# EDGAR Filing Document

**Accession Number:** 0001659326
**File Stem:** 0001752724-25-180642
**Filing Date:** 2025-7
**Character Count:** 944076
**Document Hash:** b4b92b153bce14aab8352e96cf644ccd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180642.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180642

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST IV
- **CENTRAL INDEX KEY:** 0001659326

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23117
- **FILM NUMBER:** 251154591

**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:** JPMorgan Trust IV
- **DATE OF NAME CHANGE:** 20151124

## Series and Classes Contracts Data

### JPMorgan Ultra-Short Municipal Fund (Series ID: S000052823)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000166084 | Class A      | USMSX           |
| C000166085 | Class I      | USMTX           |

## Nport-Ex

**JPMorgan Ultra-Short Municipal Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 92.5% (a)** | **Municipal Bonds — 92.5% (a)** | **Municipal Bonds — 92.5% (a)** |
| **Alabama — 2.2%** | **Alabama — 2.2%** | **Alabama — 2.2%** |
| &nbsp;&nbsp;&nbsp; Alabama Community College System, Gadsen State Community College Series 2018, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp; Alabama Federal Aid Highway Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2620 | &nbsp;&nbsp;&nbsp;&nbsp; 2734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama Special Care Facilities Financing Authority-Birmingham, Childrens Hospital Health Care Facility, Rev., 5.00%, <br> 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp; Birmingham Airport Authority, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Supply Series 2022D-2, Rev., LIQ : Royal Bank of Canada, (SOFR + 1.40%), 4.29%, <br> 6/6/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25450 | &nbsp;&nbsp;&nbsp;&nbsp; 25680 |
| &nbsp;&nbsp;&nbsp; County of Jefferson sewer Series 2024, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 |
| &nbsp;&nbsp;&nbsp; Foley Utilities Board, Rev., 5.00%, 5/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project Series 2007A, Rev., 1.00%, <br> 6/26/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4741 |
| &nbsp;&nbsp;&nbsp; Selma Industrial Development Board, International Paper Co. Projects Series 2020A, Rev., 1.38%, 6/16/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp;&nbsp; 2667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 4 Series 2022B-2, Rev., (SOFR + 1.79%), 4.71%, <br> 6/6/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10164 |
| &nbsp;&nbsp;&nbsp; State of Alabama Series 2016C, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 49709 |
| **Alaska — 0.2%** | **Alaska — 0.2%** | **Alaska — 0.2%** |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., State Capital Project Series 2015A, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; Alaska Municipal Bond Bank Authority Series 3, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Borough of Matanuska-Susitna, Alaska School General Obligation Series 2025B, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028 |
| &nbsp;&nbsp;&nbsp; Borough of North Slope, General Purpose Series 2021C, GO, 4.00%, 6/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation Series 2021A, Class 1, <br> Rev., 5.00%, 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; State of Alaska Series 2024B, GO, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp; 3614 |
| **Arizona — 3.2%** | **Arizona — 3.2%** | **Arizona — 3.2%** |
| &nbsp;&nbsp;&nbsp; Arizona Board of Regents, State University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, COP, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Series 2024A, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1368 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Phoenix Children's Hospital Series 2020A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp; Arizona Sports and Tourism Authority, Senior Lien Multipurpose Stadium Facility Project, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 780 |
| &nbsp;&nbsp;&nbsp; Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp;&nbsp; 4806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Arizona Water Infrastructure Finance Authority Series 2024, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4200 |
| &nbsp;&nbsp;&nbsp; City of Chandler |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014, GO, 4.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046 |
| &nbsp;&nbsp;&nbsp; City of Glendale Series 2015A, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; City of Glendale Water and Sewer, Senior Lien Series 2015, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City of Mesa Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 4.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 4.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2017D, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Junior Lien, Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; City of Tucson Series 2018A, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 332 |
| &nbsp;&nbsp;&nbsp; City of Tucson Water System, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; County of Pima Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, COP, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Gilbert Water Resource Municipal Property Corp. Series 2022, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Maricopa County High School District No. 214 Tolleson Union High School, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Banner Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, Rev., 5.00%, 5/15/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., 5.00%, 5/15/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 7530 | &nbsp;&nbsp;&nbsp;&nbsp; 7637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-2, Rev., 5.00%, 5/15/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 4 Mesa Series 2019A, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No 210-Phoenix, Project 2023 Series 2024A, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1254 |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 210-Phoenix, Project of 2023 Series 2025B, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1567 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District, Arizona Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp; Scottsdale Municipal Property Corp. Series 2017, Rev., 5.00%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; State of Arizona Lottery Series 2019, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10205 | &nbsp;&nbsp;&nbsp;&nbsp; 10220 |
| &nbsp;&nbsp;&nbsp; Town of Queen Creek Excise Tax, Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 74001 |
| **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; State of Arkansas, Federal Highway, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; University of Arkansas, Various Facility UAMS Campus Series 2019A, Rev., 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; University of Central Arkansas, Student Fee |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; Total Arkansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 499 |
| **California — 0.9%** | **California — 0.9%** | **California — 0.9%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Green Bond Series 2022A-2, Rev., (SOFR + 1.70%), 4.62%, 6/6/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5008 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, St. Joseph Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 10/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health Series 2016A, Rev., 5.00%, 11/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Bay Area Toll Bridge First Lien Series 2003A, Rev., AMBAC, 5.00%, <br> 1/1/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority Series 2021A, Rev., AMT, 3.75%, 10/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3375 | &nbsp;&nbsp;&nbsp;&nbsp; 3373 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc., Project Series 2017A, Rev., AMT, 4.10%, 12/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project, Rev., AMT, VRDO, <br> 3.70%, 8/15/2025 (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2498 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Enloe Medical Center, Rev., 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; City of Vernon, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; Desert Community College District, GO, 5.00%, 2/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp. Series 2017A-1, Rev., 5.00%, 6/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022E, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp; 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Electric Series 2019B, Rev., 5.00%, 10/15/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; San Diego Community College District, GO, 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority Series 2023-1, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 813 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose, GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2205 | &nbsp;&nbsp;&nbsp;&nbsp; 2325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp. Series 2019A, <br> Class 1, Rev., 5.00%, 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 21139 |
| **Colorado — 1.2%** | **Colorado — 1.2%** | **Colorado — 1.2%** |
| &nbsp;&nbsp;&nbsp; Adams and Arapahoe Joint School District 28J Aurora, GO, 5.50%, 12/1/2026 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2075 |
| &nbsp;&nbsp;&nbsp; Boulder Larimer and Weld Countes St. Vrain Valley School District Re-1J Series 2016C, GO, 5.00%, 12/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; City and County of Denver |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 615 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5241 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Wellington E. Webb Municipal Office Building, COP, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Colorado Bridge Enterprise Series 2019A, Rev., 4.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventhealth Obligated Group Series 2019B, Rev., 5.00%, 11/19/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1287 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 11/20/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2965 | &nbsp;&nbsp;&nbsp;&nbsp; 2982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 11/15/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3260 | &nbsp;&nbsp;&nbsp;&nbsp; 3320 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B-1, Rev., 5.00%, 8/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B-2, Rev., 5.00%, 8/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A-2, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Intermountain Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 5.00%, 8/17/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022C, Rev., 5.00%, 8/15/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1727 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 6/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; Denver City and County School District No. 1, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Denver Urban Renewal Authority Series 2010B-1, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp; Regional Transportation District Series 2015A, COP, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District Sales Tax Series 2023A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; Regional Transportation District, Denver Transit Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 3.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp; State of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017K, COP, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018L, COP, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018L, COP, 4.00%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; University of Colorado Series A, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp; University of Colorado, Enterprise System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-2, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-2, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 27079 |
| **Connecticut — 0.9%** | **Connecticut — 0.9%** | **Connecticut — 0.9%** |
| &nbsp;&nbsp;&nbsp; Connecticut State Health and Educational Facilities Authority, Stamford Hospital Series L-1, Rev., 4.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 351 |
| &nbsp;&nbsp;&nbsp; State of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9200 | &nbsp;&nbsp;&nbsp;&nbsp; 9474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4225 | &nbsp;&nbsp;&nbsp;&nbsp; 4447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018F, GO, 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp;&nbsp; 805 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Clean Water Fund, State Revolving Fund Series 2015A, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021D, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax, Transportation Infrastructure Purpose Series B, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Town of Groton, GO, BAN, 4.25%, 4/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp;&nbsp; 4333 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 20844 |
| **Delaware — 0.6%** | **Delaware — 0.6%** | **Delaware — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, <br> 7/1/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5983 |
| &nbsp;&nbsp;&nbsp; University of Delaware Series 2013C, Rev., VRDO, LIQ : TD Bank NA, 1.45%, 6/2/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 |
| &nbsp;&nbsp;&nbsp; Total Delaware |  | &nbsp;&nbsp;&nbsp;&nbsp; 13983 |
| **District of Columbia — 1.0%** | **District of Columbia — 1.0%** | **District of Columbia — 1.0%** |
| &nbsp;&nbsp;&nbsp; District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Multi Family Housing Edgewood Apartments Project Series 2023, Rev., FHA, <br> 5.00%, 6/1/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5100 | &nbsp;&nbsp;&nbsp;&nbsp; 5129 |
| &nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Paxton Project Series 2022, Rev., 4.00%, 9/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3251 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| &nbsp;&nbsp;&nbsp; District of Columbia, Children's Hospital Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; District of Columbia, City Market at O Street Project, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Gallaudet University Project Series 2021A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; District of Columbia, National Public Radio, Inc., Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Series 2024A, Rev., AMT, 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2128 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 22438 |
| **Florida — 3.0%** | **Florida — 3.0%** | **Florida — 3.0%** |
| &nbsp;&nbsp;&nbsp; Alachua County School Board Series 2020, COP, A.G., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., A.G., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp; City of Fort Myers Utility System Series 2020A, Rev., A.G., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; City of Gainesville, Utilities System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp;&nbsp; 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; City of Jacksonville |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; City of Lakeland, Department of Electric Utilities Series 2010A, Rev., A.G., 5.25%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 535 |
| &nbsp;&nbsp;&nbsp; City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; County of Broward, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013C, Rev., 5.25%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp; County of Lee, Airport Series 2021A, Rev., AMT, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1565 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Aviation System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp;&nbsp; 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 158 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Building Better Communities Program Series 2016A, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Transit System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp;&nbsp; 1091 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Water and Sewer System Series 2021, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp;&nbsp; 771 |
| &nbsp;&nbsp;&nbsp; County of St. Lucie, Power and Light Co., Project, Rev., VRDO, 1.60%, 6/2/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; Duval County Public Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, A.G., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, A.G., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Escambia County School Board Series 2020A, COP, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; Florida Department of Environmental Protection |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Florida Department of Management Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp; 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1805 | &nbsp;&nbsp;&nbsp;&nbsp; 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, COP, 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1458 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Culmer Apartments Series 2023C, Rev., 5.00%, 12/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3725 | &nbsp;&nbsp;&nbsp;&nbsp; 3752 |
| &nbsp;&nbsp;&nbsp; Florida Municipal Power Agency, All-Requirements Power Supply Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2820 | &nbsp;&nbsp;&nbsp;&nbsp; 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2144 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority Series 2017A, Rev., AMT, 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 780 |
| &nbsp;&nbsp;&nbsp; JEA Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Lee County School Board (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, COP, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp; Manatee County School District Series 2017, Rev., A.G., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Miami Beach Redevelopment Agency Series A, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Expressway Authority, Toll System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Quail Roost Transit Village Series 2023, Rev., 5.00%, 9/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2259 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Santa Clara II Apartments Series 2023, Rev., 5.00%, 10/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4655 | &nbsp;&nbsp;&nbsp;&nbsp; 4678 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; Orange County Convention Center Series 2017, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Orlando Health Obligated Group Series 2019B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Orange County School Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, COP, 5.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, COP, 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4225 | &nbsp;&nbsp;&nbsp;&nbsp; 4327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2155 | &nbsp;&nbsp;&nbsp;&nbsp; 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, COP, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; Orlando Utilities Commission Series 2020A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Palm Beach County School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, COP, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, COP, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Solid Waste Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp; Pasco County School Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, COP, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Polk County School District Series 2019B, COP, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; School Board of Miami-Dade County (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, COP, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp;&nbsp; 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012A, COP, 4.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; School District of Broward County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, COP, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; South Broward Hospital District, Memorial Healthcare System, Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp; State of Florida Board of Education, Public Education Capital Outlay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019D, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Education Series 2018A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 2052 |
| &nbsp;&nbsp;&nbsp; State of Florida Lottery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; State of Florida, Public Education Capital Outlay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| &nbsp;&nbsp;&nbsp; State of Florida, State Board of Education, Lottery Series 2016A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp; Tampa Bay Water, Regional Water Supply Authority, Utility System Series 2016C, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp; Tampa Sports Authority Series 2015, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 69287 |
| **Georgia — 1.0%** | **Georgia — 1.0%** | **Georgia — 1.0%** |
| &nbsp;&nbsp;&nbsp; Albany-Dougherty Payroll Development Authority, Procter & Gamble Paper Products Series 1999, Rev., 5.20%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Athens-Clarke County Unified Government Water and Sewerage Series 2015, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlanta Development Authority, Georgia State University Research Foundation Science Park LLC Project Series 2016, Rev., <br> 4.00%, 7/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1555 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp; Bartow County Development Authority, Georgia Power Co. Plant |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Rev., 2.88%, 8/19/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 13500 | &nbsp;&nbsp;&nbsp;&nbsp; 13471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-1, Rev., 3.95%, 3/8/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp; Cedartown Polk County Hospital Authority, Polk Medical Center Project, Rev., 5.00%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; City of Atlanta Water and Wastewater Series 2004, Rev., A.G., 5.75%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |
| &nbsp;&nbsp;&nbsp; Clarke County Hospital Authority, Pidemont Healthcare Series 2016A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project Series 2012-2, Rev., 3.30%, <br> 8/21/2029 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2215 |
| &nbsp;&nbsp;&nbsp; Gwinnett County School District Series 2010, GO, 5.00%, 6/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; Henry County Hospital Authority, Piedmont Henry Hospital Project Series 2014A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp;&nbsp;&nbsp; 1392 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series 2017D, Rev., 4.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project Series 2019A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp; State of Georgia Series 2014A, GO, 4.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 22397 |
| **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City and County Honolulu |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; City and County Honolulu Wastewater System, First Resolution Series B, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City and County of Honolulu Series 2022A, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp; County of Hawaii Series A, GO, 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; State of Hawaii |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FK, GO, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FH, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; Total Hawaii |  | &nbsp;&nbsp;&nbsp;&nbsp; 441 |
| **Idaho — 0.1%** | **Idaho — 0.1%** | **Idaho — 0.1%** |
| &nbsp;&nbsp;&nbsp; Idaho State Building Authority, Sales Tax Series 2024A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| **Illinois — 4.4%** | **Illinois — 4.4%** | **Illinois — 4.4%** |
| &nbsp;&nbsp;&nbsp; Carol Stream Park District Series 2020C, GO, 4.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp; 600 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; County of Cook |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp;&nbsp;&nbsp; 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 4.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; County of Cook, Sales Tax Series 2022A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; DuPage County Community High School District No. 94 West Chicago, GO, 4.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Illinois Development Finance Authority, Solid waste Management, Inc. Project, Rev., AMT, 4.25%, 11/3/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Development Finance Authority, United Community and Housing Development Corp. Series 1991B, Rev., Zero Coupon, <br> 7/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5845 | &nbsp;&nbsp;&nbsp;&nbsp; 5822 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Clean Water Initiative Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Edward Elmhurst Healthcare Series 2018A, Rev., 5.00%, 1/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2021B, Rev., (SIFMA Municipal Swap Index Yield + <br> 0.70%), 2.38%, 6/12/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presence Health Network Series 2016C, Rev., 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Rush University Medical Center Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp;&nbsp; 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, State Clean Water Initiative |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Swedish Covenant Hospital Series 2016A, Rev., 5.00%, 8/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp; 1171 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, The Carle Foundation Series 2021A, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Uchicago Medicine Series 2022B-2, Rev., 5.00%, 8/15/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2065 | &nbsp;&nbsp;&nbsp;&nbsp; 2132 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Unitypoint Health Series 2016D, Rev., 4.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5035 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, University of Chicago Series 2015A, Rev., 5.00%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23134 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Rev., FHA, 4.00%, 6/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 |
| &nbsp;&nbsp;&nbsp; Illinois Municipal Electric Agency, Power Supply System Series 2015A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp; 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 79 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 428 |
| &nbsp;&nbsp;&nbsp; Kane McHenry Cook and De Kalb Counties Unit School District No. 300 Series 2015, GO, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Northern Illinois Municipal Power Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp;&nbsp;&nbsp; 1210 |
| &nbsp;&nbsp;&nbsp; Railsplitter Tobacco Settlement Authority, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp;&nbsp; 960 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 1755 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2995 | &nbsp;&nbsp;&nbsp;&nbsp; 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3860 | &nbsp;&nbsp;&nbsp;&nbsp; 3875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020D, GO, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2325 | &nbsp;&nbsp;&nbsp;&nbsp; 2342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 695 | &nbsp;&nbsp;&nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, GO, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp;&nbsp; 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, GO, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1160 | &nbsp;&nbsp;&nbsp;&nbsp; 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1345 | &nbsp;&nbsp;&nbsp;&nbsp; 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2965 | &nbsp;&nbsp;&nbsp;&nbsp; 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, GO, 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; State of Illinois Sales Tax Series 2018A, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2601 |
| &nbsp;&nbsp;&nbsp; State of Illinois, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; University of Illinois Series 2023A, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; University of Illinois, Auxiliary Facilities System Series 2023A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1573 |
| &nbsp;&nbsp;&nbsp; Village of Oswego Series 2016, GO, 5.00%, 12/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1380 | &nbsp;&nbsp;&nbsp;&nbsp; 1393 |
| &nbsp;&nbsp;&nbsp; Will Grundy Etc Counties Community College District No. 525, Joliet Junior College, GO, 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 99934 |
| **Indiana — 2.3%** | **Indiana — 2.3%** | **Indiana — 2.3%** |
| &nbsp;&nbsp;&nbsp; City of Indianapolis, Department of Public Utilities Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6500 |
| &nbsp;&nbsp;&nbsp; City of Whiting, BP Products North America, Inc. Project Series 2019A, Rev., AMT, 5.00%, 6/5/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1917 |
| &nbsp;&nbsp;&nbsp; Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 12/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Community Foundation of Northern Indiana Obligated Group, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2065 | &nbsp;&nbsp;&nbsp;&nbsp; 2113 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, CWA Authority Project Series 2021-2, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Goshen Health Series 2019B, Rev., 2.10%, 11/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp; 2628 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B1, Rev., 5.00%, 7/1/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2206 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indianapolis Power and Light Co. Project Series 2021B, Rev., 0.65%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4472 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Parkview Health System, Inc. Series 2017A, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Stadium Project Series 2022A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, State Revolving Fund Program Series 2017C, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority Series 2017B-3, Rev., VRDO, LIQ : TD Bank NA, 1.45%, 6/2/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, Power Supply System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016C, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp., Ad Valorem Property Tax First Mortgage Series 2024, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn High School Building Corp., Mishawaka St. Joseph County Indiana, Ad Valorem Property Tax Series 2024B, Rev., 5.00%, <br> 7/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 701 |
| &nbsp;&nbsp;&nbsp; Purdue University Series EE, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Tippecanoe School Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2225 | &nbsp;&nbsp;&nbsp;&nbsp; 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2830 | &nbsp;&nbsp;&nbsp;&nbsp; 2862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2830 | &nbsp;&nbsp;&nbsp;&nbsp; 2862 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 53434 |
| **Iowa — 2.2%** | **Iowa — 2.2%** | **Iowa — 2.2%** |
| &nbsp;&nbsp;&nbsp; City of Shenandoah, Iowa Sewer Capital Loan Project, Rev., 4.00%, 6/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11900 | &nbsp;&nbsp;&nbsp;&nbsp; 11957 |
| &nbsp;&nbsp;&nbsp; County of Polk Series 2019, GO, 4.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co., Project, Rev., VRDO, 1.55%, 6/12/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 15200 | &nbsp;&nbsp;&nbsp;&nbsp; 15200 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, State Revolving Fund Series 2016, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp; State of Iowa, Ijobs Program Series 2016A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2039 |
| &nbsp;&nbsp;&nbsp; University of Iowa (The), Parking System Series 2023, Rev., BAN, 3.50%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 21595 | &nbsp;&nbsp;&nbsp;&nbsp; 21600 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp; 50959 |
| **Kansas — 0.7%** | **Kansas — 0.7%** | **Kansas — 0.7%** |
| &nbsp;&nbsp;&nbsp; City of Derby Series 2024-1, GO, 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2007 |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, AdventHealth Series 2021B, Rev., 5.00%, 11/15/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp;&nbsp; 5907 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kansas — continued** | **Kansas — continued** | **Kansas — continued** |
| &nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, State of Kansas Project Series 2020R, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; Riley County Unified School District No. 383, Manhattan-Ogden Series 2018A, GO, 5.00%, 9/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; State of Kansas Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 9/1/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3192 |
| &nbsp;&nbsp;&nbsp; University of Kansas Hospital Authority, Health System Series 2017A, Rev., 4.00%, 3/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp; Wyandotte County-Kansas City Unified Government Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Total Kansas |  | &nbsp;&nbsp;&nbsp;&nbsp; 15648 |
| **Kentucky — 0.5%** | **Kentucky — 0.5%** | **Kentucky — 0.5%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Kentucky, State Office Building Project Series 2018A, COP, 4.00%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1270 |
| &nbsp;&nbsp;&nbsp; County of Trimble Series 2023A, Rev., AMT, 4.70%, 6/1/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
| &nbsp;&nbsp;&nbsp; Kentucky Asset Liability Commission Series 2021A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group Series 2019A-1, Rev., 5.00%, <br> 8/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 108 Series B, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 113 Series 2024B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 115, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 122 Series A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 124 Series A, Rev., A.G., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 130 Series 2024B, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 131 Series A, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
| &nbsp;&nbsp;&nbsp; Kentucky Turnpike Authority, Revitalization Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2001A, Rev., 0.90%, <br> 9/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4802 |
| &nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2016A, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Louisville Water Co. Series 2019, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; University of Kentucky, General Receipts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 12288 |
| **Louisiana — 0.7%** | **Louisiana — 0.7%** | **Louisiana — 0.7%** |
| &nbsp;&nbsp;&nbsp; City of New Orleans, Water System Series 2015, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City of Shreveport, Water and Sewer, Junior Lien Series 2018C, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Elementus Minerals, LLC Project Series 2023, Rev., 5.00%, 11/1/2025 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9031 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Series 2002B, Rev., 5.50%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Tulane University of Louisiana Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Louisiana — continued** | **Louisiana — continued** | **Louisiana — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; State of Louisiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp; 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, GO, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, GO, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082 |
| &nbsp;&nbsp;&nbsp; State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 1.45%, 6/2/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 16759 |
| **Maine — 0.4%** | **Maine — 0.4%** | **Maine — 0.4%** |
| &nbsp;&nbsp;&nbsp; Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp; Maine Municipal Bond Bank Series 2020A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Maine School Administrative District No. 51 Series 2025A, GO, BAN, 4.50%, 12/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6400 | &nbsp;&nbsp;&nbsp;&nbsp; 6448 |
| &nbsp;&nbsp;&nbsp; Maine Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 7/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093 |
| &nbsp;&nbsp;&nbsp; State of Maine |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp; 9248 |
| **Maryland — 0.1%** | **Maryland — 0.1%** | **Maryland — 0.1%** |
| &nbsp;&nbsp;&nbsp; County of Baltimore Series 2017, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; County of Baltimore, Equipment Acquisition Program, COP, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; County of Howard Series 2017A, GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; County of Montgomery Series 2018A, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; State of Maryland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 4.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation Series 2017, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation, Second Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; University System of Maryland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 1468 |
| **Massachusetts — 4.5%** | **Massachusetts — 4.5%** | **Massachusetts — 4.5%** |
| &nbsp;&nbsp;&nbsp; Acton and Boxborough Regional School District, GO, BAN, 4.50%, 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1902 |
