01      | 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      |
| Hereford Independent School District                                             | Hereford Independent School District, School Building, Unlimited Tax                                                       | CUSIP: 427128EC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1537389.81   | 0.14%             | 2029-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners                                                                  | CUSIP: 759151BC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263067.90    | 0.02%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bryan County School Finance Authority                                            | Bryan County School Finance Authority, Durant Public Schools Project                                                       | CUSIP: 117510BQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $458226.61    | 0.04%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Elementary School District No. 6 Washington                      | Maricopa County Elementary School District No. 6 Washington, School Improvement, Project of 2016                           | CUSIP: 567031TY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3950000 | PA      | $4375307.96   | 0.39%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | Kansas Development Finance Authority, State of Kansas Project                                                              | CUSIP: 48542RED2<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   6820000 | PA      | $7112450.47   | 0.63%             | 2029-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grady County School Finance Authority                                            | Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project                         | CUSIP: 384201HE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313239.15    | 0.03%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Champaign County Community Unit School District No. 4 Champaign                  | Champaign County Community Unit School District No. 4 Champaign                                                            | CUSIP: 158249LR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1360993.23   | 0.12%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University Project                                                           | CUSIP: 546399JG2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    165000 | PA      | $178371.77    | 0.02%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Sales Tax District                                                     | Jefferson Sales Tax District                                                                                               | CUSIP: 474176LB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5815000 | PA      | $6083833.85   | 0.54%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Sharp AR Sales & Use Tax                                               | County of Sharp, Sales and Use Tax                                                                                         | CUSIP: 819890AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $722252.56    | 0.06%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                               | Rhode Island Health and Educational Building Corp., Public School Financing Program, Series 2021F                          | CUSIP: 762196B44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2115102.60   | 0.19%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                               | Selma Industrial Development Board, International Paper Co. Project                                                        | CUSIP: 81647PAE3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3625000 | PA      | $3484566.78   | 0.31%             | 2033-11-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Income Tax Revenue                                          | City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements, Series 2018A                              | CUSIP: 186387UN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275028.75    | 0.02%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, DePaul University                                                                              | CUSIP: 45203H8H8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    300000 | PA      | $315493.14    | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria Public Building Commission                                                | Peoria Public Building Commission, Series 2019A                                                                            | CUSIP: 71323MEG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $722489.60    | 0.06%             | 2025-12-01      | 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: 484008NM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $84639.42     | 0.01%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Elgin Independent School District                                                | Elgin Independent School District                                                                                          | CUSIP: 286533SA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1200353.31   | 0.11%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sharp AR Sales & Use Tax                                               | County of Sharp, Sales and Use Tax                                                                                         | CUSIP: 819890AE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $608642.93    | 0.05%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | Long Island Power Authority, Electric System                                                                               | CUSIP: 542691AG5<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    500000 | PA      | $550665.50    | 0.05%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Walnut Energy Center Authority                                                   | Walnut Energy Center Authority                                                                                             | CUSIP: 93265PCK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400825.84    | 0.04%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | California Statewide Communities Development Authority, Marin General Hospital Project, Green Bond, Series 2018A           | CUSIP: 13080STV6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264380.45    | 0.02%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Tax-Exempt Telecommunications, Series 2017A                                                    | CUSIP: 917467AD4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   6880000 | PA      | $7004595.42   | 0.62%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria County Community Unit School District No. 309 Brimfield                   | Peoria County Community Unit School District No. 309 Brimfield                                                             | CUSIP: 713125BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $396355.73    | 0.04%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Peoria County Community Unit School District No. 309 Brimfield                   | Peoria County Community Unit School District No. 309 Brimfield                                                             | CUSIP: 713125BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $253839.38    | 0.02%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                               | Mississippi Business Finance Corp., Pollution Control, Power Co. Project                                                   | CUSIP: 605277AL6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3926793.20   | 0.35%             | 2028-09-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Gordon County School District                                                    | Gordon County School District                                                                                              | CUSIP: 382730CL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100862.50   | 0.10%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wauwatosa School District                                                        | Wauwatosa School District, School Building and Improvement, Series 2019A                                                   | CUSIP: 943517CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6025000 | PA      | $6561725.68   | 0.58%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709                                                                                 | CUSIP: 264474HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $322998.86    | 0.03%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Suffolk University Issue                                                         | CUSIP: 57584YRR2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    525000 | PA      | $559345.40    | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Tennessee                                                               | State of Tennessee, Series 2021A                                                                                           | CUSIP: 880541D61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3980000 | PA      | $4656471.05   | 0.41%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria Public Building Commission                                                | Peoria Public Building Commission, Series 2019A                                                                            | CUSIP: 71323MEJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1336691.51   | 0.12%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community School District No. 97 Oak Park                            | Cook County Community School District No. 97, Oak Park                                                                     | CUSIP: 213287BX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525332.00    | 0.05%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | California Health Facilities Financing Authority, Adventist Health System                                                  | CUSIP: 13032UUX4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   7880000 | PA      | $7871400.56   | 0.70%             | 2041-03-01      | Variable      | 3.00%                 | 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        |   4750000 | PA      | $4987323.78   | 0.44%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                  | Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.                                          | CUSIP: 60416JCQ1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240911.18    | 0.02%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Harrison MS                                                            | County of Harrison, Tax-Exempt, Series 2019A                                                                               | CUSIP: 415037AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $880092.00    | 0.08%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Peters MO                                                             | City of St. Peters                                                                                                         | CUSIP: 793187EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $801609.70    | 0.07%             | 2028-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rockport IN                                                              | City of Rockport, Indiana Michigan Power Co. Project, Series 2009B                                                         | CUSIP: 773835BS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5013035.50   | 0.44%             | 2025-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Kane County School District No. 131 Aurora East Side                             | Kane County School District No. 131 Aurora East Side                                                                       | CUSIP: 484008NK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $68250.25     | 0.01%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi Gaming Tax Revenue                                          | State of Mississippi, Gaming Tax, Series 2019A                                                                             | CUSIP: 605638BF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1534905.68   | 0.14%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                     | Birmingham Airport Authority                                                                                               | CUSIP: 090888GL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269926.30    | 0.02%             | 2027-07-01      | 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        |  10000000 | PA      | $10251894.00  | 0.91%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | City of Shreveport, Water and Sewer, Junior Lien                                                                           | CUSIP: 825485XB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413782.68    | 0.04%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Suffolk University Issue                                                         | CUSIP: 57584YRP6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    435000 | PA      | $455107.31    | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kansas Hospital Authority                                          | University of Kansas Hospital Authority, Series 2017A                                                                      | CUSIP: 914367HP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $210819.01    | 0.02%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waukegan IL Water & Sewer System Revenue                                 | City of Waukegan, First Lien, Water and Sewer System                                                                       | CUSIP: 943011JX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $733863.34    | 0.07%             | 2026-12-30      | 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: 6461363L3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5637336.73   | 0.50%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peoria County Community Unit School District No. 309 Brimfield                   | Peoria County Community Unit School District No. 309 Brimfield                                                             | CUSIP: 713125AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $430512.75    | 0.04%             | 2028-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Longmont CO                                                              | City of Longmon                                                                                                            | CUSIP: 543096AF8<br>LEI: 549300E7S8EY1IWPW223 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.01%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lackawanna PA                                                          | County of Lackawanna                                                                                                       | CUSIP: 505480W58<br>LEI: 549300FAS2IVO11LYX32 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1578871.59   | 0.14%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels                                                            | CUSIP: 89602HAE7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8911685.00   | 0.79%             | 2045-05-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Water Authority                                                   | Fairfax County Water Authority                                                                                             | CUSIP: 303891SS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5615000 | PA      | $5811822.60   | 0.52%             | 2024-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                     | Massachusetts Bay Transportation Authority, Sales Tax                                                                      | CUSIP: 575579K30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $878735.91    | 0.08%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners                                                                  | CUSIP: 759151BB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523909.30    | 0.05%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Floral Park-Bellerose Union Free School District                                 | Floral Park-Bellerose Union Free School District                                                                           | CUSIP: 339832EG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $715430.62    | 0.06%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pittsburg County Educational Facilities Authority                                | Pittsburg County Educational Facilities Authority, McAlester Public Schools Project                                        | CUSIP: 72460MAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $181847.26    | 0.02%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                                   | General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group, Series 2014A                              | CUSIP: 84129NHC6<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |    380000 | PA      | $392526.05    | 0.03%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Non Stop Supported Debt, New School University, Series 2015A                           | CUSIP: 65000BFD5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1053328.23   | 0.09%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Longwood Central School District Suffolk County                                  | Longwood Central School District, Suffolk County                                                                           | CUSIP: 543364GN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $394409.11    | 0.03%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier                                                                                  | CUSIP: 66285WWG7<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2566633.25   | 0.23%             | 2033-01-01      | 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    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien                                                         | CUSIP: 167593N40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4605000 | PA      | $5156544.53   | 0.46%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gerald R Ford International Airport Authority                                    | Gerald R Ford International Airport Authority, Limited Tax                                                                 | CUSIP: 373695AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1436743.84   | 0.13%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Rutherford TN                                                          | County of Rutherford, Series 2015A                                                                                         | CUSIP: 783244DV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1227692.38   | 0.11%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson Public Schools/MI                                                        | Jackson Public Schools, Unlimited Tax                                                                                      | CUSIP: 468312HZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $586265.98    | 0.05%             | 2025-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Greene MO                                                              | County of Greene, Special Obligation                                                                                       | CUSIP: 394594DM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212729.62    | 0.02%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                | City of Newark                                                                                                             | CUSIP: 650367PQ2<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |    750000 | PA      | $828157.35    | 0.07%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority                                                                                      | CUSIP: 546399PA8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175152.76    | 0.02%             | 2022-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | Berks County Industrial Development Authority, Tower Health Project                                                        | CUSIP: 08451PAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977179.20    | 0.09%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dahlonega Downtown Development Authority                                         | Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project                                                   | CUSIP: 23378REY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $329377.20    | 0.03%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                                | Cleveland County Educational Facilities Authority, Norman Public Schools Project                                           | CUSIP: 18604TDV7<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3205408.48   | 0.28%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Muskogee Industrial Trust                                                        | Muskogee Industrial Trust, Muskogee Public Schools Project                                                                 | CUSIP: 62813NAX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $514255.10    | 0.05%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Northeastern University Issue                                                    | CUSIP: 57584YZZ5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    425000 | PA      | $479221.46    | 0.04%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shreveport