| &nbsp;&nbsp;&nbsp; Brockton Area Transit Authority, Rev., RAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2203 |
| &nbsp;&nbsp;&nbsp; Central Berkshire Regional School District, GO, BAN, 4.25%, 9/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7209 | &nbsp;&nbsp;&nbsp;&nbsp; 7234 |
| &nbsp;&nbsp;&nbsp; City of Boston Series 2015B, GO, 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; City of Pittsfield, GO, BAN, 4.50%, 2/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp;&nbsp; 3129 |
| &nbsp;&nbsp;&nbsp; City of Somerville Series 2025B, GO, BAN, 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11500 | &nbsp;&nbsp;&nbsp;&nbsp; 11753 |
| &nbsp;&nbsp;&nbsp; City of Springfield, GO, BAN, 4.25%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6059 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp;&nbsp; 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, A.G., 5.25%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2173 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2023 Series 2023B, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Sales Tax Series 2005A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group Series 2024 U-2, Rev., VRDO, LOC : TD <br> Bank NA, 1.25%, 6/2/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Partners Healthcare System Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series O-2, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series O-2, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016Q, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, Dedicated Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, Rev., 5.00%, 8/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 11/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp; Merrimack Valley Regional Transit Authority, Rev., RAN, 4.50%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp;&nbsp; 4902 |
| &nbsp;&nbsp;&nbsp; Southeastern Regional Transit Authority, Rev., RAN, 4.25%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2604 |
| &nbsp;&nbsp;&nbsp; Town of Abington, GO, BAN, 4.50%, 4/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2017 |
| &nbsp;&nbsp;&nbsp; Town of Charlton, GO, BAN, 4.25%, 4/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5559 |
| &nbsp;&nbsp;&nbsp; Town of Middleborough, GO, BAN, 4.25%, 9/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7554 | &nbsp;&nbsp;&nbsp;&nbsp; 7580 |
| &nbsp;&nbsp;&nbsp; Town of Nantucket Series A, GO, BAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7300 | &nbsp;&nbsp;&nbsp;&nbsp; 7315 |
| &nbsp;&nbsp;&nbsp; Town of Northbridge, GO, BAN, 4.50%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5800 | &nbsp;&nbsp;&nbsp;&nbsp; 5804 |
| &nbsp;&nbsp;&nbsp; Town of Seekonk, GO, BAN, 4.25%, 4/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3436 |
| &nbsp;&nbsp;&nbsp; Town of Westford, GO, BAN, 4.25%, 4/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11120 |
| &nbsp;&nbsp;&nbsp; University of Massachusetts Building Authority Series 2015-1, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014 |
| &nbsp;&nbsp;&nbsp; Worcester Regional Transit Authority, Rev., RAN, GTD, 4.50%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp;&nbsp;&nbsp; 4402 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 102573 |
| **Michigan — 3.0%** | **Michigan — 3.0%** | **Michigan — 3.0%** |
| &nbsp;&nbsp;&nbsp; Fulton School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, A.G., 4.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority, Water Supply System, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 106 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp;&nbsp; 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp;&nbsp; 777 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Hospital Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-MI, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015MI, Rev., 5.50%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1142 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-MI, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-MI, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority Series 2016I, Rev., 5.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Facilities Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-I, Rev., VRDO, 1.78%, 6/12/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016I, Rev., 5.00%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015I, Rev., 5.00%, 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2165 | &nbsp;&nbsp;&nbsp;&nbsp; 2177 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Ascension Senior Credit Group Series 2010F-7, Rev., 5.00%, 11/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 2353 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Trinity Health Credit Group Series 2008C, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Rental Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 3.63%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 7750 | &nbsp;&nbsp;&nbsp;&nbsp; 7707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 3.70%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8934 |
| &nbsp;&nbsp;&nbsp; Michigan State University Series 2020A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Consumers Co. Project Series 2019, Rev., AMT, 3.35%, 10/1/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1272 |
| &nbsp;&nbsp;&nbsp; RIB Floater Trust Various States Series 2022-046, Rev., VRDO, LOC : Barclays Bank plc, 1.53%, 6/2/2025 (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 31410 | &nbsp;&nbsp;&nbsp;&nbsp; 31410 |
| &nbsp;&nbsp;&nbsp; State of Michigan Series 2016, Rev., GAN, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; University of Michigan, Rev., 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 69491 |
| **Minnesota — 0.1%** | **Minnesota — 0.1%** | **Minnesota — 0.1%** |
| &nbsp;&nbsp;&nbsp; City of St. Cloud, Centracare Health System Series 2016A, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; Duluth Independent School District No. 709 Series 2019B, COP, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; Minneapolis-St Paul Metropolitan Airports Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission Series A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Minnesota Higher Education Facilities Authority, Carleton College Series 2017, Rev., 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; State of Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Western Minnesota Municipal Power Agency, Red Rock Hydroelectric Project Series 2018A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 2068 |
| **Mississippi — 1.2%** | **Mississippi — 1.2%** | **Mississippi — 1.2%** |
| &nbsp;&nbsp;&nbsp; County of Warren, Gulf Opportunity Zone, International Paper Co., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 1.38%, 6/16/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 1.38%, 6/16/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project Series 2010H, <br> Rev., VRDO, 1.55%, 6/2/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Desoto County Mississippi Highway Project Series 2024A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Care Corp. Series 2020A-1, Rev., 5.00%, <br> 9/1/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7007 |
| &nbsp;&nbsp;&nbsp; State of Mississippi |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015F, GO, 4.00%, 11/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp;&nbsp; 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 12/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 28165 |
| **Missouri — 1.5%** | **Missouri — 1.5%** | **Missouri — 1.5%** |
| &nbsp;&nbsp;&nbsp; City of Kansas City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; City of St Louis Airport, Lambert St. Louis International Airport Series 2005, Rev., NATL - RE, 5.50%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; City of St. Louis Airport Series 2005, Rev., NATL - RE, 5.50%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 247 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| &nbsp;&nbsp;&nbsp; County of Jackson, Harry S. Truman Sports Complex Project Series 2014, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Curators of the University of Missouri (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2717 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri Series 2021C, Rev., 5.00%, 5/1/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, BJC Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 4.00%, 5/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5532 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Mercy Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group Series 2018F, Rev., <br> VRDO, 1.50%, 6/2/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14700 | &nbsp;&nbsp;&nbsp;&nbsp; 14700 |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Louis University, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Luke's Healthh System, Inc. Series 2016, Rev., 5.00%, <br> 11/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Missouri Development Finance Board, Procter & Gamble Co. Project Series 1999, Rev., 5.20%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility Commission, Prairie State Project Series 2015A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| &nbsp;&nbsp;&nbsp; Missouri Public Utilities Commission, Rev., 4.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp;&nbsp;&nbsp; 7280 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 34381 |
| **Nebraska — 0.4%** | **Nebraska — 0.4%** | **Nebraska — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Washington, Wastewater and Solid Waste Disposal Facilities, Cargill Incorporated Projects, Rev., AMT, 0.90%, <br> 9/1/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6800 | &nbsp;&nbsp;&nbsp;&nbsp; 6755 |
| &nbsp;&nbsp;&nbsp; Nebraska Public Power District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp; Omaha School District Series 2016, GO, 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1953 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 9070 |
| **Nevada — 0.4%** | **Nevada — 0.4%** | **Nevada — 0.4%** |
| &nbsp;&nbsp;&nbsp; Carson City Nevada Hospital, Carson Tahoe Regional Healthcare Project, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; 705 |
| &nbsp;&nbsp;&nbsp; Clark County School District, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015C, GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, GO, 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; Clark County Water Reclamation District, Limited Tax Series 2023, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nevada — continued** | **Nevada — continued** | **Nevada — continued** |
| &nbsp;&nbsp;&nbsp; County of Clark |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien Series 2019D, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; County of Clark, Highway Improvement Series 2017, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; County of Clark, Indexed Fuel Tax and Subordinate Motor Vehicle Fuel Tax Series 2019, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; County of Clark, Limited Tax Series 2017, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; County of Clark, Limited Tax Las Vegas Convention and Visitors Authority Series 2017C, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; County of Clark, Motor Vehicle Fuel Tax Series 2020C, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District Series 2016B, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Nevada Department of Business and Industry, Republic Services, Inc. Project Series 2001, Rev., AMT, 3.95%, <br> 12/1/2025 (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 |
| &nbsp;&nbsp;&nbsp; State of Nevada, Capital Improvement and Cultural Affairs Series 2019A, GO, 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp; State of Nevada, Water Pollution Control Series 2019E, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Truckee Meadows Water Authority Series 2017, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Total Nevada |  | &nbsp;&nbsp;&nbsp;&nbsp; 8192 |
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act Series 2015B, Rev., 3.30%, 8/3/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2505 |
| &nbsp;&nbsp;&nbsp; New Hampshire Municipal Bond Bank Series 2022C, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 2536 |
| **New Jersey — 11.2%** | **New Jersey — 11.2%** | **New Jersey — 11.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project Series 2021A, Rev., A.G., 5.00%, <br> 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Bergen County Improvement Authority (The), Guaranteed Government Pooled Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 4.00%, 10/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GTD, 4.00%, 5/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14136 |
| &nbsp;&nbsp;&nbsp; Borough of Avalon, GO, BAN, 4.50%, 2/4/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9350 | &nbsp;&nbsp;&nbsp;&nbsp; 9430 |
| &nbsp;&nbsp;&nbsp; Borough of Bloomingdale, GO, BAN, 4.50%, 2/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1512 |
| &nbsp;&nbsp;&nbsp; Borough of Carlstadt, GO, BAN, 4.50%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 8593 |
| &nbsp;&nbsp;&nbsp; Borough of East Rutherford, GO, BAN, 4.00%, 4/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8500 | &nbsp;&nbsp;&nbsp;&nbsp; 8561 |
| &nbsp;&nbsp;&nbsp; Borough of Emerson, GO, BAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2102 |
| &nbsp;&nbsp;&nbsp; Borough of Fanwood Series 2025A, GO, BAN, 4.00%, 2/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4023 |
| &nbsp;&nbsp;&nbsp; Borough of Flemington Series 2025A, GO, BAN, 4.50%, 1/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4032 |
| &nbsp;&nbsp;&nbsp; Borough of Mountain Lakes, GO, BAN, 4.25%, 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2207 |
| &nbsp;&nbsp;&nbsp; Borough of North Haledon, GO, BAN, 4.50%, 6/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp;&nbsp; 2946 |
| &nbsp;&nbsp;&nbsp; Borough of North Plainfield, GO, BAN, 4.25%, 11/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5019 |
| &nbsp;&nbsp;&nbsp; Borough of Palisades Park, Swimming Pool Utility, GO, BAN, 4.25%, 3/11/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010 |
| &nbsp;&nbsp;&nbsp; Borough of Point Pleasant Beach, General Capital Notes Water and Sewer Utility, GO, BAN, 4.00%, 11/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4615 |
| &nbsp;&nbsp;&nbsp; Burlington County Bridge Commission, Government Leasing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 4.50%, 8/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., RAN, 4.25%, 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp;&nbsp; 4319 |
| &nbsp;&nbsp;&nbsp; Essex County Improvement Authority, Family Court Building Project, Rev., GTD, 5.00%, 6/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8135 | &nbsp;&nbsp;&nbsp;&nbsp; 8141 |
| &nbsp;&nbsp;&nbsp; Jersey City Municipal Utilities Authority, Water Project Series 2025A, Rev., GTD, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4571 |
| &nbsp;&nbsp;&nbsp; Monmouth County Improvement Authority (The), Rev., GTD, 4.00%, 3/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 15525 | &nbsp;&nbsp;&nbsp;&nbsp; 15631 |
| &nbsp;&nbsp;&nbsp; New Jersey Building Authority Series 2016A, Rev., 5.00%, 6/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 920 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017DDD, Rev., 5.00%, 6/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014PP, Rev., A.G. - CR, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series WW, Rev., 5.25%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024SSS, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2450 | &nbsp;&nbsp;&nbsp;&nbsp; 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019GGG, Rev., 5.25%, 9/1/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024SSS, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series WW, Rev., 5.25%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group Series 2019B-3, Rev., 5.00%, <br> 7/1/2026 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4535 | &nbsp;&nbsp;&nbsp;&nbsp; 4611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Trinitas Regional Medical Center Obligate Group Series 2017A, Rev., <br> 5.00%, 7/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4006 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Virtua Health Obligated Group, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Senior Student Loan Immediate Delivery Series 2025-2, Rev., AMT, <br> 5.00%, 6/2/2026 (d) (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9112 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Capital Appreciation Series 2010A, Rev., Zero Coupon, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2485 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series 2016A-1, Rev., 5.00%, 6/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023AA, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023AA, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp;&nbsp; 1912 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005D-2, Rev., A.G., 5.25%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16890 | &nbsp;&nbsp;&nbsp;&nbsp; 17125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005D-3, Rev., A.G., 5.25%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017E, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp; Passaic County Improvement Authority (The), City of Paterson Project, Rev., GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, COVID-19 Emergency Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, Various Purpose, GO, 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp;&nbsp;&nbsp; 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 288 |
| &nbsp;&nbsp;&nbsp; Town of Dover, General Improvement Water Utility, GO, BAN, 4.50%, 1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11700 | &nbsp;&nbsp;&nbsp;&nbsp; 11800 |
| &nbsp;&nbsp;&nbsp; Town of Guttenberg, GO, BAN, 4.25%, 10/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5920 | &nbsp;&nbsp;&nbsp;&nbsp; 5940 |
| &nbsp;&nbsp;&nbsp; Township of East Windsor, GO, BAN, 4.25%, 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7219 | &nbsp;&nbsp;&nbsp;&nbsp; 7237 |
| &nbsp;&nbsp;&nbsp; Township of Edison, Water Utility Series 2024B, GO, BAN, 4.00%, 11/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8860 | &nbsp;&nbsp;&nbsp;&nbsp; 8892 |
| &nbsp;&nbsp;&nbsp; Township of Little Egg Harbor Series 2025A, GO, BAN, 4.25%, 1/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2425 | &nbsp;&nbsp;&nbsp;&nbsp; 2438 |
| &nbsp;&nbsp;&nbsp; Township of Manchester Series 2025A, GO, BAN, 4.50%, 5/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6067 |
| &nbsp;&nbsp;&nbsp; Township of Medford Series 2024A, GO, BAN, 4.25%, 9/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10290 | &nbsp;&nbsp;&nbsp;&nbsp; 10318 |
| &nbsp;&nbsp;&nbsp; Township of Middle, General Improvement Sewer Utility, GO, BAN, 4.25%, 9/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5225 | &nbsp;&nbsp;&nbsp;&nbsp; 5235 |
| &nbsp;&nbsp;&nbsp; Township of Readington, GO, BAN, 4.25%, 9/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2106 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp; Township of Weehawken Series 2024A, GO, BAN, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4508 |
| &nbsp;&nbsp;&nbsp; Township of Woodbridge, GO, BAN, 4.00%, 10/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp;&nbsp; 7222 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 257600 |
| **New Mexico — 0.2%** | **New Mexico — 0.2%** | **New Mexico — 0.2%** |
| &nbsp;&nbsp;&nbsp; Albuquerque Bernalillo County Water Utility Authority Series 2018, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System Series 2015, Rev., 5.00%, <br> 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; City of Albuquerque Series 2021B, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; New Mexico Finance Authority, State Transportation, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; New Mexico Hospital Equipment Loan Council, Presbyterian Health Care Services Series 2015A, Rev., 5.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project, Rev., 3.73%, 12/1/2025 (d) (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; State of New Mexico Severance Tax Permanent Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp; 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp; State of New Mexico, Capital Projects, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp; 3279 |
| **New York — 16.4%** | **New York — 16.4%** | **New York — 16.4%** |
| &nbsp;&nbsp;&nbsp; Avon Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp; 2902 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project Series 2024, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5241 |
| &nbsp;&nbsp;&nbsp; Candor Central School District, GO, BAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003 |
| &nbsp;&nbsp;&nbsp; Charlotte Valley Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3002 |
| &nbsp;&nbsp;&nbsp; City of Auburn, GO, BAN, 4.25%, 8/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17700 | &nbsp;&nbsp;&nbsp;&nbsp; 17729 |
| &nbsp;&nbsp;&nbsp; City of Hudson, GO, BAN, 4.50%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3001 |
| &nbsp;&nbsp;&nbsp; City of Long Beach Series 2024B, GO, BAN, 4.25%, 9/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9175 | &nbsp;&nbsp;&nbsp;&nbsp; 9191 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2008 Series 2018 J-11, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2017 Series 2014I, Subseries I-3, GO, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019E, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Subseries F-1, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Subseries A-1, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2024 Series 2024E, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 865 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2025 Series 2025A, GO, 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
| &nbsp;&nbsp;&nbsp; City of Newburgh Series 2024A, GO, BAN, 4.25%, 8/8/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3601 |
| &nbsp;&nbsp;&nbsp; City of Troy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 13500 | &nbsp;&nbsp;&nbsp;&nbsp; 13518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAN, 4.50%, 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2016 |
| &nbsp;&nbsp;&nbsp; City of Utica, GO, BAN, 4.50%, 1/23/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5034 |
| &nbsp;&nbsp;&nbsp; Clifton-Fine Central School District, GO, BAN, 4.25%, 7/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 | &nbsp;&nbsp;&nbsp;&nbsp; 4605 |
| &nbsp;&nbsp;&nbsp; Cohoes City School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 | &nbsp;&nbsp;&nbsp;&nbsp; 4903 |
| &nbsp;&nbsp;&nbsp; Cuba-Rushford Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001 |
| &nbsp;&nbsp;&nbsp; East Aurora Union Free School District, GO, BAN, 4.50%, 6/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4100 | &nbsp;&nbsp;&nbsp;&nbsp; 4102 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; Eldred Central School District, GO, BAN, 4.50%, 6/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4502 |
| &nbsp;&nbsp;&nbsp; Ellenville Central School District, GO, BAN, 4.50%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp;&nbsp; 5403 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., State Personal Income Tax Series 2022A, Rev., 5.00%, 9/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., State Personal Income Tax, General Purpose Series 2016A, Rev., 5.00%, 3/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Evans-Brant Central School District Series 2014B, GO, BAN, 4.50%, 6/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14600 | &nbsp;&nbsp;&nbsp;&nbsp; 14608 |
| &nbsp;&nbsp;&nbsp; Highland Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp;&nbsp; 6604 |
| &nbsp;&nbsp;&nbsp; Hornell City School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2402 |
| &nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., Second Indenture Series 2022A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Jasper-Troupsberg Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001 |
| &nbsp;&nbsp;&nbsp; Lancaster Central School District, GO, BAN, 4.50%, 6/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4730 | &nbsp;&nbsp;&nbsp;&nbsp; 4731 |
| &nbsp;&nbsp;&nbsp; Lansingburgh Central School District at Troy, GO, BAN, 4.50%, 7/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5700 | &nbsp;&nbsp;&nbsp;&nbsp; 5707 |
| &nbsp;&nbsp;&nbsp; Liverpool Central School District Series 2024B, GO, BAN, 4.25%, 9/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6412 | &nbsp;&nbsp;&nbsp;&nbsp; 6429 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 1.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023F, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Lyons Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6100 | &nbsp;&nbsp;&nbsp;&nbsp; 6104 |
| &nbsp;&nbsp;&nbsp; Madison Central School District, GO, BAN, 4.50%, 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2101 |
| &nbsp;&nbsp;&nbsp; Malone Central School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6004 |
| &nbsp;&nbsp;&nbsp; Medina Central School District, GO, BAN, 4.50%, 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7300 | &nbsp;&nbsp;&nbsp;&nbsp; 7310 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002G-1F, Rev., (SOFR + 0.43%), 3.32%, 6/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp; 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 4.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Mount Markham Central School District, Unlimited Tax, GO, BAN, 4.50%, 6/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4750 | &nbsp;&nbsp;&nbsp;&nbsp; 4753 |
| &nbsp;&nbsp;&nbsp; Nassau County Sewer and Storm Water Finance Authority Series A, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 <br> Series 2015HH, Rev., 5.00%, 6/15/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023 <br> Series 2023, Subseries B-1, Rev., VRDO, LIQ : Mizuho Bank Ltd., 1.50%, 6/2/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015 Series S-1, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016S-1, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019S-2A, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Subseries A-1, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5030 | &nbsp;&nbsp;&nbsp;&nbsp; 5060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-1, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2022 Series 2020B-1, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2025 Series 2021 Subseries A-1, Rev., 5.00%, <br> 11/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2018 Series 2018B-1, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Series S-1, Rev., 5.00%, 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series B-5, Rev., VRDO, LIQ : US Bank NA, <br> 1.55%, 6/2/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021 Series 2021A, Rev., 5.00%, <br> 11/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3265 | &nbsp;&nbsp;&nbsp;&nbsp; 3461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Subseries C-1, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2154 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J, Subseries J-1, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, Subseries F-1, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025H, Sub H-1, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, Subseries F-1, Rev., 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Water and Sewer System, Second General Resolution Series BB 1B, Rev., VRDO, LIQ : State Street Bank & Trust <br> Co., 1.50%, 6/2/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., A.G., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai Series 2015A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University Series 2017A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Sales Tax Series 2024A, Rev., A.G., 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1152 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 10/1/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 10/1/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017BGRP 1, Rev., 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 3/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021E, Rev., 5.00%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2018A, Rev., 5.00%, 3/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 9/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Touro College and University System, Rev., 5.00%, 1/3/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp; 647 |
| &nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, State Personal Income Tax Series 2024A-2, Rev., 3.35%, 6/15/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1997 |
| &nbsp;&nbsp;&nbsp; North Collins Central School District Series 2024A, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2202 |
| &nbsp;&nbsp;&nbsp; North Rose-Wolcott Central School District, GO, BAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004 |
| &nbsp;&nbsp;&nbsp; Otego-Unadilla Central School District, GO, BAN, 4.50%, 7/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7100 | &nbsp;&nbsp;&nbsp;&nbsp; 7108 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 189, Rev., 5.00%, 6/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 183, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 246, Rev., AMT, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8250 | &nbsp;&nbsp;&nbsp;&nbsp; 8410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 177TH, Rev., AMT, 4.00%, 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; Ridge Road Fire District, GO, BAN, 4.25%, 10/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7027 |
| &nbsp;&nbsp;&nbsp; Romulus Central School District, GO, BAN, 4.50%, 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2603 |
| &nbsp;&nbsp;&nbsp; Sidney Central School District, GO, BAN, 4.50%, 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2604 |
| &nbsp;&nbsp;&nbsp; Sullivan West Central School District, GO, BAN, 4.25%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3402 |
| &nbsp;&nbsp;&nbsp; Town of Cortlandt, GO, BAN, 4.25%, 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2407 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp; Town of Grand Island, GO, BAN, 4.25%, 10/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12044 |
| &nbsp;&nbsp;&nbsp; Town of Milton, GO, BAN, 4.50%, 7/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp;&nbsp; 3905 |
| &nbsp;&nbsp;&nbsp; Town of Newburgh, GO, BAN, 4.50%, 1/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2521 |
| &nbsp;&nbsp;&nbsp; Town of Putnam Valley Series 2024B, GO, BAN, 4.25%, 9/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7515 |
| &nbsp;&nbsp;&nbsp; Town of Wawarsing, GO, BAN, 4.50%, 7/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3404 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., BAN, 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Village of Farmingdale Series 2024B, GO, BAN, 4.25%, 9/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5700 | &nbsp;&nbsp;&nbsp;&nbsp; 5717 |
| &nbsp;&nbsp;&nbsp; Village of Highland Falls, GO, BAN, 4.25%, 9/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4045 | &nbsp;&nbsp;&nbsp;&nbsp; 4057 |
| &nbsp;&nbsp;&nbsp; Village of Johnson City Series 2024C, GO, BAN, 4.25%, 9/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12425 | &nbsp;&nbsp;&nbsp;&nbsp; 12444 |
| &nbsp;&nbsp;&nbsp; Wayne Central School District, GO, BAN, 4.50%, 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1901 |
| &nbsp;&nbsp;&nbsp; Yorkshire-Pioneer Central School District, GO, BAN, 4.50%, 7/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12014 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 377339 |
| **North Carolina — 1.7%** | **North Carolina — 1.7%** | **North Carolina — 1.7%** |
| &nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Care System Series 2021C, Rev., 5.00%, 12/1/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
| &nbsp;&nbsp;&nbsp; City of Charlotte Series 2019A, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City of Charlotte Airport Series 2021A, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project Series 2020A, <br> Rev., 1.38%, 6/16/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1780 | &nbsp;&nbsp;&nbsp;&nbsp; 1778 |
| &nbsp;&nbsp;&nbsp; County of Buncombe Series 2015, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp; County of Harnett Series 2020, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp; County of Mecklenburg Series 2013A, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp; County of New Hanover, New Hanover Regional Medical Center Series 2017, Rev., 5.00%, 10/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1653 |
| &nbsp;&nbsp;&nbsp; County of Union Enterprise System Series 2021, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Project Hero Series <br> 2024, Rev., AMT, 3.75%, 11/1/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5002 |
| &nbsp;&nbsp;&nbsp; North Carolina Eastern Municipal Power Agency Series 1993B, Rev., 6.00%, 1/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 52-C, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 1.45%, 6/2/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9500 | &nbsp;&nbsp;&nbsp;&nbsp; 9500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, 1/15/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3997 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp;&nbsp; 1303 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Duke University Health System Series 2016A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Vidant Health Series 2015, Rev., 5.00%, 6/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3490 | &nbsp;&nbsp;&nbsp;&nbsp; 3490 |
| &nbsp;&nbsp;&nbsp; North Carolina Municipal Power Agency No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp; Orange County Public Facilities Co., Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp; Raleigh Durham Airport Authority Series 2020B, Rev., 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; Raleigh Housing Authority, Toulun Place, Rev., FHA, 5.00%, 12/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4150 | &nbsp;&nbsp;&nbsp;&nbsp; 4181 |
| &nbsp;&nbsp;&nbsp; State of North Carolina |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014C, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp; State of North Carolina, Limited Obligation Series 2017B, Rev., 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 38804 |
| **Ohio — 4.8%** | **Ohio — 4.8%** | **Ohio — 4.8%** |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., AMP Fremont Energy Center Project Series 2017A, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., City of Wapakoneta Project, Rev., BAN, 4.50%, 6/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Combined Hydroelectric Projects Series 2020A, Rev., 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp; City of Columbus, Various Purpose Series 2016-1, GO, 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp; City of Columbus, Various Purpose, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1745 | &nbsp;&nbsp;&nbsp;&nbsp; 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, GO, 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4154 |
| &nbsp;&nbsp;&nbsp; City of Hamilton, Limited Tax Various Purpose, GO, BAN, 4.00%, 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1806 |
| &nbsp;&nbsp;&nbsp; City of Huber Heights, GO, BAN, 4.50%, 7/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1802 |
| &nbsp;&nbsp;&nbsp; City of New Albany, GO, BAN, 4.00%, 9/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10014 |
| &nbsp;&nbsp;&nbsp; City of Strongsville, Street Improvement, GO, BAN, 4.75%, 6/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; Cleveland Department of Public Utilities Division of Water, Second Lien Series 2017B, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; County of Allen Hospital Facilities Series 2017A, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020D, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020D, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; County of Cuyahoga, Convention Hotel Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 | &nbsp;&nbsp;&nbsp;&nbsp; 5545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4220 | &nbsp;&nbsp;&nbsp;&nbsp; 4335 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Sales Tax Series 2016A, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Sewer System Series 2020A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; County of Hamilton, Trihealth, Inc. Group Project Series 2020A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp; County of Lake, GO, 4.00%, 9/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005 |
| &nbsp;&nbsp;&nbsp; County of Mahoning, Limited Tax Various Tax, GO, 4.00%, 10/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3840 | &nbsp;&nbsp;&nbsp;&nbsp; 3846 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Dayton Children's Hospital Series 2021, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 434 |
| &nbsp;&nbsp;&nbsp; County of Muskingum, Limited Tax, GO, 4.00%, 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8031 |
| &nbsp;&nbsp;&nbsp; County of Wayne, Limited Tax, GO, 3.50%, 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12010 |
| &nbsp;&nbsp;&nbsp; Cuyahoga Metropolitan Housing Authority, Wade Park Apartments, Rev., FHA, 4.75%, 12/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; Kings Local School District, Unlimited Tax, GO, BAN, 4.50%, 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1402 |
| &nbsp;&nbsp;&nbsp; Monroe Local School District, GO, BAN, 3.88%, 12/4/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2006 |
| &nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, American Electric Power Co. Project Series 2014D, Rev., 3.20%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1987 |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Case Western Reserve University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Ohio State University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010D, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp; Ohio Turnpike and Infrastructure Commission Series 1998A, Rev., NATL - RE, 5.50%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1831 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp;&nbsp; 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Drinking Water Assistance Series 2019, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; State of Ohio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017V, GO, 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Capital Facilities Lease Appropriation, Park and Recreation Improvement Fund Project Series 2016C, Rev., <br> 5.00%, 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Cleveland Clinic Health System Series 2019F, Rev., VRDO, LIQ : US Bank NA, 1.45%, 6/2/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Common School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017B, GO, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 8130 | &nbsp;&nbsp;&nbsp;&nbsp; 8812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 8248 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Higher Education Series 2025B, GO, 5.00%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1485 | &nbsp;&nbsp;&nbsp;&nbsp; 1642 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Infrastructure Improvement Series 2025A, GO, 5.00%, 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4381 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Major New State Infrastructure Project Series 2024-1, Rev., 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1302 |
| &nbsp;&nbsp;&nbsp; State of Ohio, State Infrastructure Improvement Series 2016-1, Rev., 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp; State of Ohio, State Infrastructure Project Series 2016-1, Rev., 5.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Voting System Acquisition Project, COP, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 110405 |
| **Oklahoma — 0.8%** | **Oklahoma — 0.8%** | **Oklahoma — 0.8%** |
| &nbsp;&nbsp;&nbsp; Canadian County Independent School District No. 69 Mustang Series 2024A, GO, 4.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 | &nbsp;&nbsp;&nbsp;&nbsp; 1581 |
| &nbsp;&nbsp;&nbsp; City of Oklahoma City |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp;&nbsp; 1559 |
| &nbsp;&nbsp;&nbsp; Cleveland County Educational Facilities Authority, Norman Public Schools Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1368 |
| &nbsp;&nbsp;&nbsp; Grand River Dam Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Oklahoma Municipal Power Authority, Power Supply System Series 2021A, Rev., A.G., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Pittsburg County Educational Facilities Authority, McAlester Public Schools Project, Rev., 4.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 1 Tulsa Series 2025A, GO, 4.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2877 |
| &nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 4 Bixby, GO, 5.00%, 6/1/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp;&nbsp; 5586 |
| &nbsp;&nbsp;&nbsp; Tulsa Public Facilities Authority, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 18376 |
| **Oregon — 0.3%** | **Oregon — 0.3%** | **Oregon — 0.3%** |
| &nbsp;&nbsp;&nbsp; Clackamas and Washington Counties School District No. 3 Series 2015, GO, 5.00%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 46 Oregon Trail Series 2017, GO, 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oregon — continued** | **Oregon — continued** | **Oregon — continued** |
| &nbsp;&nbsp;&nbsp; Marion County School District No. 103 Woodburn Series 2015, GO, 5.00%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp; Salem-Keizer School District No. 24J Series 2018, GO, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; State of Oregon Department of Transportation Series A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-G Project Series 2025G, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 3559 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-M Seismic Project & Article XI-Q State Project Series F, GO, 5.00%, 5/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Tri-County Metropolitan Transportation District of Oregon Series 2018A, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 6177 |
| **Pennsylvania — 4.7%** | **Pennsylvania — 4.7%** | **Pennsylvania — 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, University Refunding Duquesne University Series 2016, Rev., 5.00%, <br> 3/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 5.00%, <br> 4/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2533 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Pittsburgh Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, UPMC Health Center Series 1997B, Rev., NATL - RE, 6.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp; Allegheny County Sanitary Authority, Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 4.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; 663 |
| &nbsp;&nbsp;&nbsp; Altoona Area School District, GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Water and Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, A.G., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1997A, Rev., AMBAC, 5.13%, 8/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Rev., A.G., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp; 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 | &nbsp;&nbsp;&nbsp;&nbsp; 1905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3550 | &nbsp;&nbsp;&nbsp;&nbsp; 3699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; 2286 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1ST, GO, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp; 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, COP, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 9/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp;&nbsp; 794 |
| &nbsp;&nbsp;&nbsp; County of Allegheny Series C-75, GO, 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp; County of Armstrong, GO, A.G., 4.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp; County of Bucks Series 2017, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; County of Dauphin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 11/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 11/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; County of Indiana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp; Delaware County Authority, Cabrini University, Rev., 5.00%, 7/1/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp;&nbsp; 1698 |
| &nbsp;&nbsp;&nbsp; Delaware Valley Regional Finance Authority, Local Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1997B, Rev., AMBAC, 5.70%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1998A, Rev., AMBAC, 5.50%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1595 | &nbsp;&nbsp;&nbsp;&nbsp; 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East Hempfield Township Industrial Development Authority, Student Services, Inc. Student Housing Project at Millerville <br> University Series 2015, Rev., 5.00%, 7/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 2/15/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 8700 | &nbsp;&nbsp;&nbsp;&nbsp; 8863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A-2, Rev., 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 4/1/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group Series 2019E, Rev., VRDO, LIQ : US Bank NA, <br> 1.50%, 6/2/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23600 | &nbsp;&nbsp;&nbsp;&nbsp; 23600 |
| &nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, University of Pennsylvania Health System Series 2016A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Marple Newtown School District Series 2016, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AT-1, Rev., 5.00%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AT-1, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017AU-2, Rev., 5.00%, 6/15/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, State System Higher Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AQ, Rev., 5.00%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AQ, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017AU-2, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Pennsylvania State University (The) Series B, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, LOC : TD Bank NA, 1.66%, 6/12/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A-1, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A-3, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp;&nbsp; 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 12/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate Series 2017-1, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinate Series A-2, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1610 | &nbsp;&nbsp;&nbsp;&nbsp; 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., 1998 General Ordinance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14TH, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14TH, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14TH, Rev., 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14TH, Rev., 5.00%, 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, GO, 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, GO, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5089 |
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 311 |
| &nbsp;&nbsp;&nbsp; Township of East Coventry |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp; 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp; Unionville-Chadds Ford School District Series 2016, GO, 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Wyalusing Area School District, GO, 3.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 107834 |
| **Rhode Island — 0.2%** | **Rhode Island — 0.2%** | **Rhode Island — 0.2%** |
| &nbsp;&nbsp;&nbsp; City of Pawtucket Series 2024-2, GO, BAN, 4.50%, 10/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2104 |
| &nbsp;&nbsp;&nbsp; Rhode Island Commerce Corp., Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 6/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp; Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp; 3622 |
| **South Carolina — 1.0%** | **South Carolina — 1.0%** | **South Carolina — 1.0%** |
| &nbsp;&nbsp;&nbsp; County Square Redevelopment Corp., Greenville South Carolina Project, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 5900 | &nbsp;&nbsp;&nbsp;&nbsp; 6455 |
| &nbsp;&nbsp;&nbsp; Fort Mill School District No. 4 Series 2025A, GO, BAN, SCSDE, 4.25%, 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6200 | &nbsp;&nbsp;&nbsp;&nbsp; 6249 |
| &nbsp;&nbsp;&nbsp; Horry County School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, SCSDE, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, SCSDE, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Piedmont Municipal Power Agency Series 2015A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1302 |
| &nbsp;&nbsp;&nbsp; SCAGO Educational Facilities Corp. for Pickens School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCAGO Educational Facilities Corp. for Pickens School District, Installment Purchase Project Series 2015, Rev., 5.00%, <br> 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3420 | &nbsp;&nbsp;&nbsp;&nbsp; 3424 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **South Carolina — continued** | **South Carolina — continued** | **South Carolina — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Inc. Series 2025B-1, Rev., 5.00%, <br> 11/1/2030 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Enerra South Carolina Project Series 2024, Rev., AMT, 3.70%, <br> 12/1/2026 (d) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2489 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Mcleod Health Projects, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp;&nbsp; 968 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 23660 |
| **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; City of Sioux Falls Sales Tax Series 2017A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| **Tennessee — 0.6%** | **Tennessee — 0.6%** | **Tennessee — 0.6%** |
| &nbsp;&nbsp;&nbsp; City of Chattanooga Electric, Rev., 5.00%, 9/1/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6410 |
| &nbsp;&nbsp;&nbsp; Deutsche Intermediate Tax-Free Fund Series A, Rev., 4.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Educational and Housing Facility Board of the City of Memphis (The), Arbors Hickory Ridge Project Series 2012, Rev., <br> 6.25%, 1/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3610 | &nbsp;&nbsp;&nbsp;&nbsp; 4136 |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Industrial Development Board Series 2017B, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Northview Project Series <br> 2023B, Rev., 3.60%, 2/1/2028 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University <br> Medical Center Series 2023A, Rev., 5.00%, 7/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County Series 2016, GO, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Commodity Project Series 2021A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, Higher Educational Facilities Second Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015B, Rev., 5.00%, 11/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 14283 |
| **Texas — 5.5%** | **Texas — 5.5%** | **Texas — 5.5%** |
| &nbsp;&nbsp;&nbsp; Alamo Community College District, Limited Tax Series 2017, GO, 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Alamo Community College District, Maintenance Tax, GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; Arlington Housing Finance Corp., Multi Family Housing 6900 Matlock Road Series 2023, Rev., 4.50%, 4/1/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project Series 2018C, Rev., <br> 5.00%, 8/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp; Austin Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 4.00%, 8/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, GO, PSF-GTD, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; Birdville Independent School District, Unlimited Tax Series 2021, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016 J, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016D, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; Canutillo Independent School District, Unlimited Tax Series 2015, GO, PSF-GTD, 4.00%, 8/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp; 941 |
| &nbsp;&nbsp;&nbsp; Celina Independent School District, Unlimited Tax Series 2016, GO, PSF-GTD, 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1316 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp;&nbsp; 1071 |
| &nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Subordinate Lien Series 2021C, Rev., BAN, 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3355 | &nbsp;&nbsp;&nbsp;&nbsp; 3388 |
| &nbsp;&nbsp;&nbsp; City of Austin Water and Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 284 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069 |
| &nbsp;&nbsp;&nbsp; City of Austin, Airport System Series 2017A, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; City of Austin, Water and Wastewater System Series 2017, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp; City of Dallas Series 2017, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp; City of Dallas, Equipment Acquisition Contractual Obligation, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; City of Denton, Utility System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 12/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; City of Fort Worth |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp; City of Fort Worth Water and Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp; City of Fort Worth, General Obligation, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; City of Frisco Series 2015A, GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; City of Garland Series 2018, GO, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp; City of Georgetown, Utilities System Series 2022, Rev., A.G., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; City of Houston |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
| &nbsp;&nbsp;&nbsp; City of Houston Airport System, Subordinate Lien Series 2018D, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; City of Houston Combined Utility System, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018D, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; City of Houston, Airport System, Subordinate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018D, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., A.G., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014D, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015D, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp; City of Houston, Public Improvement Series 2019A, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; City of Lubbock Series 2018, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; City of Lubbock, Electric Light and Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., 5.00%, 4/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp; 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; City of San Antonio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2120 | &nbsp;&nbsp;&nbsp;&nbsp; 2197 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Electric and Gas Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp; 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 2/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Combination Tax, GO, 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, Electric and Gas Systems Series 2018, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; 522 |
| &nbsp;&nbsp;&nbsp; City of San Antonio, General Improvement, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp; City of San Marcos Series 2014A, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Clint Independent School District Series 2015, GO, PSF-GTD, 5.00%, 8/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Colorado River Municipal Water District, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; Comal Independent School District, Unlimited Tax Series 2017, GO, PSF-GTD, 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, Unlimited Tax Series 2019, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; County of Bastrop, Combination Tax, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp; 1060 |
| &nbsp;&nbsp;&nbsp; County of Bexar, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 6/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, GO, 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2038 |
| &nbsp;&nbsp;&nbsp; County of Dallas, GO, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; County of Fort Bend, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; County of Harris Toll Road Series 2023A, Rev., 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp;&nbsp; 935 |
| &nbsp;&nbsp;&nbsp; County of Harris Toll Road, First Lien Series 2022A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp; County of Harris, First Lien Series 2022A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 126 |
| &nbsp;&nbsp;&nbsp; County of Harris, Senior Lien Series 2016A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; County of Harris, Toll Road, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 | &nbsp;&nbsp;&nbsp;&nbsp; 1168 |
| &nbsp;&nbsp;&nbsp; County of Hays Series 2017, GO, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; County of Williamson, Limited Tax Series 2015, GO, 5.00%, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp;&nbsp;&nbsp; 3536 |
| &nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Sales Tax, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Dallas County Utility and Reclamation District, Unlimited Tax Series 2016, GO, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 11/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 11/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1334 |
| &nbsp;&nbsp;&nbsp; Dallas Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Deutsche Intermediate Tax-Free Fund Series 2015D, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp; El Paso Independent School District Series 2015A, GO, PSF-GTD, 5.00%, 8/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp; Florence Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 3.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 3.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| &nbsp;&nbsp;&nbsp; Frisco Independent School District, Unlimited Tax Series 2017, GO, PSF-GTD, 4.00%, 8/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3495 | &nbsp;&nbsp;&nbsp;&nbsp; 3544 |
| &nbsp;&nbsp;&nbsp; Grady Independent School District, Unlimited Tax Series 2018B, GO, PSF-GTD, 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C-3, Rev., 5.00%, 12/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2345 | &nbsp;&nbsp;&nbsp;&nbsp; 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3977 |
| &nbsp;&nbsp;&nbsp; Houston Independent School District, Limited Tax Series 2025B, GO, PSF-GTD, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp;&nbsp;&nbsp; 4406 |
| &nbsp;&nbsp;&nbsp; Humble Independent School District Series 2016C, GO, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; Irving Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Katy Independent School District Series D, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp; Keller Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District, Unlimited Tax Series 2018, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Lewisville Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp; 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/15/2027 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/15/2028 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 8/15/2029 (f) | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1890 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority Series 2015D, Rev., 5.00%, 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corp., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp;&nbsp; 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Rev., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., A.G., 5.00%, 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Lytle Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transit Authority of Harris County Sales and Use Tax, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Waste Management, Inc. Project Series 2020A, Rev., AMT, VRDO, 3.95%, 9/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Children's Health System of Texas Project Series 2017A, Rev., 5.00%, <br> 8/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1812 |
| &nbsp;&nbsp;&nbsp; North Harris County Regional Water Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 12/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority Series 2016A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Series A, Rev., 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 1/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - Texas A&M University System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, Rev., 5.50%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District Series 2016A, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1933 |
| &nbsp;&nbsp;&nbsp; Rankin Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1267 |
| &nbsp;&nbsp;&nbsp; San Antonio Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp; San Antonio Public Facilities Corp., Convention Center Facility Project Series 2022, Rev., 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Southwest Higher Education Authority, Inc., Southern Methodist University Project Series 2016A, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp; Spring Independent School District, Unlimited Tax Series 2024B, GO, 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 539 |
| &nbsp;&nbsp;&nbsp; State of Texas, College Student Loan Series 2013B, GO, AMT, 4.13%, 8/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp; State of Texas, Public Finance Authority Series 2017A, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
| &nbsp;&nbsp;&nbsp; State of Texas, Transportation Commission Mobility Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.00%, 10/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2585 | &nbsp;&nbsp;&nbsp;&nbsp; 2713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015A, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, GO, 5.00%, 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1316 |
| &nbsp;&nbsp;&nbsp; State of Texas, Veterans Series 2011A, GO, VRDO, LIQ : State Street Bank & Trust Co., 1.60%, 6/12/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 9275 | &nbsp;&nbsp;&nbsp;&nbsp; 9275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Veterans Housing Assistance Program Series 2008B, GO, VRDO, LIQ : State Street Bank & Trust Co., 1.60%, <br> 6/12/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4365 | &nbsp;&nbsp;&nbsp;&nbsp; 4365 |
| &nbsp;&nbsp;&nbsp; State of Texas, Water Financial Assistance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B-3, GO, 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, GO, 4.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp; Tarrant County College District Series 2020, GO, 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project Series 2022F, Rev., 5.00%, <br> 11/15/2030 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 |
| &nbsp;&nbsp;&nbsp; Tarrant Regional Water District Water Supply System Series 2015, Rev., 5.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Texas Department of Transportation State Highway Fund, First Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Texas Home Collaborative, 1518 Apartments Series 2023, Rev., 5.00%, 10/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 3325 | &nbsp;&nbsp;&nbsp;&nbsp; 3349 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. IV, Gas Supply Series 2023A, Rev., 5.50%, 1/1/2030 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2010 | &nbsp;&nbsp;&nbsp;&nbsp; 2124 |
| &nbsp;&nbsp;&nbsp; Texas Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Texas State Technical College Series 2022A, Rev., A.G., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 409 |
| &nbsp;&nbsp;&nbsp; Texas State University System Series 2017A, Rev., 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Texas Tech University System Series 2017A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 112 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, State Revolving Fund Series 2020, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp; Tomball Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax, GO, 4.00%, <br> 5/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Central Regional Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Trinity River Authority, Water Project, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp; University of Houston |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 2/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; University of North Texas System Series 2017A, Rev., 5.00%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; Upper Trinity Regional Water District, Water Supply System Series 2020, Rev., 5.00%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 126595 |
| **Utah — 0.1%** | **Utah — 0.1%** | **Utah — 0.1%** |
| &nbsp;&nbsp;&nbsp; Alpine School District, Utah School Bond Guaranty Program Series 2017, GO, 5.00%, 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Provo City School District Municipal Building Authority Series 2022, Rev., 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; University of Utah (The) Series 2017A, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency, Tax-Exempt Telecommunications, Rev., 3.00%, 10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; Utah Transit Authority Series 2015A, Rev., 5.00%, 6/15/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001 |
| &nbsp;&nbsp;&nbsp; Utah Transit Authority, Sales Tax Series 2015A, Rev., 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 2830 |
| **Virginia — 4.7%** | **Virginia — 4.7%** | **Virginia — 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alexandria Redevelopment and Housing Authority, Multi-Family Housing 431 S Columbus State Block 4 Series 2024, Rev., <br> 3.40%, 12/1/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp; City of Harrisonburg Series 2021A, GO, 5.00%, 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; City of Portsmouth Series 2017A, GO, 5.00%, 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; City of Richmond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; County of Fairfax Series 2016A, GO, 5.00%, 4/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; County of Henrico Water and Sewer, Rev., 5.00%, 5/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Series 2018C, Rev., VRDO, <br> 1.71%, 6/12/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22000 |
| &nbsp;&nbsp;&nbsp; Hampton Roads Sanitation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 8/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien Series 2021A, Rev., BAN, 5.00%, <br> 7/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8495 | &nbsp;&nbsp;&nbsp;&nbsp; 8680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lynchburg Economic Development Authority, Centra Health Obligated Group Series 2017B, Rev., VRDO, LOC : Truist Bank, <br> 1.50%, 6/2/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roanoke Economic Development Authority, Carilion Health System Obligated Group Series 2005A, Rev., VRDO, LIQ : PNC Bank <br> NA, 1.65%, 6/12/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority Series 2023A, Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 53 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| &nbsp;&nbsp;&nbsp; Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014B, Rev., 4.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Rev., GAN, 5.00%, 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Capital Projects Series 2017A, Rev., 5.00%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Federal Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GAN, 5.00%, 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 782 |
| &nbsp;&nbsp;&nbsp; Virginia Public Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp;&nbsp; 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Environmental Facilities Pure Salmon Virginia LLC Project, Rev., AMT, 4.00%, <br> 11/20/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp;&nbsp;&nbsp; 3351 |
| &nbsp;&nbsp;&nbsp; Wise County Industrial Development Authority, Electric and Power Co., Project Series 2009A, Rev., 0.75%, 9/2/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 22765 | &nbsp;&nbsp;&nbsp;&nbsp; 22522 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 108452 |
| **Washington — 1.8%** | **Washington — 1.8%** | **Washington — 1.8%** |
| &nbsp;&nbsp;&nbsp; Auburn School District No. 408 of King and Pierce Counties, Unlimited Tax Series 2020, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority Series 2021S 1, Rev., 5.00%, 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp;&nbsp; 953 |
| &nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority, Sales and Use Tax Series 2015S-1, Rev., 5.00%, 11/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp; 555 |
| &nbsp;&nbsp;&nbsp; City of Seattle Municipal Light and Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; Clark County Public Utility District No. 1 Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp; 948 |
| &nbsp;&nbsp;&nbsp; County of King Sewer Series 2016B, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Columbia Generating Station Series 2025A, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2599 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2420 | &nbsp;&nbsp;&nbsp;&nbsp; 2474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp;&nbsp; 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2664 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 3 Electric Series 2024B, Rev., 5.00%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 139 |
| &nbsp;&nbsp;&nbsp; Franklin County School District No. 1 Pasco, Unlimited Tax Series 2015, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp;&nbsp; 3604 |
| &nbsp;&nbsp;&nbsp; FYI Properties Series 2019, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; FYI Properties, State of Washington District Project Series 2019, Rev., 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma Series 2015, GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, 5.00%, 12/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4290 | &nbsp;&nbsp;&nbsp;&nbsp; 4333 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 3 Puyallup, Unlimited Tax Series 2022B, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Pierce County School District No. 320 Sumner Series 2016, GO, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp; 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1400 | &nbsp;&nbsp;&nbsp;&nbsp; 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 5/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 2/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., 5.00%, 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016, Rev., 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp; State of Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2022B, GO, 5.00%, 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2745 | &nbsp;&nbsp;&nbsp;&nbsp; 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085 |
| &nbsp;&nbsp;&nbsp; State of Washington Motor Vehicle Fuel Tax Series R-2021A, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; State of Washington, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, GO, 5.00%, 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2017A, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2018C, GO, 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020C, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, GO, 5.00%, 2/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2017A, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2018 D, GO, 5.00%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, GO, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4375 | &nbsp;&nbsp;&nbsp;&nbsp; 4420 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Commonspirit Health Series 2019B-3, Rev., 5.00%, 8/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center Series 2015, Rev., 5.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Yakima Valley Memorial Hospital Association Rev., 5.00%, 12/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp;&nbsp; 1748 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Herons Key Senior Living Series A, Rev., 7.00%, 7/1/2025 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1805 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 42228 |
| **West Virginia — 0.3%** | **West Virginia — 0.3%** | **West Virginia — 0.3%** |
| &nbsp;&nbsp;&nbsp; West Virginia Commissioner of Highways |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Correctional Juvenile and Public Safety Facilities Series 2012A, Rev., 5.00%, <br> 6/1/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project Series <br> 2011A, Rev., AMT, 1.00%, 9/1/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5650 | &nbsp;&nbsp;&nbsp;&nbsp; 5600 |
| &nbsp;&nbsp;&nbsp; West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 6/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 7812 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — 1.4%** | **Wisconsin — 1.4%** | **Wisconsin — 1.4%** |
| &nbsp;&nbsp;&nbsp; County of Dane Series 2023A, GO, 5.00%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, KU Campus Development Corp., Center District Development Project Series 2016, Rev., 5.00%, <br> 3/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, GO, 5.00%, 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 2, GO, 5.00%, 5/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp; State of Wisconsin, Annual Appropriation Series 2019A, Rev., 5.00%, 5/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Wisconsin Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 1, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 1, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Group Series 2016A, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 5/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 4605 | &nbsp;&nbsp;&nbsp;&nbsp; 4641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp; 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Obligated Group Series 2021B, Rev., VRDO, LIQ : <br> US Bank NA, 1.55%, 6/2/2025 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Obligated Group Series 2014A, Rev., <br> 5.00%, 11/15/2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Unity Point Health Series 2014A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 33097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $2,127,557)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 2127115 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments — 7.8%** | **Short-Term Investments — 7.8%** | **Short-Term Investments — 7.8%** |
| **Investment Companies — 7.8%** | **Investment Companies — 7.8%** | **Investment Companies — 7.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.30% (g) (h) <br>(Cost $179,943)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 179932 | &nbsp;&nbsp;&nbsp;&nbsp; 179950 |
| **Total Investments — 100.3%** <br>**(Cost $2,307,500)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **2307065** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(5995)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **2301070** |