LA Water & Sewer Revenue                                      | City of Shreveport, Water and Sewer, Junior Lien                                                                           | CUSIP: 825485XE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $543686.10    | 0.05%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Community College System                                                 | Houston Community College System, Limited Tax                                                                              | CUSIP: 44236PJC3<br>LEI: 549300UWXV516I6N3V90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005169.00   | 0.09%             | 2026-02-15      | 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                                                            | CUSIP: 158249LQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062714.40   | 0.09%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County                 | Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax                                              | CUSIP: 724799BR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2925000 | PA      | $3247261.88   | 0.29%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                                | Territory of Guam                                                                                                          | CUSIP: 40065NCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    750000 | PA      | $781084.58    | 0.07%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avondale School District                                                         | Avondale School District, Unlimited Tax                                                                                    | CUSIP: 054375UM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1835000 | PA      | $2063142.80   | 0.18%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pewaukee School District                                                         | Pewaukee School District, Series 2019B                                                                                     | CUSIP: 717021LC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $219798.24    | 0.02%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Du Page IL                                                             | County of Du Page, Courthouse Project                                                                                      | CUSIP: 262633QH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $342924.99    | 0.03%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                               | Rhode Island Health and Educational Building Corp., Public School Financing Program, Series 2021F                          | CUSIP: 762196B28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1254681.96   | 0.11%             | 2027-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California, Various Purpose                                                                                       | CUSIP: 13063CEN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2865090.61   | 0.25%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                                         | Western Minnesota Municipal Power Agency, Power Supply, Series 2014A                                                       | CUSIP: 958697JK1<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025165.70   | 0.09%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gerald R Ford International Airport Authority                                    | Gerald R Ford International Airport Authority, Limited Tax                                                                 | CUSIP: 373695AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1563246.36   | 0.14%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                        | Los Angeles Community College District                                                                                     | CUSIP: 54438CUU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5397163.50   | 0.48%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series 2021A                                                                        | CUSIP: 717883XX5<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1211013.02   | 0.11%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners                                                                  | CUSIP: 759151BH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $123126.15    | 0.01%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners                                                                  | CUSIP: 759151BA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521594.55    | 0.05%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No. 202 Turner                          | Wyandotte County Unified School District No. 202 Turner                                                                    | CUSIP: 982683FH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $421499.28    | 0.04%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Northeastern University Issue                                                    | CUSIP: 57584YZX0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    660000 | PA      | $751006.94    | 0.07%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Industrial Development Authority                                    | Berks County Industrial Development Authority, Tower Health Project                                                        | CUSIP: 08451PAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $956961.30    | 0.08%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District Public Facility Corp.                          | Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project, Series 2018C       | CUSIP: 052405EV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269434.20    | 0.02%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Barbara Unified School District                                            | Santa Barbara Unified School District                                                                                      | CUSIP: 801315HN5<br>LEI: 549300PQRSK15XOJN302 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54341.78     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Dedicated Tax Fund                                                                  | CUSIP: 59259N7D9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4060422.40   | 0.36%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carol Stream Park District                                                       | Carol Stream Park District                                                                                                 | CUSIP: 143735VQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210275.04    | 0.02%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                  | Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.                                          | CUSIP: 60416JCN8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    185000 | PA      | $186401.30    | 0.02%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Peters MO                                                             | City of St. Peters                                                                                                         | CUSIP: 793187ES0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $582040.49    | 0.05%             | 2030-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Kentucky University                                                     | Northern Kentucky University, Series 2014A                                                                                 | CUSIP: 665304EL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1345219.22   | 0.12%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grosse Pointe Public School System                                               | Grosse Pointe Public School System                                                                                         | CUSIP: 399100KM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $799300.61    | 0.07%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Community College Area                                                 | Southeast Community College Area, Tax Supported                                                                            | CUSIP: 84134TAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $299422.89    | 0.03%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton TN                                                            | County of Hamilton                                                                                                         | CUSIP: 407325AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2941761.18   | 0.26%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District                                           | Los Angeles Community College District                                                                                     | CUSIP: 54438CYX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270705.23    | 0.02%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue                                                 | CUSIP: 57584X7A3<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10002139.00  | 0.89%             | 2038-07-01      | Floating      | 2.40%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax                                                                      | CUSIP: 52882PCM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $762617.85    | 0.07%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California, Various Purpose                                                                                       | CUSIP: 13063C6A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4188419.60   | 0.37%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Institute of Technology/NJ                                            | New Jersey Institute of Technology, Tax-Exempt                                                                             | CUSIP: 64579RDC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $301919.81    | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction                                                  | CUSIP: 64577BK29<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571896.05   | 0.14%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grady County School Finance Authority                                            | Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project                          | CUSIP: 384201FZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1305478.82   | 0.12%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Municipal Bond Bank                                                | New Hampshire Municipal Bond Bank                                                                                          | CUSIP: 64465QAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $2107095.80   | 0.19%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Series A                                                                                      | CUSIP: 438670W23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $716834.27    | 0.06%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Industrial Development Board | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Chippington Towers Project  | CUSIP: 592113BT0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10000000 | PA      | $9454919.00   | 0.84%             | 2026-10-01      | Variable      | 0.45%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                   | Sales Tax Securitization Corp.                                                                                             | CUSIP: 79467BBS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4410463.85   | 0.39%             | 2025-01-01      | 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        |   3250000 | PA      | $3256045.65   | 0.29%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County High School District No. 209 Proviso Township                        | Cook County, Proviso Township High School District No. 209, Limited Tax                                                    | CUSIP: 215579GH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2400093.07   | 0.21%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Yankee Stadium Project                                                        | CUSIP: 64971PJZ9<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2200904.00   | 0.20%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving Fund, Series 1998B                                            | CUSIP: 45204EKF4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4243811.60   | 0.38%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carter County Public Facilities Authority                                        | Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project                      | CUSIP: 146201DH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1318420.00   | 0.12%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Syracuse Industrial Development Agency                                           | Syracuse Industrial Development Agency, School District Project, Series 2018A                                              | CUSIP: 871683DH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1329110.08   | 0.12%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwestern Illinois Development Authority                                      | Southwestern Illinois Development Authority, Hospital Sisters Services, Inc., Obligated Group                              | CUSIP: 84553AAM4<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2128625.60   | 0.19%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Prepay, Series 2018B-2                                                                 | CUSIP: 09182RAH4<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |   7500000 | PA      | $7440367.50   | 0.66%             | 2048-12-01      | Floating      | 2.52%                 | No            |                  2 | On Loan: No      |
| Gunnison Watershed School District No. Re 1J                                     | Gunnison Watershed School District No. 1J                                                                                  | CUSIP: 402892CV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523322.60    | 0.05%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System                                                                                      | CUSIP: 59333P5Q7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2205515.40   | 0.20%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S & S Consolidated Independent School District                                   | S&S Consolidated Independent School District                                                                               | CUSIP: 783852BQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $605818.00    | 0.05%             | 2028-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | State of Maryland, Department of Transportation                                                                            | CUSIP: 574204M91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6100000 | PA      | $6502104.07   | 0.58%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District Public Facility Corp.                          | Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project, Series 2018C       | CUSIP: 052405EW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218929.00    | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community Consolidated School District No. 65 Evanston               | Cook County Community Consolidated School District No. 65, Evanston, Limited Tax                                           | CUSIP: 213687PB6<br>LEI: 549300H6EG18CC8TGB88 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1295350.04   | 0.11%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charleroi Borough Authority Water System Revenue                                 | Charleroi Borough Authority Water System                                                                                   | CUSIP: 159735FW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104193.14    | 0.01%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Northeastern University Issue                                                    | CUSIP: 57584YA25<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $504925.92    | 0.04%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County Unified School District No. 202 Turner                          | Wyandotte County Unified School District No. 202 Turner                                                                    | CUSIP: 982683FJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $235665.80    | 0.02%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                             | Alaska Municipal Bond Bank Authority                                                                                       | CUSIP: 01179RE90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $987898.98    | 0.09%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                   | University of Central Arkansas, Student Housing System, Series 2019C                                                       | CUSIP: 914115Q37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $184963.46    | 0.02%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority Public Safety Charges Revenue             | Arkansas Development Finance Authority Public Safety Charges, Division of Emergency Management Project                     | CUSIP: 04084DAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039604.20   | 0.09%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| West Valley City Municipal Building Authority                                    | West Valley City Municipal Building Authority                                                                              | CUSIP: 95640EHX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $775496.88    | 0.07%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Novato Unified School District/CA                                                | Novato Unified School District, Series A                                                                                   | CUSIP: 669878DT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1562574.00   | 0.14%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                        | Private Colleges and Universities Authority, Emory University                                                              | CUSIP: 74265LS74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10755000 | PA      | $12458000.48  | 1.11%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut                                                                                                       | CUSIP: 20772KKV0<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054566.00   | 0.09%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wichita Falls Independent School District                                        | Wichita Falls Independent School District, Unlimited Tax                                                                   | CUSIP: 967171QV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062583.30   | 0.09%             | 2031-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, The University of Chicago Medical Center                                                       | CUSIP: 45203HAZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.09%             | 2044-08-01      | Variable      | 1.85%                 | No            |                  2 | On Loan: No      |
| Muskogee Industrial Trust                                                        | Muskogee Industrial Trust, Muskogee Public Schools Project                                                                 | CUSIP: 62813NAV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $888815.17    | 0.08%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Evansville IN Sewage Works Revenue                                       | City of Evansville, Sewage Works                                                                                           | CUSIP: 299461SG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1028209.68   | 0.09%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Will County Forest Preserve District                                             | Will County Forest Preservation District, Limited Tax                                                                      | CUSIP: 968661HR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $893930.04    | 0.08%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | State of Georgia                                                                                                           | CUSIP: 3733846L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2182915.80   | 0.19%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community School District No. 97 Oak Park                            | Cook County Community School District No. 97, Oak Park                                                                     | CUSIP: 213287BZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $299458.14    | 0.03%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners                                                                  | CUSIP: 759151BG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $176045.97    | 0.02%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                  | Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.                                          | CUSIP: 60416JCL2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100728.67    | 0.01%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2020                                                                                         | CUSIP: 64966QKL3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2584178.17   | 0.23%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | City of Farmington, San Juan Project, Series 2010A                                                                         | CUSIP: 311450FX3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3531392.40   | 0.31%             | 2040-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California, Various Purpose                                                                                       | CUSIP: 13063CRR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13210000 | PA      | $13926507.76  | 1.24%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                         | Chester County Health and Education Facilities Authority, Main Line Health System                                          | CUSIP: 16557HEU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $268169.30    | 0.02%             | 2026-09-01      | Fixed         | 5.00%                 | 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    | 0.02%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                                           | Tempe Industrial Development Authority, Friendship Village of Tempe Project, Series 2021C-2                                | CUSIP: 87972MBW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1262054.39   | 0.11%             | 2026-12-01      | Fixed         | 1.12%                 | 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        |  38905768 | NS      | $38925220.67  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Champaign County Community Unit School District No. 4 Champaign                  | Champaign County Community Unit School District No. 4 Champaign                                                            | CUSIP: 158249LP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1323210.63   | 0.12%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Non Stop Supported Debt, New School University, Series 2015A                           | CUSIP: 65000BEK0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77683.82     | 0.01%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Odessa Junior College District                                                   | Odessa Junior College District, Consolidated Fund                                                                          | CUSIP: 676040JK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $453212.58    | 0.04%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Harrison MS                                                            | County of Harrison, Tax-Exempt, Series 2019A                                                                               | CUSIP: 415037AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $384856.75    | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 69 Skokie                                        | Cook County School District No. 69, Skokie, Limited Tax                                                                    | CUSIP: 213759HE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $543212.73    | 0.05%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Yankee Stadium Project                                                        | CUSIP: 64971PKC8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1560091.35   | 0.14%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2018A-1                                                                           | CUSIP: 709224G86<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | STIV             | MUN               | US        |  13000000 | PA      | $12999139.40  | 1.15%             | 2023-12-01      | Floating      | 2.50%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709                                                                                 | CUSIP: 264474HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $302458.60    | 0.03%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Quaker Valley School District/PA                                                 | Quaker Valley School District                                                                                              | CUSIP: 747442NM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $286931.43    | 0.03%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha School District                                                            | Douglas County, Omaha School District No. 001                                                                              | CUSIP: 259291RF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6800000 | PA      | $7825876.56   | 0.69%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                                | Cleveland County Educational Facilities Authority, Moore Public Schools Project                                            | CUSIP: 18604TEB0<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9370897.20   | 0.83%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center, Series 1                                       | CUSIP: 64990GUY6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4255000 | PA      | $4438155.20   | 0.39%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Public Improvement, Series 2017A                                                                          | CUSIP: 442331T95<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1252762.95   | 0.11%             | 2025-03-01      | Fixed         | 5.00%                 | 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        |    210000 | PA      | $215309.51    | 0.02%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane & DeKalb Counties Community Unit School District No. 301 Burlington         | Kane and DeKalb Counties Community Unit School District No 301 Burlington                                                  | CUSIP: 483764KA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $383279.26    | 0.03%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority                                                                             | CUSIP: 938782FJ3<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1225914.14   | 0.11%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland State Building Authority                                                 | Oakland State Building Authority, Elihu M. Harris State Office Building                                                    | CUSIP: 672324BL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.15%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                               | Rhode Island Health and Educational Building Corp., Public School Financing Program, Series 2021F                          | CUSIP: 762196B36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1740826.73   | 0.15%             | 2028-05-15      | 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        |    500000 | PA      | $441773.10    | 0.04%             | 2028-11-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Glenview Park District                                                           | Glenview Park District                                                                                                     | CUSIP: 379028SB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $380392.11    | 0.03%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Volusia County School Board                                                      | Volusia County School Board                                                                                                | CUSIP: 92884EJS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1779675.60   | 0.16%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                                   | General Authority of Southcentral Pennsylvania, Hanover Hospital, Inc.                                                     | CUSIP: 84129NKF5<br>LEI: 549300QBNU5LBV4QX812 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1466821.44   | 0.13%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX                                                                | City of Denton                                                                                                             | CUSIP: 248866YA7<br>LEI: 549300UWEY8IKYK09T27 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1050277.77   | 0.09%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health                                                            | CUSIP: 56682HCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3181458.00   | 0.28%             | 2046-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Klein Independent School District                                                | Klein Independent School District, Unlimited Tax                                                                           | CUSIP: 498531HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $553115.43    | 0.05%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Oyster Bay NY                                                            | Town of Oyster Bay, Public Improvement                                                                                     | CUSIP: 692160RS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $836008.32    | 0.07%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fort Wayne Redevelopment Authority                                               | Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project                                                   | CUSIP: 349288ER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015031.30   | 0.09%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California, Various Purpose                                                                                       | CUSIP: 13063CR51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $5330576.72   | 0.47%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                     | Birmingham Airport Authority                                                                                               | CUSIP: 090888GP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276397.70    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Muskogee Industrial Trust                                                        | Muskogee Industrial Trust, Muskogee Public Schools Project                                                                 | CUSIP: 62813NAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $917456.23    | 0.08%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 69 Skokie                                        | Cook County School District No. 69, Skokie, Limited Tax                                                                    | CUSIP: 213759HC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $513867.61    | 0.05%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                  | CUSIP: 64577XCG9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $553408.45    | 0.05%             | 2031-06-15      | 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    | 0.01%             | 