---

&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** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | |
|:---|:---|
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GAN | Grant Anticipation Notes |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| RE | Reinsured |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| SIFMA | The Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| 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) | Security is prerefunded or escrowed to maturity. |
| (c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025. |
| (d) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025. <br>|
| (e) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (f) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (h) | The rate shown is the current yield as of May 31, 2025. |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2127115 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2127115 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 179950 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 179950 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $179950 | &nbsp;&nbsp;&nbsp;&nbsp; $2127115 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2307065 |

---

------

**JPMorgan Ultra-Short Municipal Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 2.30% (a) (b)<br>| $217364 | $446503 | $483917 | $—<br> (c)<br>| $—<br> (c)<br>| $179950 | 179932 | $1189 | $— |

---

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

(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. 

(b) The rate shown is the current yield as of May 31, 2025.

(c) Amount rounds to less than one thousand.

------

## 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 IV

- **b. Investment Company Act file number:** 811-23117

- **c. CIK number of Registrant:** 0001659326

- **d. LEI of Registrant:** 549300OTMPZX852VDL37

- **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 Ultra-Short Municipal Fund

- **b. EDGAR series identifier (if any):** S000052823

- **c. LEI of Series:** 5493003CSG7YGNPXR746

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2339438855.75

**Total Liabilities:** $40310357.60

**Net Assets:** $2299128498.15

**Cash Not Reported:** $3.67

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 10789.99941000 | **1-Year:** 81001.62772000 | **5-Year:** 64377.72229000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 7029.43104000 | **1-Year:** 16098.82842000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000166085 | 0.14%                | 0.07%                | 0.43%                |
| Class ID C000166084 | 0.13%                | 0.05%                | 0.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7800.46                 | $-2181529.21                               |
| Month 2  | $-4118.54                | $-3725158.81                               |
| Month 3  | $-26706.25               | $3516421.66                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Arizona Board of Regents                                                         | Arizona Board of Regents, State University, Series 2021A                                                                                           | CUSIP: 04048PLW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | Delaware State Economic Development Authority, Delmarva Power and Light Co. Project, Series 2020A                                                  | CUSIP: 246387SU9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6000000 | PA      | $5983267.80   | 0.26%             | 2031-01-01      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | City of Kansas City, Series 2017C                                                                                                                  | CUSIP: 485106RX8<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |    175000 | PA      | $181788.57    | 0.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine School Administrative District No. 51                                      | Maine School Administrative District No. 51, Series 2025A                                                                                          | CUSIP: 807688KV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6400000 | PA      | $6448137.60   | 0.28%             | 2025-12-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series A                                                                 | CUSIP: 115065YY4<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76378.79     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                              | Allegheny County Sanitary Authority, Sewer, Series 2020A                                                                                           | CUSIP: 017357F74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $663440.57    | 0.03%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                              | City of St. Cloud, Centracare Health System, Series 2016A                                                                                          | CUSIP: 78916VDK3<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |    140000 | PA      | $142255.09    | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southwest Higher Education Authority, Inc.                                       | Southwest Higher Education Authority, Inc., Southern Methodist University Project, Series 2016A                                                    | CUSIP: 845040KK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $333546.66    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2017A                                                                                                    | CUSIP: 696550B84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $295841.93    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2016B                                                                         | CUSIP: 576000UH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $139169.38    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tampa Bay Water                                                                  | Tampa Bay Water, Regional Water Supply Authority, Utility System, Series 2016C                                                                     | CUSIP: 875124HB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $235764.05    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                            | County of Buncombe, Series 2015                                                                                                                    | CUSIP: 120525FE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.13%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tampa Sports Authority                                                           | Tampa Sports Authority, Series 2015                                                                                                                | CUSIP: 875263PU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80115.67     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Passaic County Improvement Authority (The)                                       | Passaic County Improvement Authority (The), City of Paterson Project                                                                               | CUSIP: 702755DM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $358714.86    | 0.02%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022A                                                                                                                    | CUSIP: 452153CN7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20568.75     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., Combined Hydroelectric Projects, Series 2020A                                                                      | CUSIP: 02765UQC1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    330000 | PA      | $341052.20    | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Woodbridge NJ                                                        | Township of Woodbridge                                                                                                                             | CUSIP: 9788622V1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7221813.84   | 0.31%             | 2025-10-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Flemington NJ                                                         | Borough of Flemington, Series 2025A                                                                                                                | CUSIP: 339261GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4032077.60   | 0.18%             | 2026-01-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Nassau County Sewer & Storm Water Finance Authority                              | Nassau County Sewer and Storm Water Finance Authority, Series A                                                                                    | CUSIP: 63166QBZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500157.50    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2019B                                                                                           | CUSIP: 66285WZJ8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77365.47     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                               | Selma Industrial Development Board, International Paper Co. Projects, Series 2020A                                                                 | CUSIP: 81647PAF0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2670000 | PA      | $2667207.71   | 0.12%             | 2034-05-01      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | City of Kansas City, Series 2018A                                                                                                                  | CUSIP: 484873MZ4<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20630.75     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | Geisinger Authority, Health System, Series 2017A-2                                                                                                 | CUSIP: 368497HZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $614591.22    | 0.03%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                           | West Virginia Commissioner of Highways, Series 2017A                                                                                               | CUSIP: 95649ACP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31115.43     | 0.00%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2018A                                                                                                | CUSIP: 452252NC9<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46559.06     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series A-1                                                                                                         | CUSIP: 63968AZQ1<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50072.01     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission                                                                                                                   | CUSIP: 7092248P7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | STIV             | MUN               | US        |  35000000 | PA      | $35000000.00  | 1.52%             | 2039-12-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Wyalusing Area School District                                                   | Wyalusing Area School District                                                                                                                     | CUSIP: 982613KB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $298803.42    | 0.01%             | 2026-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2025A                                                                                         | CUSIP: 485424TN5<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3192209.40   | 0.14%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Newburgh NY                                                              | Town of Newburgh                                                                                                                                   | CUSIP: 65087RBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2520751.00   | 0.11%             | 2026-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 115                                                                                   | CUSIP: 49151FTC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518563.25    | 0.02%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2015D                                                                                            | CUSIP: 181059UA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $141217.38    | 0.01%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Rush University Medical Center Obligated Group, Series 2015A                                                           | CUSIP: 45203HN57<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    765000 | PA      | $765578.34    | 0.03%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Merrimack Valley Regional Transit Authority                                      | Merrimack Valley Regional Transit Authority                                                                                                        | CUSIP: 590341CU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4902154.53   | 0.21%             | 2025-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2018A                                                                                            | CUSIP: 34160PEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1890843.27   | 0.08%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2017A                                                                | CUSIP: 342816N84<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1081571.15   | 0.05%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                       | Delaware Valley Regional Finance Authority, Local Government, Series 1997B                                                                         | CUSIP: 246579DT0<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15783.76     | 0.00%             | 2027-07-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series A-1                                                                                                         | CUSIP: 63968AZR9<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35051.39     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventist Health System, Series 2016C                                                                        | CUSIP: 1964745K2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3260000 | PA      | $3319747.98   | 0.14%             | 2036-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2017                                                                              | CUSIP: 45204EXQ6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     95000 | PA      | $96094.68     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series 2017B                                                                                       | CUSIP: 938782FG9<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    170000 | PA      | $177096.41    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series C                                                                                                       | CUSIP: 735389WF1<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1400870.24   | 0.06%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Children's Health System of Texas Project, Series 2017A                                      | CUSIP: 645424AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1812113.80   | 0.08%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, National Public Radio, Inc. Issue                                                                                            | CUSIP: 25483VRL0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25196.35     | 0.00%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Hospital Authority                                              | Lancaster County Hospital Authority, University of Pennsylvania Health System, Series 2016A                                                        | CUSIP: 514045K77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20473.82     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2014A                                                                                                        | CUSIP: 6461394W2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220343.95    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2018A                                                                                            | CUSIP: 34160PEA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $612032.89    | 0.03%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series A                                                                       | CUSIP: 167593YX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20591.56     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City and County of Denver, Airport System, Series 2022C                                                                                            | CUSIP: 249182RW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40361.74     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King Sewer, Series 2016B                                                                                                                 | CUSIP: 4952894D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40058.64     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                    | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1206787.21   | 0.05%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedartown Polk County Hospital Authority                                         | Cedartown Polk County Hospital Authority, Polk Medical Center Project                                                                              | CUSIP: 150759AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112330.45    | 0.00%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Community College District                                             | San Diego Community College District                                                                                                               | CUSIP: 797272PV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25675.65     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                             | CUSIP: 254764JQ7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101071.48    | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Capital Projects, Series 2017A                                                                         | CUSIP: 927793D48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76457.51     | 0.00%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chandler AZ                                                              | City of Chandler, Series 2016                                                                                                                      | CUSIP: 158843XA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045524.80   | 0.05%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                   | Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Care System, Series 2021C                                                            | CUSIP: 160853VE4<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056497.90   | 0.05%             | 2050-01-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso Independent School District                                              | El Paso Independent School District, Series 2015A                                                                                                  | CUSIP: 283770HU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185698.25    | 0.01%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2018A                                                                                                   | CUSIP: 888808HA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1955000.00   | 0.09%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Curators of the University of Missouri (The)                                     | Curators of the University of Missouri (The), Series 2024                                                                                          | CUSIP: 231266MT1<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070446.10   | 0.05%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lakeland FL Department of Electric Utilities                             | City of Lakeland Department of Electric Utilities, Series 2010A                                                                                    | CUSIP: 51166FCH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534620.60    | 0.02%             | 2028-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series A                                                                                                    | CUSIP: 59333PT24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1364017.76   | 0.06%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group, Series 2018F                                | CUSIP: 60637AMU3<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |  14700000 | PA      | $14700000.00  | 0.64%             | 2036-06-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Series 2025                                                                                                | CUSIP: 52882PHE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1890305.38   | 0.08%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2020A                                                                                              | CUSIP: 2350365C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $68187.70     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Keller Independent School District/TX                                            | Keller Independent School District, Unlimited Tax, Series 2015                                                                                     | CUSIP: 487694NJ6<br>LEI: 549300BS0JDJPR8KUN68 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001465.10   | 0.04%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, Series 2015D                                                                                                       | CUSIP: 54811GC81<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001110.10   | 0.04%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson Yards Infrastructure Corp.                                                | Hudson Yards Infrastructure Corp., Second Indenture, Series 2022A                                                                                  | CUSIP: 44420RBK5<br>LEI: 549300EE2HJ67TPURL87 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45662.64     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019C                                                                                                | CUSIP: 452252PC7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     95000 | PA      | $96160.64     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Series 2019B                                                                                                                   | CUSIP: 60412ARP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36673.63     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                               | Dallas Independent School District, Unlimited Tax, Series 2020                                                                                     | CUSIP: 235308YS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30417.44     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Henry Ford Health System                                                                                               | CUSIP: 59447TMC4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    760000 | PA      | $777084.34    | 0.03%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | County of Harris Toll Road, First Lien, Series 2022A                                                                                               | CUSIP: 41423PCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $276801.41    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2025 1                                                                                              | CUSIP: 9771235B0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098247.40   | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series 2024A                                                                                                                  | CUSIP: 93974EF92<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084852.00   | 0.05%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Aurora Union Free School District                                           | East Aurora Union Free School District                                                                                                             | CUSIP: 270555GC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4101904.04   | 0.18%             | 2025-06-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Rental Housing, Series 2024A                                                                         | CUSIP: 59465PEU8<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7706617.05   | 0.34%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2025 1                                                                                              | CUSIP: 9771235A2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2165006.40   | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florence Independent School District                                             | Florence Independent School District, Unlimited Tax                                                                                                | CUSIP: 340369FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $228905.43    | 0.01%             | 2026-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2021                                                              | CUSIP: 54811BWF4<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77848.78     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Mountain Lakes NJ                                                     | Borough of Mountain Lakes                                                                                                                          | CUSIP: 624199KK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2207123.60   | 0.10%             | 2025-10-10      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Canadian County Independent School District No. 69 Mustang                       | Canadian County Independent School District No. 69 Mustang, Series 2024A                                                                           | CUSIP: 135591HZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1581191.49   | 0.07%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2017A                                                                                                            | CUSIP: 45470RDG8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Parkview Health System, Inc., Series 2017A                                                                              | CUSIP: 45471APW6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251804.63    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2017A                                                                                               | CUSIP: 93974DWY0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    110000 | PA      | $112714.60    | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Railsplitter Tobacco Settlement Authority                                        | Railsplitter Tobacco Settlement Authority                                                                                                          | CUSIP: 75076PAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $960000.00    | 0.04%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren MS                                                              | County of Warren, Gulf Opportunity Zone, International Paper Co. Project, Series 2020A                                                             | CUSIP: 935031AE4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1750000 | PA      | $1748169.85   | 0.08%             | 2034-05-01      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| Brockton Area Transit Authority                                                  | Brockton Area Transit Authority                                                                                                                    | CUSIP: 111748BZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2202650.34   | 0.10%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                    | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2965000 | PA      | $3063585.95   | 0.13%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                                 | State of Florida Lottery, Series 2017A                                                                                                             | CUSIP: 341507R86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170265.66    | 0.01%             | 2025-07-01      | 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 2019A                                            | CUSIP: 414009MJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20943.66     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio Electric and Gas Systems, Series 2016                                                                                          | CUSIP: 7962535L2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1968524.83   | 0.09%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2023B                                                                                              | CUSIP: 23503CCM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049041.60   | 0.05%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2016                                                                                                    | CUSIP: 735389YH5<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    155000 | PA      | $156620.29    | 0.01%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 14TH                                                                                    | CUSIP: 7178238D3<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30745.83     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Series 2021C                                                                 | CUSIP: 60637ATR3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048138.10   | 0.05%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL                | Alabama Special Care Facilities Financing Authority-Birmingham, Childrens Hospital Health Care Facility                                            | CUSIP: 090929GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 112, Series B                                                                         | CUSIP: 49151FNK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $107726.38    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | Long Island Power Authority, Electric System, Series 2019A                                                                                         | CUSIP: 542691CC2<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30152.89     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | City of Philadelphia Water and Wastewater, Series 1997A                                                                                            | CUSIP: 717893NS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41747.14     | 0.00%             | 2027-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No. 1 Electric Revenue                      | Clark County Public Utility District No. 1 Electric, Series 2024                                                                                   | CUSIP: 181108E72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $948148.08    | 0.04%             | 2030-01-01      | 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        |     75000 | PA      | $76767.75     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Enterprise System, Series 2017A-2                                                                                          | CUSIP: 91417KW80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | Virginia Public Building Authority, Series 2020B                                                                                                   | CUSIP: 9281726C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26163.20     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series B                                                                                                                        | CUSIP: 574193MT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230000.00    | 0.01%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016                                                                                                      | CUSIP: 709224LK3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75701.59     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2020D                                                                                                                    | CUSIP: 4521527N5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20113.54     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Consolidated Loan of 2023, Series 2023B                                                                             | CUSIP: 57582R3N4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41159.46     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2018A                                                                                            | CUSIP: 181059ZJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50030.56     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2023A                                                                 | CUSIP: 34153QWX0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    200000 | PA      | $204298.64    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Liverpool Central School District                                                | Liverpool Central School District, Series 2024B                                                                                                    | CUSIP: 538361SY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6411944 | PA      | $6428524.65   | 0.28%             | 2025-09-19      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Series 2016A                                                                                                                        | CUSIP: 677522KE3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35464.34     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | West Virginia Economic Development Authority, Correctional Juvenile and Public Safety Facilities, Series 2012A                                     | CUSIP: 95648MMU0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1625000.00   | 0.07%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Series 2014C                                                                                                              | CUSIP: 65829QCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $440749.41    | 0.02%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series A                                                                                                       | CUSIP: 735389YL6<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46801.04     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | 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        |     95000 | PA      | $95070.69     | 0.00%             | 2025-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2014A                                                                                                            | CUSIP: 386442VH7<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                | Hampton Roads Sanitation District, Series 2016A                                                                                                    | CUSIP: 409327HQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51200.50     | 0.00%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2019                                                                                     | CUSIP: 235241SZ0<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77304.68     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta Water and Wastewater, Series 2004                                                                                                  | CUSIP: 047870EZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070219.90   | 0.05%             | 2027-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Lansingburgh Central School District at Troy                                     | Lansingburgh Central School District at Troy                                                                                                       | CUSIP: 516498GY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5707007.58   | 0.25%             | 2025-07-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Facilities Program, Series 2023-I                                                                               | CUSIP: 594615KQ8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.43%             | 2058-04-15      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois                                                                                                                                  | CUSIP: 4521526J5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5100892.50   | 0.22%             | 2026-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2018F                                                                                                                 | CUSIP: 20772KEP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $805446.91    | 0.04%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Transportation State Highway Fund                            | Texas Department of Transportation State Highway Fund                                                                                              | CUSIP: 88283LGY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25493.52     | 0.00%             | 2026-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                              | Burlington County Bridge Commission, Government Leasing Program, Series 2024C                                                                      | CUSIP: 121651PY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5010531.00   | 0.22%             | 2025-08-05      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Virtua Health Obligated Group                                                               | CUSIP: 645790RS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80277.58     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                             | Alaska Municipal Bond Bank Authority, Series 3                                                                                                     | CUSIP: 01179RSX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25767.45     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2020A                                                                            | CUSIP: 762232BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $296074.07    | 0.01%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1                                    | CUSIP: 64972JLS5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3265000 | PA      | $3460852.00   | 0.15%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2017A                                                                         | CUSIP: 45204EZM3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30060.02     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                  | Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project, Series 2018C                                   | CUSIP: 30382VAA4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  22000000 | PA      | $22000000.00  | 0.96%             | 2033-05-15      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                                | CUSIP: 342816J30<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2143502.34   | 0.09%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jackson MO                                                             | County of Jackson, Harry S. Truman Sports Complex Project, Series 2014                                                                             | CUSIP: 467578HP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20056.24     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Common School, Series 2025A                                                                                                         | CUSIP: 677523LE0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   8130000 | PA      | $8812303.75   | 0.38%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Common School, Series 2017B                                                                                                         | CUSIP: 677522VL5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51354.62     | 0.00%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hornell City School District                                                     | Hornell City School District                                                                                                                       | CUSIP: 440614LP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2401487.04   | 0.10%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| University of Iowa (The)                                                         | University of Iowa (The), Parking System, Series 2023                                                                                              | CUSIP: 8575364D5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21595000 | PA      | $21600321.01  | 0.94%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Auburn NY                                                                | City of Auburn                                                                                                                                     | CUSIP: 050537E21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17700000 | PA      | $17728631.52  | 0.77%             | 2025-08-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Pawtucket RI                                                             | City of Pawtucket, Series 2024-2                                                                                                                   | CUSIP: 7041654L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2103482.22   | 0.09%             | 2025-10-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Town of Wawarsing NY                                                             | Town of Wawarsing                                                                                                                                  | CUSIP: 944029CC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3403964.40   | 0.15%             | 2025-07-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                            | CUSIP: 762232AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $447761.25    | 0.02%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monmouth County Improvement Authority (The)                                      | Monmouth County Improvement Authority (The)                                                                                                        | CUSIP: 60956PS78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15525000 | PA      | $15631147.53  | 0.68%             | 2026-03-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019B                                                                                                | CUSIP: 452252NT2<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    555000 | PA      | $574228.36    | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | Illinois Housing Development Authority                                                                                                             | CUSIP: 45203LDY6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | STIV             | MUN               | US        |   1350000 | PA      | $1350000.00   | 0.06%             | 2026-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                          | Permanent University Fund - Texas A&M University System, Series 2017A                                                                              | CUSIP: 8821173W2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83506.39     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | Central Texas Regional Mobility Authority, Senior Lien                                                                                             | CUSIP: 155498EE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1070872.21   | 0.05%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | California Statewide Communities Development Authority                                                                                             | CUSIP: 13080SKQ6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25354.77     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., Series 2022A                                                                                                       | CUSIP: 650036GQ3<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21028.63     | 0.00%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Vidant Health, Series 2015                                                                                 | CUSIP: 65821DSG7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    270000 | PA      | $270000.00    | 0.01%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Bloomingdale NJ                                                       | Borough of Bloomingdale                                                                                                                            | CUSIP: 094401JW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511870.10   | 0.07%             | 2026-02-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pittsburg County Educational Facilities Authority                                | Pittsburg County Educational Facilities Authority, McAlester Public Schools Project                                                                | CUSIP: 72460MAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252636.75    | 0.01%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Vidant Health, Series 2015                                                                                 | CUSIP: 65821DSH5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   3130000 | PA      | $3130000.00   | 0.14%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University (The)                                              | Pennsylvania State University (The), Series B                                                                                                      | CUSIP: 709235XT7<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40880.14     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2021C                                                                                                     | CUSIP: 709225ED4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103129.21    | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                 | CUSIP: 97712D7E0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007821.20   | 0.04%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carol Stream Park District                                                       | Carol Stream Park District, Series 2020C                                                                                                           | CUSIP: 143735VP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1033728.49   | 0.04%             | 2026-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Guttenberg NJ                                                            | Town of Guttenberg                                                                                                                                 | CUSIP: 403478FD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5920000 | PA      | $5939715.38   | 0.26%             | 2025-10-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                | CUSIP: 20282EAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3698598.03   | 0.16%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                      | Pierce County School District No. 10 Tacoma, Unlimited Tax, Series 2015                                                                            | CUSIP: 720424ZA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2211961.76   | 0.10%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                | CUSIP: 20282EAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $310000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Hempfield Township Industrial Development Authority                         | East Hempfield Township Industrial Development Authority, Student Services, Inc. Student Housing Project at Millerville University, Series 2015    | CUSIP: 273007BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60073.67     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Public Facilities Co.                                              | Orange County Public Facilities Co.                                                                                                                | CUSIP: 684618CM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $180044.34    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series 2016A                                                                                        | CUSIP: 010268BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $691145.33    | 0.03%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2014B                                                                                  | CUSIP: 593338AL0<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3403289.84   | 0.15%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016                                                                                                                     | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35800.50     | 0.00%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2016C                                                                                                           | CUSIP: 684517RX5<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4300841.58   | 0.19%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                                       | Duluth Independent School District No. 709, Series 2019B                                                                                           | CUSIP: 264474HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $314150.94    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2018L                                                                                                                    | CUSIP: 19668QJP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50818.90     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Junior Lien, Airport System, Series 2017D                                                                 | CUSIP: 71883MMN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56997.90     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tippecanoe School Corp.                                                          | Tippecanoe School Corp., Series 2024A                                                                                                              | CUSIP: 887870FD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2861900.61   | 0.12%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2024E                                                                                                                   | CUSIP: 546417KE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1705430.24   | 0.07%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indianapolis Power and Light Co. Project, Series 2021B                                                                  | CUSIP: 455059AL9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4472175.15   | 0.19%             | 2025-08-01      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| City of Boston MA                                                                | City of Boston, Series 2015B                                                                                                                       | CUSIP: 100853VK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50078.09     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon Department of Transportation                                     | State of Oregon Department of Transportation, Series A                                                                                             | CUSIP: 68607DSW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $232082.10    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | Allegheny County Hospital Development Authority, UPMC Health Center, Series 1997B                                                                  | CUSIP: 01728AQM1<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79325.48     | 0.00%             | 2027-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Dane WI                                                                | County of Dane, Series 2023A                                                                                                                       | CUSIP: 236092MA7<br>LEI: 5493000I57K3U1SCHU17 | Long             | DBT              | MUN               | US        |    405000 | PA      | $422643.62    | 0.02%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2017D                                                                                                        | CUSIP: 57582RNX0<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    655000 | PA      | $656039.75    | 0.03%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Haledon NJ                                                      | Borough of North Haledon                                                                                                                           | CUSIP: 659538JK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2944404 | PA      | $2946138.55   | 0.13%             | 2025-06-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Polk IA                                                                | County of Polk, Series 2019                                                                                                                        | CUSIP: 731197T74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2002G-1F                                                                                             | CUSIP: 59261AL96<br>LEI: 5493000TKYODLXADQD60 | Long             | STIV             | MUN               | US        |    590000 | PA      | $589545.64    | 0.03%             | 2026-11-01      | Floating      | 3.33%                 | No            |                  2 | On Loan: No      |
| Lytle Independent School District/TX                                             | Lytle Independent School District, Unlimited Tax                                                                                                   | CUSIP: 552410GD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $261633.16    | 0.01%             | 2028-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                           | University of Illinois, Series 2023A                                                                                                               | CUSIP: 9143536R3<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |     80000 | PA      | $82786.40     | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 14TH                                                                                    | CUSIP: 7178238G6<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    325000 | PA      | $331472.44    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority, Water Supply System, Second Lien, Series 2018A                                                                        | CUSIP: 39081JBT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26017.32     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2018A                                                                 | CUSIP: 64711RMB9<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73009.36     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Enterprise System, Series 2017A-2                                                                                          | CUSIP: 91417NJL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52167.22     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bastrop TX                                                             | County of Bastrop, Combination Tax                                                                                                                 | CUSIP: 070307SE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1059579.57   | 0.05%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Series 2018A                                                                                                              | CUSIP: 6582563L4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51089.55     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Marcos TX                                                            | City of San Marcos, Series 2014A                                                                                                                   | CUSIP: 7987646H4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75103.04     | 0.00%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University System of Maryland                                                    | University System of Maryland, Series 2019C                                                                                                        | CUSIP: 9144027V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103972.91    | 0.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2020B                                                                   | CUSIP: 67766WZP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126289.24    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Gallaudet University Project, Series 2021A                                                                                   | CUSIP: 25483VYE8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101585.80    | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2020A                                                                                                                | CUSIP: 914302FW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101429.72    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2016A                                                                      | CUSIP: 56682HBR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151552.26    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Trimble KY                                                             | County of Trimble, Series 2023A                                                                                                                    | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1006322.30   | 0.04%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                                   | Lamar Consolidated Independent School District, Unlimited Tax, Series 2018                                                                         | CUSIP: 513174WZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86224.43     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority (The)                                              | Atlanta Development Authority, Georgia State University Research Foundation Science Park LLC Project, Series 2016                                  | CUSIP: 04780NKQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1569884.30   | 0.07%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series 2021A                                                                                                                    | CUSIP: 574193UJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $138362.84    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                           | West Virginia Commissioner of Highways, Series 2017A                                                                                               | CUSIP: 95649ACK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20088.56     | 0.00%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016B                                                                                                     | CUSIP: 709224PC7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76227.74     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Will Grundy Etc Counties Community College District No. 525                      | Will Grundy Etc Counties Community College District No. 525, Joliet Junior College                                                                 | CUSIP: 969080HT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30321.03     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Public Facilities Authority                                                | Tulsa Public Facilities Authority                                                                                                                  | CUSIP: 899673DU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 210-Phoenix                       | Maricopa County Union High School District No 210-Phoenix, Project 2023, Series 2024A                                                              | CUSIP: 567505RU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1253885.76   | 0.05%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund, Series 2024                                                                               | CUSIP: 8827242C0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4271705.60   | 0.19%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, The Carle Foundation, Series 2021A                                                                                     | CUSIP: 45204FJB2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105659.55    | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2017A-1                                                                    | CUSIP: 64971WL40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25339.02     | 0.00%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Junior Lien, Water System, Series 2016                                                                    | CUSIP: 71883RNZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75113.02     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2016B                                                                                   | CUSIP: 91514ADC6<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46152.21     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | Central Texas Regional Mobility Authority, Senior Lien, Series A                                                                                   | CUSIP: 155498DU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30046.69     | 0.00%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, COVID-19 Emergency Bonds, Series 2020A                                                                                        | CUSIP: 646039YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041002.80   | 0.09%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017A                                                                                                                    | CUSIP: 452152S44<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252181.13    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series C                                                                                                           | CUSIP: 63968AP33<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126261.83    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2023A                                                             | CUSIP: 54811BF22<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    890000 | PA      | $906891.93    | 0.04%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                             | County of Harnett, Series 2020                                                                                                                     | CUSIP: 41333TCC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206133.02    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2015B                                                                   | CUSIP: 67766WXB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757335.60    | 0.03%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Manatee County School District                                                   | Manatee County School District, Series 2017                                                                                                        | CUSIP: 56185PCG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46156.44     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant Regional Water District Water Supply System Revenue                      | Tarrant Regional Water District Water Supply System, Series 2015                                                                                   | CUSIP: 876443LK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25033.50     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wise County Industrial Development Authority                                     | Wise County Industrial Development Authority, Electric and Power Co. Project, Series 2009A                                                         | CUSIP: 977228AE5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  22765000 | PA      | $22521917.61  | 0.98%             | 2040-10-01      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2025A                                                                        | CUSIP: 343137WA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2051509.23   | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                           | University of Michigan                                                                                                                             | CUSIP: 914455QC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50840.67     | 0.00%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2017C                                                                                                           | CUSIP: 684517SH9<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |     85000 | PA      | $90154.20     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Curators of the University of Missouri (The)                                     | Curators of the University of Missouri (The), Series 2024                                                                                          | CUSIP: 231266MU8<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2716785.50   | 0.12%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Medford NJ                                                           | Township of Medford, Series 2024A                                                                                                                  | CUSIP: 584309WN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10290323 | PA      | $10318166.56  | 0.45%             | 2025-09-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Unified School District No. 4 Mesa                               | Maricopa County Unified School District No. 4 Mesa, Series 2019A                                                                                   | CUSIP: 566897WQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100137.55    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2017                                                                                                      | CUSIP: 709224A41<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51931.59     | 0.00%             | 2029-12-01      | 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: 052405EU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225654.98    | 0.01%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX Water & Sewer System Revenue                               | City of Fort Worth Water and Sewer System, Series 2020A                                                                                            | CUSIP: 349515G91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $170900.30    | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arkansas                                                                | State of Arkansas, Federal Highway                                                                                                                 | CUSIP: 041042ZF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40055.81     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2021                                                                                            | CUSIP: 052477MF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $283465.66    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Series 2015A                                        | CUSIP: 19648A2M6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2024E                                                                                                                   | CUSIP: 546417KF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081602.10   | 0.05%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Point Pleasant Beach NJ                                               | Borough of Point Pleasant Beach, General Capital Notes Water and Sewer Utility                                                                     | CUSIP: 730570HQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4614583.38   | 0.20%             | 2025-11-07      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series 2016A                                                                                          | CUSIP: 6582034M3<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253878.35    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | North Carolina Housing Finance Agency, Homeownership, Series 55-C                                                                                  | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3997318.00   | 0.17%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Alamo Community College District                                                 | Alamo Community College District, Limited Tax, Series 2017                                                                                         | CUSIP: 011415RF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26111.39     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Purdue University                                                                | Purdue University, Series EE                                                                                                                       | CUSIP: 746189ZA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36541.27     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Worcester Regional Transit Authority                                             | Worcester Regional Transit Authority                                                                                                               | CUSIP: 981325CN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4402094.84   | 0.19%             | 2025-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth, Series 2015A                                                                                                                   | CUSIP: 3494255X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45062.67     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series B                                                                                               | CUSIP: 66285WWX0<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    295000 | PA      | $298377.63    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2024SSS                                                          | CUSIP: 64577XET9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2498935.81   | 0.11%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Transportation Infrastructe Purpose, Series B                                                                    | CUSIP: 207758WL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51267.12     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | Greater Orlando Aviation Authority, Series 2017A                                                                                                   | CUSIP: 3922744P8<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    750000 | PA      | $779607.38    | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia Water and Wastewater, Series 2017                                                                                             | CUSIP: 717813TB5<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57147.33     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Capital Facilities Lease Appropriation, Park and Recreation Improvement Fund Project, Series 2016C                                  | CUSIP: 67759HHW7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46354.68     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                     | CUSIP: 71781QFC7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    200000 | PA      | $211820.62    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2021A                                                                                               | CUSIP: 977123Z68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20468.36     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                     | Mississippi Development Bank, Desoto County Mississippi Highway Project, Series 2024A                                                              | CUSIP: 60534XWR3<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1597868.70   | 0.07%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | Ohio Higher Educational Facility Commission, Case Western Reserve University Project, Series 2018                                                  | CUSIP: 67756DRH1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41785.44     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2023AA                                                              | CUSIP: 64613CCY2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45027.46     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government Utility System Revenue           | Wyandotte County-Kansas City Unified Government Utility System, Series 2014A                                                                       | CUSIP: 982674JP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000415.20   | 0.04%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series 2018                                                                                        | CUSIP: 938782FZ7<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95121.92     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                          | County of Hamilton Sales Tax, Series 2016A                                                                                                         | CUSIP: 407287MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112680.87    | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Whiting IN                                                               | City of Whiting, BP Products North America, Inc. Project, Series 2019A                                                                             | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1916629.94   | 0.08%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project                                                               | CUSIP: 46246SAC9<br>LEI: 549300NQVL49BTHOW391 | Long             | STIV             | MUN               | US        |  15200000 | PA      | $15200000.00  | 0.66%             | 2051-12-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Lyons Central School District                                                    | Lyons Central School District                                                                                                                      | CUSIP: 552279KY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6100000 | PA      | $6103954.02   | 0.27%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Annual Appropriation, Series 2019A                                                                                             | CUSIP: 977100GP5<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25456.13     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                    | Lee County School Board (The), Series 2014A                                                                                                        | CUSIP: 523494NN8<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |    145000 | PA      | $145219.37    | 0.01%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025B                                                                                                                 | CUSIP: 20772KB73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9200000 | PA      | $9474226.24   | 0.41%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Series B-1                                                                                                       | CUSIP: 20281PJZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX Utility System Revenue                                         | City of Denton, Utility System, Series 2017                                                                                                        | CUSIP: 249015C22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128034.73    | 0.01%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund, Series 2024                                                                               | CUSIP: 8827242B2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2585000 | PA      | $2713442.45   | 0.12%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Romulus Central School District                                                  | Romulus Central School District                                                                                                                    | CUSIP: 776204DP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2603186.82   | 0.11%             | 2025-07-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                               | State of Minnesota, Series 2022A                                                                                                                   | CUSIP: 604146GB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1333703.04   | 0.06%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State Technical College                                                    | Texas State Technical College, Series 2022A                                                                                                        | CUSIP: 88276REY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $408482.88    | 0.02%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 131, Series A                                                                         | CUSIP: 49151F3S7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063994.10   | 0.05%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                           | University of Kentucky, General Receipts, Series 2015B                                                                                             | CUSIP: 914378JD7<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35081.05     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Humble Independent School District                                               | Humble Independent School District, Series 2016C                                                                                                   | CUSIP: 445047FK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101447.51    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Northwestern University, Series 2015                                                                                   | CUSIP: 45203HZ54<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25236.41     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC                                                             | City of Charlotte, Series 2019A                                                                                                                    | CUSIP: 161035HU7<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Independent School District/TX                                       | San Antonio Independent School District, Series 2015                                                                                               | CUSIP: 796269VP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110166.41    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2020A                              | CUSIP: 92778VJF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129434.83    | 0.01%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                        | City of Vernon Electric System, Series 2021A                                                                                                       | CUSIP: 924397EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25861.48     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Indiana PA                                                             | County of Indiana                                                                                                                                  | CUSIP: 454686EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249746.60    | 0.01%             | 2025-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                         | City of Oklahoma City, Series 2016                                                                                                                 | CUSIP: 678519TV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036127.20   | 0.05%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                | Regional Transportation Authority, Series 2017A                                                                                                    | CUSIP: 7599113A6<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1754996.70   | 0.08%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alpine School District/UT                                                        | Alpine School District, Utah School Bond Guaranty Program, Series 2017                                                                             | CUSIP: 021087VK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25417.70     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Development Finance Authority, United Community and Housing Development Corp., Series 1991B                                               | CUSIP: 451913AH0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5845000 | PA      | $5821770.80   | 0.25%             | 2025-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2017D                                                                                                 | CUSIP: 93974DE53<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30415.88     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Eastern Municipal Power Agency                                    | North Carolina Eastern Municipal Power Agency, Series 1993B                                                                                        | CUSIP: 658196PK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $167605.83    | 0.01%             | 2026-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bartow County Development Authority                                              | Bartow County Development Authority, Georgia Power Co. Plant, Series 2013-1                                                                        | CUSIP: 069643BM5<br>LEI: 5493006KLI0V8YELKW50 | Long             | STIV             | MUN               | US        |  13500000 | PA      | $13471338.15  | 0.59%             | 2043-08-01      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Water System Revenue         | City of Indianapolis Department of Public Utilities Water System, Series 2018A                                                                     | CUSIP: 455412BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47092.86     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Capital Appreciation, Series 2010A                                                                 | CUSIP: 646136XF3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2200052.75   | 0.10%             | 2028-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2021A                                                                                                     | CUSIP: 207758B69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019497.70   | 0.04%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | Allegheny County Hospital Development Authority, Pittsburgh Medical Center, Series 2019A                                                           | CUSIP: 01728A4K9<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45076.36     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Candor Central School District                                                   | Candor Central School District                                                                                                                     | CUSIP: 137465HV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002743.20   | 0.09%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Troy NY                                                                  | City of Troy                                                                                                                                       | CUSIP: 897574C80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13500000 | PA      | $13518311.40  | 0.59%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Herons Key Senior Living, Series A                                                                    | CUSIP: 939783SH0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002513.20   | 0.04%             | 2050-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Ohio State University (The)                                                      | Ohio State University (The), Series 2010D                                                                                                          | CUSIP: 677632ZF1<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25246.30     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                             | County of Jefferson sewer, Series 2024                                                                                                             | CUSIP: 472682YW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1299943.38   | 0.06%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                           | County of Baltimore, Series 2017                                                                                                                   | CUSIP: 05914FJ50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25950.92     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2023A                                                             | CUSIP: 54811BF30<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62394.93     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | Northern Illinois Municipal Power Agency, Series 2016A                                                                                             | CUSIP: 665250CK0<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |    175000 | PA      | $180080.83    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                     | North Harris County Regional Water Authority, Senior Lien, Series 2016                                                                             | CUSIP: 65956NGQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77091.81     | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                             | Minneapolis-St Paul Metropolitan Airports Commission, Series A                                                                                     | CUSIP: 603827WU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36055.80     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2022A                                                                                                                       | CUSIP: 213185MT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1970307.65   | 0.09%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio Electric and Gas Systems, Series 2024D                                                                                         | CUSIP: 79625GLD3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085978.20   | 0.05%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2018A                                                                                                | CUSIP: 452252ND7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78909.99     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allegheny PA                                                           | County of Allegheny, Series C-75                                                                                                                   | CUSIP: 01728VSH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $282207.69    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Series 2016S-1                                                                          | CUSIP: 64972HYJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25337.79     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project, Series 2020A                                                         | CUSIP: 19648FPY4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1727309.93   | 0.08%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Facilities Program, Series 2015I                                                                                | CUSIP: 594615JG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2177324.05   | 0.09%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle Municipal Light and Power, Series 2019B                                                                                            | CUSIP: 812643UD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101400.90    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                                        | Michigan State University, Series 2020A                                                                                                            | CUSIP: 594712WR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83700.15     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Municipal Bond Bank                                                | New Hampshire Municipal Bond Bank, Series 2022C                                                                                                    | CUSIP: 64465QKU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31419.53     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Weehawken NJ                                                         | Township of Weehawken, Series 2024A                                                                                                                | CUSIP: 948560UG0<br>LEI: 549300NEPL206Q5RBR93 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4508483.40   | 0.20%             | 2025-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., AMP Fremont Energy Center Project, Series 2017A                                                                    | CUSIP: 02765UNP5<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105204.96    | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Mill School District No. 4                                                  | Fort Mill School District No. 4, Series 2025A                                                                                                      | CUSIP: 986525E25<br>LEI: 5493003IDG5PRDEDK149 | Long             | DBT              | MUN               | US        |   6200000 | PA      | $6248896.30   | 0.27%             | 2026-03-02      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, Series AT-1                                                                                  | CUSIP: 70917TNL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100067.93    | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, State System Higher Education, Series AQ                                                     | CUSIP: 70917TMQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5002.65      | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series C                                                                                                            | CUSIP: 57582PBU3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51715.87     | 0.00%             | 2026-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series 2016A-1                                                      | CUSIP: 6461362C4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    410000 | PA      | $417212.93    | 0.02%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Toll Road, Senior Lien, Series 2016A                                                                                             | CUSIP: 414005WH7<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81688.92     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Series 2025                                                                                                | CUSIP: 52882PHC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2088320.60   | 0.09%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series C                                                                          | CUSIP: 64971WYC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80650.98     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority  | Cumberland County Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Project Hero, Series 2024                  | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5001617.00   | 0.22%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                            | City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group                                                | CUSIP: 838810DR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67426.17     | 0.00%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2015F                                                                                                                 | CUSIP: 605581HA8<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    795000 | PA      | $798304.18    | 0.03%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Charlotte Valley Central School District                                         | Charlotte Valley Central School District                                                                                                           | CUSIP: 161058DW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001901.10   | 0.13%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                          | County of Montgomery, Series 2018A                                                                                                                 | CUSIP: 61334PAH6<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77281.65     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                             | CUSIP: 254764JP9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55104.68     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                     | Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Series 2017D                                                                              | CUSIP: 5917453Y8<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010897.60   | 0.04%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                              | County of Cook, Sales Tax, Series 2022A                                                                                                            | CUSIP: 213248CU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45338.15     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                                | Comal Independent School District, Unlimited Tax, Series 2017                                                                                      | CUSIP: 1998203C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35455.95     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Broward Hospital District                                                  | South Broward Hospital District, Memorial Healthcare System                                                                                        | CUSIP: 836753LQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $110878.54    | 0.00%             | 2026-05-01      | 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 2014B                              | CUSIP: 92778WSD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20019.50     | 0.00%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016A-1                                                                                                   | CUSIP: 709224PV5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101752.49    | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | Texas Public Finance Authority, Series 2019                                                                                                        | CUSIP: 882669BA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30390.07     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. IV                                | Texas Municipal Gas Acquisition and Supply Corp. IV Gas supply, Series 2023A                                                                       | CUSIP: 88256PAG5<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2123729.02   | 0.09%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                            | Tennessee State School Bond Authority, Higher Educational Facilities Second Program, Series 2015B                                                  | CUSIP: 880558HW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100864.84    | 0.00%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2021C                                                                                                 | CUSIP: 93974ELE4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31070.96     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                         | Maine Turnpike Authority                                                                                                                           | CUSIP: 560551SA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079341.80   | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board                                                                                                         | CUSIP: 92778UCA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72602.96     | 0.00%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group, Series 2024 U-2                                                | CUSIP: 57584Y8K8<br>LEI: 549300UZSVMFXJK08K70 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.43%             | 2048-03-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                  | State of Nevada, Water Pollution Control, Series 2019E                                                                                             | CUSIP: 641462GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31397.97     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Series 2015A                                        | CUSIP: 19648A2L8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    225000 | PA      | $225000.00    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                                | CUSIP: 342816H81<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56470.55     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                               | Conroe Independent School District, Unlimited Tax, Series 2019                                                                                     | CUSIP: 208418P56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30440.56     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico                                                              | State of New Mexico, Capital Projects                                                                                                              | CUSIP: 647293SJ9<br>LEI: 549300H4YLM23QKOGK29 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45711.38     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | Virginia Public Building Authority, Series 2017A                                                                                                   | CUSIP: 928172Y41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $850427.96    | 0.04%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2023A                                                                                                                   | CUSIP: 546417GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $706809.14    | 0.03%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2018C                                                                                                    | CUSIP: 696550G63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121705.67    | 0.01%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series 2023A, Subseries A-1                                                       | CUSIP: 64971XV54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97311.42     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | Allegheny County Hospital Development Authority, Pittsburgh Medical Center, Series 2019A                                                           | CUSIP: 01728A4L7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45890.66     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, City Market at O Street Project                                                                                              | CUSIP: 254840CT6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.04%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2022B                                                                                                    | CUSIP: 696550J45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61361.15     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 113, Series 2024B                                                                     | CUSIP: 49151F3A6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047796.80   | 0.05%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Grand Island NY                                                          | Town of Grand Island                                                                                                                               | CUSIP: 385712RX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12043953.60  | 0.52%             | 2025-10-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tulsa County Independent School District No. 4 Bixby                             | Tulsa County Independent School District No. 4 Bixby                                                                                               | CUSIP: 899576HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5586241.14   | 0.24%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2016A                                                                                                                | CUSIP: 9143016A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20013.89     | 0.00%             | 2026-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sidney Central School District                                                   | Sidney Central School District                                                                                                                     | CUSIP: 826101HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2603497.78   | 0.11%             | 2025-07-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2017A-MI                                                                           | CUSIP: 59447TQG1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46851.34     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                           | University of Illinois, Auxiliary Facilities System, Series 2023A                                                                                  | CUSIP: 9143536Q5<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1573556.44   | 0.07%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series 2015                                                                                                                  | CUSIP: 469495DG7<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    325000 | PA      | $327027.90    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho State Building Authority                                                   | Idaho State Building Authority, Sales Tax, Series 2024A                                                                                            | CUSIP: 451446AA6<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.13%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, State Infrastructure Improvement, Series 2016-1                                                                                     | CUSIP: 677581GK0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016502.00   | 0.04%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Farmingdale NY                                                        | Village of Farmingdale, Series 2024B                                                                                                               | CUSIP: 311081HX4<br>LEI: 549300E6G47IEV5U1G34 | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5716878.84   | 0.25%             | 2025-09-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Borough of Palisades Park NJ                                                     | Borough of Palisades Park, Swimming Pool Utility                                                                                                   | CUSIP: 696395GD8<br>LEI: 549300SF9JNNWFAZGA56 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009952.80   | 0.09%             | 2026-03-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Development Finance Authority, Solid waste Management, Inc. Project                                                                       | CUSIP: 451889AT6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   6000000 | PA      | $5997621.00   | 0.26%             | 2044-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Denver Urban Renewal Authority                                                   | Denver Urban Renewal Authority, Series 2010B-1                                                                                                     | CUSIP: 249301FW7<br>LEI: 54930040L61W75KRAG79 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70653.43     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series WW                                                               | CUSIP: 64577BJW5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20015.77     | 0.00%             | 2032-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2017A                                                                                            | CUSIP: 181059WV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $295180.27    | 0.01%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                  | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2023A-1                                                                             | CUSIP: 546475VV3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $4000000.00   | 0.17%             | 2043-05-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                      | County of Broward, Airport System, Series 2013C                                                                                                    | CUSIP: 114894UZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50084.06     | 0.00%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission services Corp. Project, Series 2023                                                              | CUSIP: 54811BZY0<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21159.77     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Iowa                                                                    | State of Iowa, Ijobs Program, Series 2016A                                                                                                         | CUSIP: 46257TEE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2038983.40   | 0.09%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2021A                                                                                            | CUSIP: 34160PEN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1458281.88   | 0.06%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 320 Sumner                                     | Pierce County School District No. 320 Sumner, Series 2016                                                                                          | CUSIP: 720526XJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40426.84     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2019A                                                                                        | CUSIP: 34160DAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20888.47     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                 | CUSIP: 97712JMC4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3633195.43   | 0.16%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series A                                                                                            | CUSIP: 010268BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2734428.50   | 0.12%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                           | County of Baltimore, Equipment Acquisition Program                                                                                                 | CUSIP: 059134EN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88085.55     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Community Foundation Of Northern Indiana Obligated Group                                                                | CUSIP: 45506DA39<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2112975.73   | 0.09%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017C                                                                                                                    | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30948.59     | 0.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 189                                                                                | CUSIP: 73358WWZ3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75026.00     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                             | County of Fairfax, Series 2016A                                                                                                                    | CUSIP: 30382AEV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40708.95     | 0.00%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2020A                                                                                                          | CUSIP: 29270C3B9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88816.91     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                                 | State of Florida Lottery, Series 2017A                                                                                                             | CUSIP: 341507S28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20859.59     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ Sewer System Revenue                                           | County of Pima Sewer System                                                                                                                        | CUSIP: 721876VE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100156.45    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lake OH                                                                | County of Lake                                                                                                                                     | CUSIP: 5094266D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3005021.10   | 0.13%             | 2025-09-24      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tippecanoe School Corp.                                                          | Tippecanoe School Corp., Series 2024B                                                                                                              | CUSIP: 887870FG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2229454.01   | 0.10%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Metropolitan Housing Authority                                          | Cuyahoga Metropolitan Housing Authority, Wade Park Apartments                                                                                      | CUSIP: 23239TAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100611.84    | 0.00%             | 2027-12-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series 2016A                                                                                          | CUSIP: 6582034L5<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    265000 | PA      | $269236.53    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2016A                                                                 | CUSIP: 45471APH9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    165000 | PA      | $166413.57    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Hanover NC                                                         | County of New Hanover, New Hanover Regional Medical Center, Series 2017                                                                            | CUSIP: 644804FA9<br>LEI: 549300TDDH9O6TH23823 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1653242.48   | 0.07%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ                                                              | City of Glendale, Series 2015A                                                                                                                     | CUSIP: 378307AK8<br>LEI: 5493002BC35ZY7XRQ949 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75110.57     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                              | Allegheny County Sanitary Authority, Sewer, Series 2020B                                                                                           | CUSIP: 017357H98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $210000.00    | 0.01%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series B                                                                                                           | CUSIP: 63968AV44<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25292.41     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2015B                                                                   | CUSIP: 67766WXG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40391.23     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 177TH                                                                              | CUSIP: 73358WME1<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400073.76    | 0.02%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Presence Health Network, Series 2016C                                                                                  | CUSIP: 45204EET1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    145000 | PA      | $149804.69    | 0.01%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2016 J                                                                                  | CUSIP: 91514AGQ2<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25640.12     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Utica NY                                                                 | City of Utica                                                                                                                                      | CUSIP: 917747CL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5033731.50   | 0.22%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Tarrant County College District                                                  | Tarrant County College District, Series 2020                                                                                                       | CUSIP: 87638KBV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $107644.99    | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                              | City of Houston Combined Utility System, First Lien, Series 2018D                                                                                  | CUSIP: 44244CSK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20183.17     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Electric and Gas Systems, Series 2018                                                                                         | CUSIP: 79625GAE3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    505000 | PA      | $521877.45    | 0.02%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                | Regional Transportation Authority, Series 2017A                                                                                                    | CUSIP: 7599112Z2<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |    285000 | PA      | $294581.79    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2018A                                                                                            | CUSIP: 181059ZL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156152.45    | 0.01%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving Fund, Series 2019                                                                     | CUSIP: 45204EV96<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45066.63     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                                | Cleveland County Educational Facilities Authority, Norman Public Schools Project, Series 2023A                                                     | CUSIP: 18604TEX2<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1368429.79   | 0.06%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                         | Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project                                                          | CUSIP: 18610PAY4<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127320.98    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Sales Tax, Series 2021A                                                                                                         | CUSIP: 452227RM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40606.43     | 0.00%             | 2027-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Warren MS                                                              | County of Warren, Gulf Opportunity Zone, International Paper Co. Project, Series 2020C                                                             | CUSIP: 935031AF1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1498439.85   | 0.07%             | 2027-08-01      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018, Series S-1                                                           | CUSIP: 64972HZN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $109265.69    | 0.00%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                            | CUSIP: 386442WL7<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |     65000 | PA      | $66234.65     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida Board of Education, Public Education Capital Outlay, Series 2019D                                                                 | CUSIP: 34153QRY4<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Parkways Authority                                                 | West Virginia Parkways Authority                                                                                                                   | CUSIP: 956510BE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20396.16     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2015B                                                                                                   | CUSIP: 64990BUR2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25038.09     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2017-1                                                                                              | CUSIP: 977123Q35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350546.95    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Limited Obligation, Series 2017B                                                                                          | CUSIP: 65829QCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $544960.29    | 0.02%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                   | SCAGO Educational Facilities Corp. for Pickens School District, Series 2015                                                                        | CUSIP: 80585TCB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375454.84    | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2017K                                                                                                                    | CUSIP: 19668QHZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30491.34     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District Sales Tax Revenue                               | Regional Transportation District Sales Tax, Series 2023A                                                                                           | CUSIP: 759136VP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61854.28     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                  | City of Gainesville Utilities System, Series B                                                                                                     | CUSIP: 362848SW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225251.17    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2016B                                                                                     | CUSIP: 544495U77<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008276.10   | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                         | City of Oklahoma City                                                                                                                              | CUSIP: 6785192J7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2693930.72   | 0.12%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Series 2017                                         | CUSIP: 19648FDD3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31143.51     | 0.00%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | City of Dallas, Equipment Acquisition Contractual Obligation                                                                                       | CUSIP: 235219TT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $207795.13    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Berkshire Regional School District/MA                                    | Central Berkshire Regional School District                                                                                                         | CUSIP: 152645HE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7208400 | PA      | $7233674.09   | 0.31%             | 2025-09-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                                | CUSIP: 342816J22<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    900000 | PA      | $918997.65    | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Water System Revenue         | City of Indianapolis Department of Public Utilities Water System, Series 2016B                                                                     | CUSIP: 455412AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20557.96     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                  | CUSIP: 454898UK1<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30552.42     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Hospital Trinity Health Credit Group, Series 2015MI                                                                    | CUSIP: 59447P7M7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1141996.48   | 0.05%             | 2027-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, Series 2017AU-2                                                                              | CUSIP: 70917TJC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10338.18     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2016B                                                                                                 | CUSIP: 93974DUH9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   4375000 | PA      | $4420146.06   | 0.19%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, COVID-19 Emergency Bonds, Series 2020A                                                                                        | CUSIP: 646039YL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $114622.46    | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center, Series 2017A                                       | CUSIP: 70870JAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66687.24     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022B                                                                                                                    | CUSIP: 452153DH9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52035.46     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                     | North Harris County Regional Water Authority, Senior Lien, Series 2016                                                                             | CUSIP: 65956NGR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $544352.88    | 0.02%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA                                                              | City of Richmond, Series 2017D                                                                                                                     | CUSIP: 76541VTA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31151.53     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gwinnett County School District                                                  | Gwinnett County School District, Series 2010                                                                                                       | CUSIP: 403755B75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125025.31    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, BJC Health System, Series 2021A                                              | CUSIP: 60637ASV5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50026.88     | 0.00%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Home Collaborative                                                         | Texas Home Collaborative, 1518 Apartments, Series 2023                                                                                             | CUSIP: 88248CAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3348915.73   | 0.15%             | 2041-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2020B                                                                                    | CUSIP: 442349ED4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35668.17     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Trinity Health Credit Group, Series 2017A-MI                                                                           | CUSIP: 59447TQE6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30892.75     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Toll Road, Senior Lien, Series 2016A                                                                                             | CUSIP: 414005WJ3<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1168083.31   | 0.05%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Water Financial Assistance, Series 2018B-3                                                                                         | CUSIP: 882724GE1<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51142.67     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Frisco Independent School District                                               | Frisco Independent School District, Unlimited Tax, Series 2017                                                                                     | CUSIP: 35880CXF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3495000 | PA      | $3544315.50   | 0.15%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                            | CUSIP: 386442WM5<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61678.81     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series R-2022B                                                                                                                | CUSIP: 93974EUA2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2745000 | PA      | $2953458.59   | 0.13%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue               | Trinity River Authority Central Regional Wastewater System, Series 2019                                                                            | CUSIP: 89658HWR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102412.34    | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2019A                                                                                        | CUSIP: 34160DAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $111766.73    | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2019                                                              | CUSIP: 54811BSL6<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    245000 | PA      | $254306.01    | 0.01%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth, Series 2016                                                                                                                    | CUSIP: 3494256S2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91350.42     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Joint School District 28J Aurora                                | Adams and Arapahoe Joint School District 28J Aurora                                                                                                | CUSIP: 0054824G6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2074836.20   | 0.09%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Borough of Avalon NJ                                                             | Borough of Avalon                                                                                                                                  | CUSIP: 053375PS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9350000 | PA      | $9429651.72   | 0.41%             | 2026-02-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Stadium Project, Series 2022A                                                                                           | CUSIP: 45506EEU3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40509.51     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                      | Pierce County School District No. 10 Tacoma, Series 2015                                                                                           | CUSIP: 720424ZE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010028.20   | 0.04%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | County of Harris, First Lien, Series 2022A                                                                                                         | CUSIP: 41423PCH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $125468.39    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                            | CUSIP: 762232AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $310185.75    | 0.01%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                       | Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Series 2022F                                      | CUSIP: 87638QSG5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1175386.52   | 0.05%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                  | CUSIP: 454898UL9<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |    185000 | PA      | $188090.68    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2021C                                                                                            | CUSIP: 181059Z82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76499.66     | 0.00%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Various Purpose, Series 2016-1                                                                                                   | CUSIP: 199492PZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330517.80    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Higher Education, Series 2025B                                                                                                      | CUSIP: 677523KA9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1641928.56   | 0.07%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scottsdale Municipal Property Corp.                                              | Scottsdale Municipal Property Corp., Series 2017                                                                                                   | CUSIP: 810489SC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57461.01     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Public Finance Authority                                                   | Texas Public Finance Authority                                                                                                                     | CUSIP: 882669BB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25855.28     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alachua County School Board                                                      | Alachua County School Board, Series 2020                                                                                                           | CUSIP: 01069SGM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67646.49     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority                                                          | Trinity River Authority, Water Project                                                                                                             | CUSIP: 89657PGT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $394844.31    | 0.02%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Hospital Equipment & Facilities Authority                            | Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Care Corp., Series 2020A-1                                        | CUSIP: 605360UB0<br>LEI: 549300DW2GVUIGE04396 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7006664.00   | 0.30%             | 2044-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2018A                                                                                                         | CUSIP: 709144NL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $421572.92    | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2021A                                                                                                                 | CUSIP: 717813YM5<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50914.76     | 0.00%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2016B                                                                                                           | CUSIP: 684517RG2<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56178.58     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | City of Philadelphia Water and Wastewater, Series 2014A                                                                                            | CUSIP: 717893YS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1801898.46   | 0.08%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Voting System Acquisition Project                                                                                                   | CUSIP: 677905DL2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20507.53     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2020                                                                                                                  | CUSIP: 59333FZT0<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20896.73     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2022A                                                                                                   | CUSIP: 735389S58<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61457.54     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ellenville Central School District                                               | Ellenville Central School District                                                                                                                 | CUSIP: 288372EQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5403216.78   | 0.24%             | 2025-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Duke University Health System, Series 2016A                                                                | CUSIP: 65821DUH2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2019A                                                                | CUSIP: 342816Q73<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    215000 | PA      | $224444.52    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2025, Series 2021 Subseries A-1                                        | CUSIP: 64972JJH2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41190.00     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2017D                                                                                                                 | CUSIP: 25476FUV8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                | Indiana Housing and Community Development Authority, Series 2017B-3                                                                                | CUSIP: 45505TRY9<br>LEI: 549300QRKDYVNHT1OE86 | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.87%             | 2047-07-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2016                                                                                                          | CUSIP: 70914PE32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $794266.89    | 0.03%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series F                                                                                                    | CUSIP: 717883TD4<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5089036.00   | 0.22%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Bridge Enterprise                                                       | Colorado Bridge Enterprise, Series 2019A                                                                                                           | CUSIP: 19633SAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115499.08    | 0.01%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                             | Minneapolis-St Paul Metropolitan Airports Commission, Series 2023A                                                                                 | CUSIP: 603827L87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51651.14     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Trinitas Regional Medical Center Obligate Group, Series 2017A                               | CUSIP: 645790DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4005732.80   | 0.17%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                          | Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Series 2019A, Class 1                | CUSIP: 888804CA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 0.03%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | Plano Independent School District, Unlimited Tax                                                                                                   | CUSIP: 727199D81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3626934.15   | 0.16%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wayne OH                                                               | County of Wayne, Limited Tax                                                                                                                       | CUSIP: 945880EV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12010386.00  | 0.52%             | 2025-12-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Fiscal Year 2018, Series 2018B-1                                                  | CUSIP: 64971XCJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20744.45     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019, Series B-5                                                     | CUSIP: 64971XHV3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  25000000 | PA      | $25000000.00  | 1.09%             | 2042-08-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Series 2015A                                                          | CUSIP: 64990BPX5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30017.25     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle Municipal Light and Power, Series 2018A                                                                                            | CUSIP: 812643RD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $187251.75    | 0.01%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2020B                                                                                              | CUSIP: 2350365U0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26226.04     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canutillo Independent School District/TX                                         | Canutillo Independent School District, Unlimited Tax, Series 2015                                                                                  | CUSIP: 138735VS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $941287.05    | 0.04%             | 2032-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Environmental Facilities Pure Salmon Virginia LLC Project                                             | CUSIP: 92810RAC1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3350000 | PA      | $3350774.19   | 0.15%             | 2052-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Water Financial Assistance, Series 2021B                                                                                           | CUSIP: 882724VV6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    410000 | PA      | $410509.59    | 0.02%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Series 2016A                                                                                                        | CUSIP: 66285WSG2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30321.49     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                           | City of Mesa Utility System, Series 2017                                                                                                           | CUSIP: 590545XT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022787.10   | 0.04%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Series 2020A                                                                                                     | CUSIP: 20281PLK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20760.56     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                                        | Town of Queen Creek Excise Tax                                                                                                                     | CUSIP: 74823YFQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1264762.80   | 0.06%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                              | County of Harris, Senior Lien, Series 2016A                                                                                                        | CUSIP: 414005WF1<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30791.65     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series 2024B                                                                                               | CUSIP: 89602HHD2<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070829.00   | 0.09%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                                | Desert Community College District                                                                                                                  | CUSIP: 250375GC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20293.46     | 0.00%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Groton CT                                                                | Town of Groton                                                                                                                                     | CUSIP: 3993525U3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4333119.03   | 0.19%             | 2026-04-23      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Town of Dover NJ                                                                 | Town of Dover, General Improvement Water Utility                                                                                                   | CUSIP: 260237LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11700000 | PA      | $11799848.97  | 0.51%             | 2026-01-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                         | Maine Turnpike Authority, Series 2015                                                                                                              | CUSIP: 560551NX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $155222.15    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2022                                                                                            | CUSIP: 052477PH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309235.26    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount Markham Central School District                                            | Mount Markham Central School District, Unlimited Tax                                                                                               | CUSIP: 621895AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4752830.53   | 0.21%             | 2025-06-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kentucky Asset Liability Commission                                              | Kentucky Asset Liability Commission, Series 2021A                                                                                                  | CUSIP: 491189GF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26147.32     | 0.00%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving, Series 2020                                                                          | CUSIP: 45204FFE0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41701.78     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County of Honolulu, Series 2022A                                                                                                          | CUSIP: 438687UF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $123573.55    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Unitypoint Health, Series 2016D                                                                                        | CUSIP: 45204ECM8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5035426.00   | 0.22%             | 2046-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Atlantic County Improvement Authority (The)                                      | Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project, Series 2021A                                                   | CUSIP: 048501HY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101855.61    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Northwestern University, Series 2017A                                                                                  | CUSIP: 45204EZN1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    270000 | PA      | $275673.32    | 0.01%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | California Health Facilities Financing Authority, Sutter Health, Series 2016A                                                                      | CUSIP: 13032UCH9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35344.31     | 0.00%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dauphin PA                                                             | County of Dauphin, Series 2020A                                                                                                                    | CUSIP: 238253Q43<br>LEI: 549300E86X2H9JIHEX42 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20588.84     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                  | CUSIP: 454898UH8<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55586.09     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Kentucky                                                         | Commonwealth of Kentucky, State Office Building Project, Series 2018A                                                                              | CUSIP: 491449BC7<br>LEI: 549300F6MON81PRPVJ50 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1269998.38   | 0.06%             | 2027-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2017                                                                                     | CUSIP: 153476CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $93190.28     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2017A                                                                                       | CUSIP: 34160WA61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104380.43    | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, Various Purpose                                                                                                               | CUSIP: 646039VH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2021A                                                                                                                       | CUSIP: 213185LT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $210530.51    | 0.01%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison Central School District                                                  | Madison Central School District                                                                                                                    | CUSIP: 558027CS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2101119.72   | 0.09%             | 2025-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Highway Improvement, Series 2017                                                                                                  | CUSIP: 181000PR5<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50072.89     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                       | CUSIP: 167593VJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20220.28     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Hospital Equipment Loan Council                                       | New Mexico Hospital Equipment Loan Council, Presbyterian Health Care Services, Series 2015A                                                        | CUSIP: 647370GR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190483.68    | 0.01%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority Water Supply System, Second Lien, Series 2018A                                                                         | CUSIP: 39081JBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105864.51    | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pasco County School Board                                                        | Pasco County School Board, Series 2022A                                                                                                            | CUSIP: 702528MX5<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |    835000 | PA      | $837341.42    | 0.04%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                   | Central Puget Sound Regional Transit Authority, Series 2021S 1                                                                                     | CUSIP: 155048DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $953132.76    | 0.04%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                            | CUSIP: 762232AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $117261.53    | 0.01%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series 2016A                                                                                        | CUSIP: 010268AZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023919.00   | 0.04%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Series 2018A                                            | CUSIP: 01728A3L8<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2533463.50   | 0.11%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Uchicago Medicine, Series 2022B-2                                                                                      | CUSIP: 45204FTD7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2132103.41   | 0.09%             | 2052-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                              | City of Houston, Combined Utility System, First Lien, Series 2024A                                                                                 | CUSIP: 44244CS32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031217.40   | 0.04%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Milton NY                                                                | Town of Milton                                                                                                                                     | CUSIP: 602117AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3904933.50   | 0.17%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | Ohio Water Development Authority, Drinking Water Assistance, Series 2019                                                                           | CUSIP: 67765QGJ9<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series A                                  | CUSIP: 92778VCS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $126738.38    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 14TH                                                                                    | CUSIP: 7178238C5<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25141.02     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Little Egg Harbor NJ                                                 | Township of Little Egg Harbor, Series 2025A                                                                                                        | CUSIP: 537089ER1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2437875.05   | 0.11%             | 2026-01-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cohoes City School District                                                      | Cohoes City School District                                                                                                                        | CUSIP: 192540KJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4903013.99   | 0.21%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2017A                                                                | CUSIP: 342816P25<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1404083.16   | 0.06%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2017D                                                                                                                 | CUSIP: 25476FUZ9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2068824.20   | 0.09%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2018A                                                                | CUSIP: 342816Q24<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   2820000 | PA      | $2849716.03   | 0.12%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                         | Arizona Board of Regents, State University, Series 2015A                                                                                           | CUSIP: 04048RLD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25038.39     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Subordinate, Series A-2                                                                                          | CUSIP: 709224NH8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036215.20   | 0.09%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | Northern Illinois Municipal Power Agency, Series 2016A                                                                                             | CUSIP: 665250CN4<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1210030.64   | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                               | Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project, Series 2010H                         | CUSIP: 60528ABY9<br>LEI: 549300DYV074JUDKBQ77 | Long             | STIV             | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.65%             | 2035-11-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sewer System Revenue                                       | County of Hamilton Sewer System, Series 2020A                                                                                                      | CUSIP: 407288C98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20610.33     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Swedish Covenant Hospital, Series 2016A                                                                                | CUSIP: 45204EQH4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35784.27     | 0.00%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois Sales Tax, Series 2018A                                                                                                          | CUSIP: 452227MX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2601516.58   | 0.11%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Phoenix Children's Hospital, Series 2020A                                                                | CUSIP: 04052EAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $156940.26    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona Lottery Revenue                                                 | State of Arizona Lottery, Series 2019                                                                                                              | CUSIP: 040624BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10205000 | PA      | $10219625.81  | 0.44%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bartow County Development Authority                                              | Bartow County Development Authority, Georgia Power Co. Plant, Series 2009-1                                                                        | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | STIV             | MUN               | US        |    210000 | PA      | $212644.51    | 0.01%             | 2032-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                       | Delaware Valley Regional Finance Authority, Local Government, Series 1998A                                                                         | CUSIP: 246579ER3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1710132.84   | 0.07%             | 2028-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Eldred Central School District                                                   | Eldred Central School District                                                                                                                     | CUSIP: 284718CK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4502089.80   | 0.20%             | 2025-06-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2018A                                                                                                    | CUSIP: 696550D82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $281238.60    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series A-1                                                                                         | CUSIP: 938782EQ8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    375000 | PA      | $390071.18    | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Water Infrastructure Finance Authority                                   | Arizona Water Infrastructure Finance Authority, Series 2024                                                                                        | CUSIP: 040688PD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4199980.40   | 0.18%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hamilton OH                                                              | City of Hamilton, Limited Tax Various Purpose                                                                                                      | CUSIP: 407756P82<br>LEI: 549300NCXYTNZWHRP508 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1806366.96   | 0.08%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Presbyterian Homes Obligated Group, Series 2021B                                                                       | CUSIP: 45204FHM0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1125000 | PA      | $1116787.16   | 0.05%             | 2042-05-01      | Floating      | 2.67%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2023B                                                                                              | CUSIP: 23503CCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4028048.00   | 0.18%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                         | Lynchburg Economic Development Authority, Centra Health Obligated Group, Series 2017B                                                              | CUSIP: 55123TAU6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.65%             | 2047-01-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | California Health Facilities Financing Authority, St. Joseph Health System, Series 2019C                                                           | CUSIP: 13032UB80<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004231.00   | 0.04%             | 2039-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Sports & Tourism Authority                                               | Arizona Sports and Tourism Authority, Senior Lien Multipurpose Stadium Facility Project                                                            | CUSIP: 040583BT2<br>LEI: 5493000FS1Q9KGAM2L28 | Long             | DBT              | MUN               | US        |    750000 | PA      | $779783.03    | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                       | Southern California Public Power Authority, Series 2023-1                                                                                          | CUSIP: 84247PMQ1<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    800000 | PA      | $812587.12    | 0.04%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                    | Cypress-Fairbanks Independent School District, Unlimited Tax                                                                                       | CUSIP: 232769PY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3536077.43   | 0.15%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Unionville-Chadds Ford School District                                           | Unionville-Chadds Ford School District, Series 2016                                                                                                | CUSIP: 909124VY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alamo Community College District                                                 | Alamo Community College District, Maintainance Tax                                                                                                 | CUSIP: 011415TK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77770.81     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2017A                                                                                                            | CUSIP: 45470RDS2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21064.23     | 0.00%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series WW                                                               | CUSIP: 64577BJU9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60047.32     | 0.00%             | 2030-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Derby KS                                                                 | City of Derby, Series 2024-1                                                                                                                       | CUSIP: 249776KX2<br>LEI: 549300CONBN0WRKRFQ93 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007313.00   | 0.09%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Cincinnati                                                         | University of Cincinnati, Series 2016A                                                                                                             | CUSIP: 914119E40<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25514.20     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2017A                                                                                            | CUSIP: 181059WY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118955.95    | 0.01%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2018B                                                                                                    | CUSIP: 696550F31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $417410.24    | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                            | CUSIP: 386442WK9<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    235000 | PA      | $235000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                    | CUSIP: 452152Q46<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2342186.40   | 0.10%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey                                                                                                                                | CUSIP: 646039WN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Frisco TX                                                                | City of Frisco, Series 2015A                                                                                                                       | CUSIP: 358776HF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90140.86     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Readington NJ                                                        | Township of Readington                                                                                                                             | CUSIP: 755664MR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2106225.24   | 0.09%             | 2025-09-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, KU Campus Development Corp., Center District Development Project, Series 2016                                            | CUSIP: 74444YAJ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    120000 | PA      | $121688.62    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Limited Tax                                                                                                                       | CUSIP: 088281ZZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40852.07     | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Airport System Revenue                                         | City of Austin, Airport System, Series 2017A                                                                                                       | CUSIP: 052398EU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50972.64     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Facilities Program, Series 2016I                                                                                | CUSIP: 594615FG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76325.62     | 0.00%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group, Series 2019A-1                                               | CUSIP: 49126PFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35081.80     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Mcleod Health Projects                                                                         | CUSIP: 83703FKF8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    960000 | PA      | $967525.06    | 0.04%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                     | New Mexico Finance Authority, State Transportation, Subordinate Lien, Series 2021A                                                                 | CUSIP: 64711RML7<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021414.60   | 0.04%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2016B                                                                                    | CUSIP: 153476BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $697605.51    | 0.03%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Durham Airport Authority                                                 | Raleigh Durham Airport Authority, Series 2020B                                                                                                     | CUSIP: 751073MM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $137591.27    | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2018A                                                                                                 | CUSIP: 93974DN61<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41889.75     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Williamson TX                                                          | County of Williamson, Limited Tax, Series 2015                                                                                                     | CUSIP: 969887U30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50178.46     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas State University System                                                    | Texas State University System, Series 2017A                                                                                                        | CUSIP: 88278PYF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101596.03    | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts School Building Authority                                          | Massachusetts School Building Authority, Dedicated Sales Tax, Series 2015C                                                                         | CUSIP: 576000ZX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60240.01     | 0.00%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016                                                                                                                     | CUSIP: 452152D57<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1363864.16   | 0.06%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                       | CUSIP: 167593VL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $599659.74    | 0.03%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Municipal Power Authority                                               | Oklahoma Municipal Power Authority, Power Supply System, Series 2021A                                                                              | CUSIP: 67910HQU7<br>LEI: 54930074Q1M8747DCS20 | Long             | DBT              | MUN               | US        |     65000 | PA      | $67017.40     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2025 2                                                                                                                  | CUSIP: 97705MM77<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078561.30   | 0.05%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2022                                                              | CUSIP: 54811BYB1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    275000 | PA      | $290148.82    | 0.01%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | County of Cuyahoga, Series 2020D                                                                                                                   | CUSIP: 232263LW1<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41149.48     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Series 2017                                                                                                                       | CUSIP: 181000PT1<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20869.20     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Washington NE                                                          | County of Washington, Wastewater and Solid Waste Disposal Facilities, Cargill Incorporated Projects                                                | CUSIP: 938120AD4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6800000 | PA      | $6755321.28   | 0.29%             | 2030-09-01      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                      | Rhode Island Commerce Corp., Department of Transportation, Series 2016B                                                                            | CUSIP: 762232AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $346734.86    | 0.02%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series A-1                                                                                                       | CUSIP: 709224HC6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155000.00    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                            | Sacramento Municipal Utility District, Electric, Series 2019B                                                                                      | CUSIP: 786005ZW1<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140107.37    | 0.01%             | 2049-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | Ohio Air Quality Development Authority, American Electric Power Co. Project, Series 2014D                                                          | CUSIP: 677525WY9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1986678.20   | 0.09%             | 2026-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, Series 2015                                                                                                                   | CUSIP: 796237X26<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35054.40     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston, Combined Utility System, First Lien, Series 2014D                                                                                 | CUSIP: 4424355P4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20029.24     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners, Series 2020A                                                                            | CUSIP: 759151AY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $109580.17    | 0.00%             | 2026-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Miami Beach Redevelopment Agency                                                 | Miami Beach Redevelopment Agency, Series A                                                                                                         | CUSIP: 593237FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300985.68    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Obligated Group, Series 2021B                                       | CUSIP: 97712D8W9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | STIV             | MUN               | US        |  20000000 | PA      | $20000000.00  | 0.87%             | 2048-04-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Town of Westford MA                                                              | Town of Westford                                                                                                                                   | CUSIP: 960266P99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11120114.50  | 0.48%             | 2026-04-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2021B                                                                                              | CUSIP: 23503CAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35956.16     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas Department of Transportation, Series 2025A                                                                                         | CUSIP: 485424TM7<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2091877.80   | 0.09%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                              | County of Howard, Series 2017A                                                                                                                     | CUSIP: 44256PGZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46682.08     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2014PP                                                           | CUSIP: 64577BAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001753.50   | 0.13%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kane McHenry Cook & De Kalb Counties Unit School District No. 300/IL             | Kane McHenry Cook and De Kalb Counties Unit School District No. 300, Series 2015                                                                   | CUSIP: 484080SM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20022.19     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving, Series 2019                                                                          | CUSIP: 45204EW53<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260636.15    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2022E                                                                                     | CUSIP: 544532GB4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1371240.77   | 0.06%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center, Series 2016                                        | CUSIP: 70869PLH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56213.59     | 0.00%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 108, Series B                                                                         | CUSIP: 49151FHH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85224.54     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rib Floater Trust Various States                                                 | RIB Floater Trust Various States, Series 2022-046                                                                                                  | CUSIP: 76252PXR5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  31410000 | PA      | $31410000.00  | 1.37%             | 2058-03-01      | Variable      | 3.08%                 | Yes           |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | Central Texas Regional Mobility Authority, Senior Lien, Series A                                                                                   | CUSIP: 155498DM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30046.69     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Denver Transit Partners, Series 2020A                                                                            | CUSIP: 759151AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $228580.34    | 0.01%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue               | Trinity River Authority Central Regional Wastewater System, Series 2016                                                                            | CUSIP: 89658HUE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $209945.30    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | Metropolitan Washington Airports Authority Aviation, Series 2024A                                                                                  | CUSIP: 592647MN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2128168.60   | 0.09%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                      | Miami-Dade County Housing Finance Authority, Santa Clara II Apartments, Series 2023                                                                | CUSIP: 593344BP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4655000 | PA      | $4677709.88   | 0.20%             | 2026-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Fulton School District/MI                                                        | Fulton School District, Unlimited Tax                                                                                                              | CUSIP: 360432DL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $213208.49    | 0.01%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                           | County of Fort Bend, Unlimited Tax, Series A                                                                                                       | CUSIP: 346766SZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91297.02     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Manchester NJ                                                        | Township of Manchester, Series 2025A                                                                                                               | CUSIP: 562462PV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6067110.00   | 0.26%             | 2026-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power, Series 2024C                                                                                            | CUSIP: 544532MC5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    400000 | PA      | $427114.16    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Indexed Fuel Tax and Subordinate Motor Vehicle Fuel Tax, Series 2019                                                              | CUSIP: 181000QK9<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100145.77    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 210-Phoenix                       | Maricopa County Union High School District No. 210-Phoenix, Project of 2023, Series 2025B                                                          | CUSIP: 567505SL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1567357.20   | 0.07%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kings Local School District                                                      | Kings Local School District, Unlimited Tax                                                                                                         | CUSIP: 496026NC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1401909.32   | 0.06%             | 2025-07-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2023AA                                                              | CUSIP: 64613CCZ9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1912450.88   | 0.08%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | County of Cuyahoga, Convention Hotel Project                                                                                                       | CUSIP: 23225PAW5<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5544977.90   | 0.24%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alaska                                                                  | State of Alaska, Series 2024B                                                                                                                      | CUSIP: 0117705T7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064790.00   | 0.05%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2018C                                                                                               | CUSIP: 93974DW61<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51233.91     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Abington MA                                                              | Town of Abington                                                                                                                                   | CUSIP: 003518QK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017261.20   | 0.09%             | 2026-04-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | Geisinger Authority, Health System, Series 2020B                                                                                                   | CUSIP: 368497JX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8700000 | PA      | $8863184.16   | 0.39%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021A                                                                                                                    | CUSIP: 452153BT5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     85000 | PA      | $90359.26     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2016-2                                                                                                                  | CUSIP: 97705MEH4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50958.69     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | State of Maryland Department of Transportation, Second Issue                                                                                       | CUSIP: 574204ZZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                       | CUSIP: 167593VK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $579650.43    | 0.03%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Cortlandt NY                                                             | Town of Cortlandt                                                                                                                                  | CUSIP: 220741NT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2406814.80   | 0.10%             | 2025-10-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | County of Cuyahoga, Convention Hotel Project                                                                                                       | CUSIP: 23225PAX3<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   4220000 | PA      | $4335024.96   | 0.19%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2005D-2                                                                                                      | CUSIP: 646139ZW8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  16890000 | PA      | $17125368.91  | 0.74%             | 2026-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                     | CUSIP: 491552Q99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130372.43    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series 2016Q                                                           | CUSIP: 57584XHS3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    220000 | PA      | $224130.02    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Carlstadt NJ                                                          | Borough of Carlstadt                                                                                                                               | CUSIP: 142825HH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8593528.05   | 0.37%             | 2026-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Unity Point Health, Series 2014A                                                            | CUSIP: 97670FBA8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175115.85    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Series 2018B                                                                                                                      | CUSIP: 180848XS7<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51603.34     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                           | Utah Transit Authority, Series 2015A                                                                                                               | CUSIP: 917567AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001355.00   | 0.09%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Series 2017                                         | CUSIP: 19648FDG6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    190000 | PA      | $197242.21    | 0.01%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Northbridge MA                                                           | Town of Northbridge                                                                                                                                | CUSIP: 663804NJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5800000 | PA      | $5803939.36   | 0.25%             | 2025-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Swedish Covenant Hospital, Series 2016A                                                                                | CUSIP: 45204EQA9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1134872.66   | 0.05%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Limited Tax, Series 2017                                                                                                          | CUSIP: 088281ZX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2038221.80   | 0.09%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1                                    | CUSIP: 64972JLR7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3746674.08   | 0.16%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2023A-2                                                                    | CUSIP: 56682HDV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261537.93    | 0.01%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                    | State of Florida Department of Transportation, Series 2021A                                                                                        | CUSIP: 34160DAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25037.02     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2016B                                                                                                | CUSIP: 452252LL1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25426.21     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Cincinnati                                                         | University of Cincinnati, Series 2019A                                                                                                             | CUSIP: 914119W65<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |     85000 | PA      | $88616.86     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                        | Metropolitan Government of Nashville and Davidson County, Series 2016                                                                              | CUSIP: 592112RL2<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |    300000 | PA      | $306821.91    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of East Coventry PA                                                     | Township of East Coventry                                                                                                                          | CUSIP: 271862BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $344375.31    | 0.01%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 1ST                                                                                                           | CUSIP: 70914PB68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $847562.35    | 0.04%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | State of Wisconsin, Series 2025A                                                                                                                   | CUSIP: 97705MS71<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094252.60   | 0.05%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                                        | Florida Department of Management Services, Series 2017A                                                                                            | CUSIP: 341602F54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $117918.30    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2023, Series 2023, Subseries F-1                                                                                     | CUSIP: 64966Q2D1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    200000 | PA      | $204933.08    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                     | Birmingham Airport Authority                                                                                                                       | CUSIP: 090888GK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $229898.21    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | Indiana Municipal Power Agency, Power Supply System, Series 2016C                                                                                  | CUSIP: 454898UJ4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40824.64     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, Series 2017BGRP 1                                                                   | CUSIP: 64990FZ80<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86105.10     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roanoke Economic Development Authority                                           | Roanoke Economic Development Authority, Carilion Health System Obligated Group, Series 2005A                                                       | CUSIP: 770084GY1<br>LEI: 549300P5QQORJY0U4T83 | Long             | STIV             | MUN               | US        |  30000000 | PA      | $30000000.00  | 1.30%             | 2036-07-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Avon Central School District                                                     | Avon Central School District                                                                                                                       | CUSIP: 054200KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2901670.11   | 0.13%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2018-1                                                                                                  | CUSIP: 64990GES7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20268.93     | 0.00%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Albuquerque NM                                                           | City of Albuquerque, Series 2021B                                                                                                                  | CUSIP: 0135188H1<br>LEI: 549300MV7H0GASZUCG39 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40059.95     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | State of Maryland Department of Transportation, Second Issue, Series 2018                                                                          | CUSIP: 574204L76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51385.63     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio Electric and Gas Systems, Series 2018A                                                                                         | CUSIP: 79625GAK9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    610000 | PA      | $618505.11    | 0.03%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2023A-1                                                                    | CUSIP: 56682HDU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7530000 | PA      | $7636691.06   | 0.33%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2023B                                                                                              | CUSIP: 23503CCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1333885.63   | 0.06%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St. Paul Metropolitan Airports Commission                            | Minneapolis-St. Paul Metropolitan Airports Commission, Series A                                                                                    | CUSIP: 603827WS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $82780.09     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2016A                                                                                                                | CUSIP: 9143016B7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25019.66     | 0.00%             | 2027-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                     | CUSIP: 491552Q40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100139.02    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                   | University of Massachusetts Building Authority, Series 2015-1                                                                                      | CUSIP: 914440QD7<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014315.60   | 0.09%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2025, Series 2025A                                                                                                   | CUSIP: 64966SFR2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064477.80   | 0.05%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | California Health Facilities Financing Authority, Sutter Health, Series 2016A                                                                      | CUSIP: 13032UCG1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35344.31     | 0.00%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Essex County Improvement Authority                                               | Essex County Improvement Authority, Family Court Building Project                                                                                  | CUSIP: 296807ML1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8135000 | PA      | $8141361.57   | 0.35%             | 2025-06-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2017B                                                                                     | CUSIP: 5444952F0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    515000 | PA      | $525169.45    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series 2017DDD                                                                                          | CUSIP: 64577BL28<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46928.39     | 0.00%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                  | City of Gainesville, Utilities System, Series 2017A                                                                                                | CUSIP: 362848UA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $802333.84    | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Provo City School District Municipal Building Authority                          | Provo City School District Municipal Building Authority, Series 2022                                                                               | CUSIP: 74414LAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $201982.07    | 0.01%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Housing Finance Corp.                                                  | Arlington Housing Finance Corp., Multi Family Housing 6900 Matlock Road, Series 2023                                                               | CUSIP: 041818AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1594815.50   | 0.07%             | 2041-04-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series O-2                                                             | CUSIP: 57583UZ50<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30043.00     | 0.00%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henry County Hospital Authority                                                  | Henry County Hospital Authority, Piedmont Henry Hospital Project, Series 2014A                                                                     | CUSIP: 426357GG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1391461.03   | 0.06%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Series 2015A                                                          | CUSIP: 606092JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1050000.00   | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021, Series 2021A                                                   | CUSIP: 64972JEZ7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20165.51     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., 1998 General Ordinance, Series 14TH                                                                                    | CUSIP: 7178238F8<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    300000 | PA      | $306131.67    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | 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        |   6500000 | PA      | $6500000.00   | 0.28%             | 2025-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2013A                                                                                  | CUSIP: 59334KHR2<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1401354.64   | 0.06%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventist Health System, Series 2018B                                                                        | CUSIP: 19648FGN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2965000 | PA      | $2982323.90   | 0.13%             | 2048-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, CWA Authority Project, Series 2021-2                                                                                    | CUSIP: 45505MKE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    105000 | PA      | $109834.99    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series A                                                                                                | CUSIP: 64577BC93<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25498.15     | 0.00%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Seekonk MA                                                               | Town of Seekonk                                                                                                                                    | CUSIP: 815730NB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3436156.28   | 0.15%             | 2026-04-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2016C                                                                                                           | CUSIP: 684517RW7<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25600.25     | 0.00%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albany-Dougherty Payroll Development Authority                                   | Albany-Dougherty Payroll Development Authority, Procter & Gamble Paper Products, Series 1999                                                       | CUSIP: 012192AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26228.62     | 0.00%             | 2028-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series A                                                                                                    | CUSIP: 59333PT32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $157653.09    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | California Health Facilities Financing Authority, Sutter Health, Series 2016A                                                                      | CUSIP: 13032UCF3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20196.75     | 0.00%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Muskingum OH                                                           | County of Muskingum, Limited Tax                                                                                                                   | CUSIP: 628076NE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8030549.60   | 0.35%             | 2025-12-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | Pennsylvania Turnpike Commission Oil Franchise Tax, Series B                                                                                       | CUSIP: 709221UV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $497076.26    | 0.02%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                         | Maine Turnpike Authority, Series 2015                                                                                                              | CUSIP: 560551NW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55083.69     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 183                                                                                | CUSIP: 73358WRR7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160228.93    | 0.01%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                        | Tri-County Metropolitan Transportation District of Oregon, Series 2018A                                                                            | CUSIP: 89546RPQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104314.80    | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series B                                                                                                         | CUSIP: 207758WM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $143475.86    | 0.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clint Independent School District                                                | Clint Independent School District, Series 2015                                                                                                     | CUSIP: 187270A94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75275.38     | 0.00%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Public Education Capital Outlay, Series 2022B                                                                                    | CUSIP: 34153QWA0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Veterans, Series 2011A                                                                                                             | CUSIP: 882723H51<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |   9275000 | PA      | $9275000.00   | 0.40%             | 2041-06-01      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2020C                                                                                           | CUSIP: 66285WA30<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75821.78     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Series 2016                                                                                                                  | CUSIP: 59333NYQ0<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127950.46    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irving Independent School District                                               | Irving Independent School District, Series 2015                                                                                                    | CUSIP: 463813YE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25035.44     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, University of Chicago, Series 2015A                                                                                    | CUSIP: 45204FHD0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |  23000000 | PA      | $23133899.10  | 1.01%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Series 2019S-2A                                                                         | CUSIP: 64972HT44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26137.68     | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pima AZ Sewer System Revenue                                           | County of Pima Sewer System, Series 2020B                                                                                                          | CUSIP: 721876UX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41796.19     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Troy NY                                                                  | City of Troy                                                                                                                                       | CUSIP: 897574D22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015938.20   | 0.09%             | 2026-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series 2019A                                                                                                                 | CUSIP: 469487PN6<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104668.76    | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                             | CUSIP: 254764JT1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20185.24     | 0.00%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                 | CUSIP: 97712DQF6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    350000 | PA      | $356499.08    | 0.02%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                | County of Hays, Series 2017                                                                                                                        | CUSIP: 421020B31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25811.79     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Utah (The)                                                         | University of Utah (The), Series 2017A                                                                                                             | CUSIP: 915183YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76891.46     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of East Coventry PA                                                     | Township of East Coventry                                                                                                                          | CUSIP: 271862BR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $274591.10    | 0.01%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2025A                                                                                                          | CUSIP: 29270C6X8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2663649.00   | 0.12%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of St Lucie FL                                                            | County of St. Lucie, Power and Light Co., Project                                                                                                  | CUSIP: 792070BH6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.43%             | 2028-09-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018A                                                                                                                    | CUSIP: 452152X22<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    225000 | PA      | $233703.09    | 0.01%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2019, Series 2019E                                                                                                   | CUSIP: 64966MQ51<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    135000 | PA      | $141145.92    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2020A                              | CUSIP: 92778VJE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $263615.82    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Oklahoma City OK                                                         | City of Oklahoma City                                                                                                                              | CUSIP: 6785192K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1559266.49   | 0.07%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shenandoah IA                                                            | City of Shenandoah, Iowa Sewer Capital Loan Project                                                                                                | CUSIP: 82311CAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11900000 | PA      | $11957224.72  | 0.52%             | 2026-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois                                                                                                                                  | CUSIP: 452152G70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    695000 | PA      | $702949.34    | 0.03%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, Series 2021E                                                                        | CUSIP: 64990FJ62<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    205000 | PA      | $216676.96    | 0.01%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, Series 2016D                                                                        | CUSIP: 64990F4T8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    215000 | PA      | $217795.26    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Various Purpose, Unlimited Tax, Series 2022B                                                                                     | CUSIP: 199492V30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1853164.70   | 0.08%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2017-1                                                                                              | CUSIP: 977123Q43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46053.80     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                    | CUSIP: 235241RH1<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    145000 | PA      | $146446.91    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, General Airport, Senior Lien, Series C                                                                       | CUSIP: 167593C42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41115.82     | 0.00%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                                 | State of Florida, State Board of Education, Lottery, Series 2016A                                                                                  | CUSIP: 341507P62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $97265.61     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2016A-3                                                                                                   | CUSIP: 709224RD3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1390272.68   | 0.06%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Albany OH                                                            | City of New Albany                                                                                                                                 | CUSIP: 641840GE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10014255.00  | 0.44%             | 2025-09-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Transportation State Highway Fund                            | Texas Department of Transportation State Highway Fund, First Tier, Series 2015                                                                     | CUSIP: 88283LJY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56594.25     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 112, Series B                                                                         | CUSIP: 49151FNL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024197.60   | 0.04%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clackamas & Washington Counties School District No. 3                            | Clackamas and Washington Counties School District No. 3, Series 2015                                                                               | CUSIP: 178882MC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35023.71     | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Georgetown TX Utility System Revenue                                     | City of Georgetown, Utilities System, Series 2022                                                                                                  | CUSIP: 373064N67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73052.57     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2023                                                              | CUSIP: 54811BZX2<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20798.31     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                                  | State of Nevada, Capital Improvement and Cultural Affairs, Series 2019A                                                                            | CUSIP: 641462FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88527.76     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                  | Borough of Matanuska-Susitna, Alaska School General Obligation, Series 2025B                                                                       | CUSIP: 5765444E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028095.10   | 0.04%             | 2026-11-01      | 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        |    140000 | PA      | $140000.00    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | Central Texas Regional Mobility Authority, Subordinate Lien, Series 2021C                                                                          | CUSIP: 155498LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3355000 | PA      | $3388057.15   | 0.15%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Education                                         | State of Florida Department of Education, Series 2018A                                                                                             | CUSIP: 34161CDU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51872.92     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, Series 2021A                                                                        | CUSIP: 64990FZF4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    180000 | PA      | $187394.29    | 0.01%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 3 Puyallup                                     | Pierce County School District No. 3 Puyallup, Unlimited Tax, Series 2022B                                                                          | CUSIP: 720390A29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35338.83     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                           | West Virginia Commissioner of Highways, Series 2017A                                                                                               | CUSIP: 95649ACM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $125119.68    | 0.01%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Water System Revenue         | City of Indianapolis, Department of Public Utilities Water System, Series 2018A                                                                    | CUSIP: 455412BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $82231.84     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group, Series 2019B-3                                             | CUSIP: 645790MD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4535000 | PA      | $4611183.92   | 0.20%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University of Louisiana Project, Series 2020A                                                        | CUSIP: 546399PE0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81215.82     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                   | University of Central Arkansas, Student Fee, Series 2020A                                                                                          | CUSIP: 914115S27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207999.76    | 0.01%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2020B                                                                                    | CUSIP: 442349EE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26019.01     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | Michigan State Building Authority, Series 2016I                                                                                                    | CUSIP: 594615FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023372.20   | 0.04%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Strongsville OH                                                          | City of Strongsville, Street Improvement                                                                                                           | CUSIP: 863370WY4<br>LEI: 549300LHSNZ8QAGXUZ59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000088.60   | 0.04%             | 2025-06-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2020C                                                                                                 | CUSIP: 93974EDZ6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56963.42     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Series 2016A                                                     | CUSIP: 54659LBK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76505.83     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX Water & Sewer System Revenue                               | City of Fort Worth Water and Sewer System, Series 2015A                                                                                            | CUSIP: 349515TH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25034.63     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 3 Electric, Series 2024B                                                                                                 | CUSIP: 29270C6D2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $138509.75    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                            | County of Hamilton, Trihealth, Inc. Group Project, Series 2020A                                                                                    | CUSIP: 407272Y56<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    205000 | PA      | $212926.02    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Malone Central School District                                                   | Malone Central School District                                                                                                                     | CUSIP: 561319HG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6003815.40   | 0.26%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin, Water and Wastewater System, Series 2017                                                                                           | CUSIP: 0524762P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $292677.11    | 0.01%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riley County Unified School District No. 383 Manhattan-Ogden                     | Riley County Unified School District No. 383, Manhattan-Ogden, Series 2018A                                                                        | CUSIP: 766651RE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62753.78     | 0.00%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Department of Public Utilities Division of Water                       | Cleveland Department of Public Utilities Division of Water, Second Lien, Series 2017B                                                              | CUSIP: 186427EU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60697.55     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Rental Housing, Series 2024A                                                                         | CUSIP: 59465PEV6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8934044.40   | 0.39%             | 2030-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, College Student Loan, Series 2013B                                                                                                 | CUSIP: 882723DK2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500200.10   | 0.07%             | 2030-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                          | Permanent University Fund - Texas A&M University System, Series 2015A                                                                              | CUSIP: 8821172F0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95169.90     | 0.00%             | 2026-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | District of Columbia Housing Finance Agency, Multi Family Housing Edgewood Apartments Project, Series 2023                                         | CUSIP: 25477PPY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5129365.29   | 0.22%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2021A                                                                                               | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   3375000 | PA      | $3372815.70   | 0.15%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2016                                                                                                    | CUSIP: 735389YF9<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    465000 | PA      | $471232.40    | 0.02%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Cleveland Clinic Health System, Series 2019F                                                                                        | CUSIP: 677561LD2<br>LEI: 5493005LEB5E170OMX59 | Long             | STIV             | MUN               | US        |  15000000 | PA      | $15000000.00  | 0.65%             | 2052-01-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series A                                                                                                   | CUSIP: 89602N6U3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77360.70     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Myers FL Utility System Revenue                                     | City of Fort Myers Utility System, Series 2020A                                                                                                    | CUSIP: 348172UQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70432.03     | 0.00%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2017-A                                                                                                         | CUSIP: 29270CT96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261226.20    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Sales Tax, Series 2016                                                                                                          | CUSIP: 452227LX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25312.64     | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2020A                                                                                                                    | CUSIP: 196711SW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26151.70     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA                                                              | City of Richmond, Series 2017D                                                                                                                     | CUSIP: 76541VSZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25394.80     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund, Series 2015A                                                                              | CUSIP: 882723ZF9<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004655.60   | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | New Jersey Higher Education Student Assistance Authority, Senior Student Loan Immediate Delivery, Series 2025-2                                    | CUSIP: 646080YZ8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9111747.60   | 0.40%             | 2056-12-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                         | Maine Turnpike Authority                                                                                                                           | CUSIP: 560551SB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092862.30   | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025C, Subseries C-1                                    | CUSIP: 64972JLT3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2153683.00   | 0.09%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, State System Higher Education, Series 2017AU-2                                               | CUSIP: 70917TQL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36438.82     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | North Carolina Housing Finance Agency, Homeownership, Series 52-C                                                                                  | CUSIP: 6582074F9<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   9500000 | PA      | $9500000.00   | 0.41%             | 2049-07-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                            | County of Cuyahoga, Series 2020D                                                                                                                   | CUSIP: 232263LV3<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151397.01    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Evans-Brant Central School District                                              | Evans-Brant Central School District, Series 2014B                                                                                                  | CUSIP: 299083NH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14600000 | PA      | $14607688.36  | 0.64%             | 2025-06-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien                                                                                                                 | CUSIP: 735389YG7<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    165000 | PA      | $166779.16    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Harris County Regional Water Authority                                     | North Harris County Regional Water Authority, Senior Lien, Series 2016                                                                             | CUSIP: 65956NGS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $194850.19    | 0.01%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Emerson NJ                                                            | Borough of Emerson                                                                                                                                 | CUSIP: 291065HK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2102306.22   | 0.09%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Springfield MA                                                           | City of Springfield                                                                                                                                | CUSIP: 850752XC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6059240.40   | 0.26%             | 2026-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Hospital Trinity Health Credit Group, Series 2017A-MI                                                                  | CUSIP: 59447TQF3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    140000 | PA      | $146330.74    | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | City and County Honolulu, Series D                                                                                                                 | CUSIP: 438687BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71830.27     | 0.00%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado River Municipal Water District                                          | Colorado River Municipal Water District                                                                                                            | CUSIP: 196558SG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101066.82    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2024A                                                                                                   | CUSIP: 65000BW53<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029649.30   | 0.04%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                        | Bergen County Improvement Authority (The), Guaranteed Government Pooled Project                                                                    | CUSIP: 083773EC1<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14136294.20  | 0.61%             | 2026-05-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Piedmont Municipal Power Agency                                                  | Piedmont Municipal Power Agency, Series 2015A                                                                                                      | CUSIP: 720175XW3<br>LEI: 549300C7VOBGIG4OD375 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1301457.56   | 0.06%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach NY                                                            | City of Long Beach, Series 2024B                                                                                                                   | CUSIP: 542519FY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9175000 | PA      | $9190855.32   | 0.40%             | 2025-09-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Grady Independent School District                                                | Grady Independent School District, Unlimited Tax, Series 2018B                                                                                     | CUSIP: 384217BK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45581.91     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Building Authority                                                    | New Jersey Building Authority, Series 2016A                                                                                                        | CUSIP: 645771ZK5<br>LEI: 549300YJLPPJFRLYB368 | Long             | DBT              | MUN               | US        |    900000 | PA      | $919635.21    | 0.04%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | Great Lakes Water Authority Water Supply System, Second Lien, Series 2018A                                                                         | CUSIP: 39081JBS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $219521.54    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2024B                                                                                                          | CUSIP: 29270C6C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044904.80   | 0.05%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | Plano Independent School District, Unlimited Tax                                                                                                   | CUSIP: 727199E23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1932496.02   | 0.08%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Highland Central School District                                                 | Highland Central School District                                                                                                                   | CUSIP: 430398KF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6600000 | PA      | $6604231.92   | 0.29%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Maine                                                                   | State of Maine, Series 2022B                                                                                                                       | CUSIP: 56052AG91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66403.51     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2019C                                                                                                 | CUSIP: 93974D6F0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    145000 | PA      | $147010.09    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Central Arkansas                                                   | University of Central Arkansas, Student Fee, Series 2020A                                                                                          | CUSIP: 914115R93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $225118.92    | 0.01%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                            | University of Houston, Series 2017C                                                                                                                | CUSIP: 914302ET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40475.75     | 0.00%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                           | County of Fort Bend, Unlimited Tax, Series A                                                                                                       | CUSIP: 346766TA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96413.91     | 0.00%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Independent School District                                               | Austin Independent School District, Unlimited Tax, Series 2019                                                                                     | CUSIP: 052430QD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37181.51     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Sales Tax, Series 2016A                                                                                  | CUSIP: 64990AUM5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     85000 | PA      | $87486.96     | 0.00%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Revitalization Projects, Series B                                                                                     | CUSIP: 491552Q73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $92068.87     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                | CUSIP: 20282EAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1905170.43   | 0.08%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Columbia Generating Station, Series 2025A                                                                                        | CUSIP: 29270C6H3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2599374.96   | 0.11%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | Duval County Public Schools, Series 2022A                                                                                                          | CUSIP: 267169HB9<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |     95000 | PA      | $100373.51    | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2014A                                                                                                            | CUSIP: 386442VJ3<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |    405000 | PA      | $405592.07    | 0.02%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, State Revolving Program, Series 2017C                                                                                   | CUSIP: 45506DJ22<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     70000 | PA      | $72360.12     | 0.00%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Collins Central School District                                            | North Collins Central School District, Series 2024A                                                                                                | CUSIP: 658714JJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2201566.84   | 0.10%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Dallas TX                                                              | County of Dallas                                                                                                                                   | CUSIP: 234650NK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35873.29     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Horry County School District/SC                                                  | Horry County School District, Series 2015A                                                                                                         | CUSIP: 440673G54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185257.02    | 0.01%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                                | State of Nevada Department of Business and Industry, Republic Services, Inc. Project, Series 2001                                                  | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3999731.60   | 0.17%             | 2026-12-01      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, First Tier, Series A                                                                                                | CUSIP: 66285WVQ6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    245000 | PA      | $247625.49    | 0.01%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | Kansas Development Finance Authority, State of Kansas Project, Series 2020R                                                                        | CUSIP: 48542RLG7<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |    155000 | PA      | $156234.22    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series 2019B                                                                                           | CUSIP: 66285WZL3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    215000 | PA      | $229479.50    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Henry Ford Health System, Series 2016                                                                                  | CUSIP: 59447TMB6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1317826.94   | 0.06%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2016A                                                                                                                       | CUSIP: 213185KH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2866444.28   | 0.12%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015, Series 2015HH                | CUSIP: 64972GB45<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40027.54     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sullivan West Central School District                                            | Sullivan West Central School District                                                                                                              | CUSIP: 865353DF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3401702.72   | 0.15%             | 2025-06-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, State Infrastructure Project, Series 2016-1                                                                                         | CUSIP: 677581GG9<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101061.28    | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of Fanwood NJ                                                            | Borough of Fanwood, Series 2025A                                                                                                                   | CUSIP: 307315LL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4022552.80   | 0.17%             | 2026-02-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                        | Bergen County Improvement Authority (The), Guaranteed Government Pooled Project                                                                    | CUSIP: 083773EB3<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20062204.00  | 0.87%             | 2025-10-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jersey City Municipal Utilities Authority                                        | Jersey City Municipal Utilities Authority, Water Project, Series 2025A                                                                             | CUSIP: 476624DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4570633.35   | 0.20%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | City and County of Denver, Wellington E. Webb Municipal Office Building                                                                            | CUSIP: 249183YM0<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30850.69     | 0.00%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2018A                                                       | CUSIP: 64990F4W1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20348.56     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Limited Tax, Series 2017                                                                                                          | CUSIP: 180848SM6<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2017                                                                                                    | CUSIP: 64990H6X3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    615000 | PA      | $647389.96    | 0.03%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | California Infrastructure and Economic Development Bank, Bay Area Toll Bridge First Lien, Series 2003A                                             | CUSIP: 13033WLB7<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26454.69     | 0.00%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Plainfield NJ                                                   | Borough of North Plainfield                                                                                                                        | CUSIP: 661581HL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5019493.00   | 0.22%             | 2025-11-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2018A                                                                                                   | CUSIP: 888808HD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1076229.09   | 0.05%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019C                                                                                                | CUSIP: 452252PF0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    400000 | PA      | $427906.60    | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                           | County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, Series 2019D                                                     | CUSIP: 18085PSF2<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75108.99     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2008, Series 2018 J-11                                                                                               | CUSIP: 64966QBK5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     85000 | PA      | $87096.56     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                    | CUSIP: 235241RT5<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65648.62     | 0.00%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2016D                                                                                   | CUSIP: 91514AEA9<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |    300000 | PA      | $307681.38    | 0.01%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series A                                                                                         | CUSIP: 647310W72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $691021.61    | 0.03%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Athens-Clarke County GA Unified Government Water & Sewerage Revenue              | Athens-Clarke County Unified Government Water and Sewerage, Series 2015                                                                            | CUSIP: 047061CS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25034.97     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                   | SCAGO Educational Facilities Corp. for Pickens School District, Installment Purchase Project, Series 2015                                          | CUSIP: 80585TCC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3420000 | PA      | $3424216.52   | 0.15%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Solid Waste Authority                                          | Palm Beach County Solid Waste Authority, Series 2015                                                                                               | CUSIP: 696560KB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80100.21     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Penn High School Building Corp.                                                  | Penn High School Building Corp., Mishawaka St. Joseph County Indiana, Ad Valorem Property Tax, Series 2024B                                        | CUSIP: 707533NA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $701282.26    | 0.03%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Charlton MA                                                              | Town of Charlton                                                                                                                                   | CUSIP: 161123GH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5558471.60   | 0.24%             | 2026-04-16      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