2027-10-01      | 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: 484008NJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $109915.43    | 0.01%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                         | University of Washington, Series 2022C                                                                                     | CUSIP: 91523NXW1<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |   7900000 | PA      | $8176955.83   | 0.73%             | 2048-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Dahlonega Downtown Development Authority                                         | Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project                                                   | CUSIP: 23378RFH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003246.10   | 0.09%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709                                                                                 | CUSIP: 264474HW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $380541.60    | 0.03%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | State of Georgia, Series 2016E                                                                                             | CUSIP: 3733846U5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6750000 | PA      | $7219570.50   | 0.64%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                           | University of Illinois, Auxiliary Facilities System, Series 2013A                                                          | CUSIP: 914353ZD2<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2516315.75   | 0.22%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wichita Falls Independent School District                                        | Wichita Falls Independent School District, Unlimited Tax                                                                   | CUSIP: 967171QS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1156293.27   | 0.10%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | California Health Facilities Financing Authority, Cedars-Sinai Medical Center                                              | CUSIP: 13032UBQ0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1975261.10   | 0.18%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                                                  | Port of Oakland, Intermediate Lien, Series 2021H                                                                           | CUSIP: 735000UP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2798512.33   | 0.25%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Northampton PA                                                         | County of Northampton, Series 2019A                                                                                        | CUSIP: 663532JS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1631854.30   | 0.14%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Syracuse Industrial Development Agency                                           | Syracuse Industrial Development Agency, School District Project, Series 2020A                                              | CUSIP: 871683FB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $615762.95    | 0.05%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chesapeake Bay Bridge & Tunnel District                                          | Chesapeake Bay Bridge and Tunnel District General Resolution                                                               | CUSIP: 16514PAG4<br>LEI: 549300JGWE66ZSSOYN09 | Long             | DBT              | MUN               | US        |   8355000 | PA      | $8496674.90   | 0.75%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Suffolk University Issue                                                         | CUSIP: 57584YRN1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    525000 | PA      | $543690.37    | 0.05%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Valley City Municipal Building Authority                                    | West Valley City Municipal Building Authority                                                                              | CUSIP: 95640EHV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260964.23    | 0.02%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora CO                                                                | City of Aurora                                                                                                             | CUSIP: 051556HK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375000.00    | 0.03%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Institute of Technology/NJ                                            | New Jersey Institute of Technology, Tax-Exempt                                                                             | CUSIP: 64579RDA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $190038.40    | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California, Various Purpose                                                                                       | CUSIP: 13063C6E5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10444217.00  | 0.93%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project                                      | CUSIP: 45204E2A5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1960000 | PA      | $2041650.27   | 0.18%             | 2030-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Public Facilities Authority/AL                                 | Montgomery County Public Building Authority, Facilities Project                                                            | CUSIP: 613209CC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503048.85    | 0.04%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northville Public Schools                                                        | Northville Public Schools, School Building and Site                                                                        | CUSIP: 667230UG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $408253.43    | 0.04%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, St. John's University                                                                  | CUSIP: 65000BAM0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017754.60   | 0.09%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hereford Independent School District                                             | Hereford Independent School District, School Building, Unlimited Tax                                                       | CUSIP: 427128EB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1475227.35   | 0.13%             | 2028-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 69 Skokie                                        | Cook County School District No. 69, Skokie, Limited Tax                                                                    | CUSIP: 213759HG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $861159.90    | 0.08%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Odessa Junior College District                                                   | Odessa Junior College District, Consolidated Fund                                                                          | CUSIP: 676040JH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50393.22     | 0.00%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2021QQQ                                  | CUSIP: 64577XCD6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    400000 | PA      | $435607.28    | 0.04%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gunnison Watershed School District No. Re 1J                                     | Gunnison Watershed School District No. 1J                                                                                  | CUSIP: 402892CR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.03%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                        | City of Vernon, Electric System, Series 2021A                                                                              | CUSIP: 924397EH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1980742.72   | 0.18%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California, Various Purpose                                                                                       | CUSIP: 13063C6C9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4180000 | PA      | $4368688.96   | 0.39%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Niagara Frontier Transportation Authority                                        | Niagara Frontier Transportation Authority, Buffalo Niagara International Airport, Series 2019A                             | CUSIP: 653544DV5<br>LEI: 2549006J37UHUDTNJV60 | Long             | DBT              | MUN               | US        |    265000 | PA      | $280547.10    | 0.02%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York                                                                | State of New York                                                                                                          | CUSIP: 649791PG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3493244.95   | 0.31%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | Chicago Transit Authority Capital Grant Receipts                                                                           | CUSIP: 167723HE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $2030956.13   | 0.18%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Northeastern University Issue                                                    | CUSIP: 57584YZV4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098216.30   | 0.10%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | Bay Area Toll Authority, Toll Bridge, Series S-7                                                                           | CUSIP: 072024VC3<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $21081542.00  | 1.87%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nassau County Local Economic Assistance Corp.                                    | Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project, Series 2014B | CUSIP: 63166LDA6<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |    800000 | PA      | $808459.20    | 0.07%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                             | City of New Haven, Series 2021A                                                                                            | CUSIP: 645021BA3<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |    400000 | PA      | $405694.20    | 0.04%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waukegan IL Water & Sewer System Revenue                                 | City of Waukegan, First Lien, Water and Sewer System                                                                       | CUSIP: 943011JY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $772222.63    | 0.07%             | 2027-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson Public Schools/MI                                                        | Jackson Public Schools, Unlimited Tax                                                                                      | CUSIP: 468312JA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $919443.05    | 0.08%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | City of Austin, Airport System, Series 2017B                                                                               | CUSIP: 052398FJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $663221.22    | 0.06%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 69 Skokie                                        | Cook County School District No. 69, Skokie, Limited Tax                                                                    | CUSIP: 213759HD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $574696.89    | 0.05%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, St. John's University                                                                  | CUSIP: 65000BAJ7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    550000 | PA      | $564201.99    | 0.05%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Convention Facilities Authority                                  | Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project                | CUSIP: 35317DAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257469.65    | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation                                                                                     | CUSIP: 977123Z76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1817790.15   | 0.16%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper St. Clair Township School District                                         | Upper St. Clair Township School District                                                                                   | CUSIP: 916507RL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $599324.51    | 0.05%             | 2028-10-01      | Fixed         | 4.00%                 | 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: 613603YG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030849.70   | 0.09%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Fresh Water Supply District No. 61                                 | Harris County Fresh Water Supply District No. 61                                                                           | CUSIP: 414150TX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $531693.77    | 0.05%             | 2025-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of St Peters MO                                                             | City of St. Peters                                                                                                         | CUSIP: 793187ER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $805360.07    | 0.07%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Waukegan IL                                                              | City of Waukegan                                                                                                           | CUSIP: 942860SP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1143080.93   | 0.10%             | 2025-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series 2021A                                                                        | CUSIP: 717883XY3<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1313217.50   | 0.12%             | 2024-09-01      | 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        |   1000000 | PA      | $1054424.40   | 0.09%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Novato Unified School District/CA                                                | Novato Unified School District, Series A                                                                                   | CUSIP: 669878DU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1874788.74   | 0.17%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper St. Clair Township School District                                         | Upper St. Clair Township School District                                                                                   | CUSIP: 916507RM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $437225.29    | 0.04%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fort Pierce Utilities Authority                                                  | Fort Pierce Utilities Authority                                                                                            | CUSIP: 348430PD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $386079.96    | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Health and Education Facilities Authority                         | Chester County Health and Education Facilities Authority, Main Line Health System                                          | CUSIP: 16557HEX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $196473.80    | 0.02%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wichita KS                                                               | City of Wichita, Sales Tax, River District Stadium Star Bond Project                                                       | CUSIP: 967323AJ5<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |    465000 | PA      | $499821.57    | 0.04%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Custer County Economic Development Authority                                     | Custer County Economic Development Authority, Thomas Fay Public Schools                                                    | CUSIP: 231800BH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $718497.99    | 0.06%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | City of Austin, Airport System, Series 2017B                                                                               | CUSIP: 052398FH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $617972.53    | 0.05%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                     | Birmingham Airport Authority                                                                                               | CUSIP: 090888GT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $408799.16    | 0.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                               | Tennessee Energy Acquisition Corp., Gas Project, Series 2017A                                                              | CUSIP: 880443HY5<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1402715.72   | 0.12%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Peoria Public Building Commission                                                | Peoria Public Building Commission, Series 2019A                                                                            | CUSIP: 71323MEL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2632704.00   | 0.23%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                             | Alaska Municipal Bond Bank Authority                                                                                       | CUSIP: 01179RE74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1361379.01   | 0.12%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Community Unit School District No. 428 DeKalb                      | DeKalb County Community Unit School District No. 428 DeKalb                                                                | CUSIP: 240685LE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $685347.78    | 0.06%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Royal Oak MI                                                             | City of Royal Oak, Limited Tax, Capital Improvement                                                                        | CUSIP: 780464LM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $678915.63    | 0.06%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stockton Public Financing Authority                                              | Stockton Public Financing Authority                                                                                        | CUSIP: 86139TAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $476702.28    | 0.04%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oak Grove School District                                                        | Oak Grove School District                                                                                                  | CUSIP: 671205L83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1220271.00   | 0.11%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                               | Forney Independent School District, Unlimited Tax                                                                          | CUSIP: 346425CQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1361398.77   | 0.12%             | 2024-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health and Educational Facilities Authority, Hartford Healthcare                                         | CUSIP: 20775DFF4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   7750000 | PA      | $8220166.93   | 0.73%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Community College District Public Facility Corp.                          | Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project, Series 2018C       | CUSIP: 052405EY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $354156.89    | 0.03%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medical Center Educational Building Corp.                                        | Medical Center Educational Building Corp., Capital Improvements and Refinancing Project                                    | CUSIP: 584556GC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3105000 | PA      | $3429826.16   | 0.30%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wagoner County School Development Authority                                      | Wagoner County School Development Authority, Wagoner Public Schools Project                                                | CUSIP: 93055DAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $747793.57    | 0.07%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State Public School Building Authority                                           | State Public School Building Authority, Community College of Philadelphia Project                                          | CUSIP: 85732MB71<br>LEI: 5493006JN0UR7OGWTO86 | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2708023.76   | 0.24%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Katy Independent School District                                                 | Katy Independent School District, School Building                                                                          | CUSIP: 486063XA3<br>LEI: 254900H9QSKVP2HWVL72 | Long             | DBT              | MUN               | US        |    290000 | PA      | $290744.14    | 0.03%             | 2027-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chula Vista CA                                                           | City of Chula Vista, Police Facility Project                                                                               | CUSIP: 171294HH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019965.10   | 0.09%             | 2023-10-01      | 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        |    195000 | PA      | $206628.83    | 0.02%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pittsburgh Water & Sewer Authority                                               | Pittsburgh Water and Sewer Authority, First Lien, Series 2019A                                                             | CUSIP: 725304UH0<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |    270000 | PA      | $274586.06    | 0.02%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Pierce Utilities Authority                                                  | Fort Pierce Utilities Authority                                                                                            | CUSIP: 348430PE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $390196.49    | 0.03%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County                 | Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax                                              | CUSIP: 724799BS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5268636.83   | 0.47%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic Valley Sewerage Commission                                               | Passaic Valley Sewerage Commission, Sewer System                                                                           | CUSIP: 702826KY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6370000 | PA      | $6377431.88   | 0.57%             | 2027-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Consolidated Loan of 2015                                                                   | CUSIP: 57582RFJ0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   8290000 | PA      | $8560137.94   | 0.76%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Commonspirit Health                                                                  | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6559595.28   | 0.58%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Monroe NY                                                              | County of Monroe                                                                                                           | CUSIP: 61074PXY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $454617.48    | 0.04%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wichita Falls Independent School District                                        | Wichita Falls Independent School District, Unlimited Tax                                                                   | CUSIP: 967171QU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $851272.56    | 0.08%             | 2030-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Commonspirit Health                                                           | CUSIP: 93978HVB8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |  17000000 | PA      | $17700495.20  | 1.57%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                         | City of Portland, Sewer System, First Lien, Series 2014A                                                                   | CUSIP: 736742VC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40798.60     | 0.00%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | Port of Portland, International Airport                                                                                    | CUSIP: 735240H22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014049.00   | 0.09%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                              | Allegheny County Sanitary Authority, Sewer                                                                                 | CUSIP: 017357ZQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.27%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indianapolis Power and Light Co. Project                                                        | CUSIP: 455059AJ4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | STIV             | MUN               | US        |   4525000 | PA      | $3949305.52   | 0.35%             | 2038-12-01      | Variable      | 0.95%                 | 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        |    325000 | PA      | $342379.38    | 0.03%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX Water & Sewer System Revenue                                  | City of Garland, Water and Sewer System, Series 2018A                                                                      | CUSIP: 366168NG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1097150.34   | 0.10%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Muskogee Industrial Trust                                                        | Muskogee Industrial Trust, Muskogee Public Schools Project                                                                 | CUSIP: 62813NAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2574898.75   | 0.23%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Institute of Technology/NJ                                            | New Jersey Institute of Technology, Tax-Exempt                                                                             | CUSIP: 64579RDB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $220500.66    | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seward County Unified School District No. 480 Liberal                            | Seward County Unified School District No. 480 Liberal, Series 2017-B                                                       | CUSIP: 818461JL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1854994.93   | 0.16%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Community College Area                                                 | Southeast Community College Area, Tax Supported                                                                            | CUSIP: 84134TAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $546978.42    | 0.05%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| White Plains City School District                                                | White Plains City School District                                                                                          | CUSIP: 964406LY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1604116.39   | 0.14%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, California Lutheran University                                                     | CUSIP: 13048VDH8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    275000 | PA      | $285115.16    | 0.03%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Schenectady County Capital Resource Corp.                                        | Schenectady County Capital Resource Corp., Union College Project                                                           | CUSIP: 806418AZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $417157.00    | 0.04%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group, Series 2019C                                  | CUSIP: 65821DWJ6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | STIV             | MUN               | US        |  13805000 | PA      | $13466221.16  | 1.19%             | 2048-06-01      | Variable      | 2.55%                 | No            |                  2 | On Loan: No      |
| County of Orange NY                                                              | County of Orange, Public Improvement                                                                                       | CUSIP: 6845756P3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004207.20   | 0.09%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dahlonega Downtown Development Authority                                         | Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project                                                   | CUSIP: 23378RFB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $292080.11    | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, North Bay Healthcare Group, Series 2017A                                           | CUSIP: 13048TM91<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $820434.72    | 0.07%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Penn Hills School District                                                       | Penn Hills School District                                                                                                 | CUSIP: 707487JW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3585000 | PA      | $3954561.88   | 0.35%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, DePaul University                                                                              | CUSIP: 45203H8L9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265297.80    | 0.02%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charleroi Borough Authority Water System Revenue                                 | Charleroi Borough Authority Water System                                                                                   | CUSIP: 159735FU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $179155.85    | 0.02%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University Project                                                           | CUSIP: 546399JK3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    150000 | PA      | $164163.74    | 0.01%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwest Higher Education Authority, Inc.                                       | Southwest Higher Education Authority, Inc., Southern Methodist University Project                                          | CUSIP: 845040LL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $407653.80    | 0.04%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Community Unit School District No. 428 DeKalb                      | DeKalb County Community Unit School District No. 428 DeKalb                                                                | CUSIP: 240685LG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049476.60   | 0.09%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Waukegan IL Water & Sewer System Revenue                                 | City of Waukegan, First Lien, Water and Sewer System                                                                       | CUSIP: 943011JU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $547797.63    | 0.05%             | 2023-12-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners                                                                  | CUSIP: 759151BD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $184874.80    | 0.02%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust II

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer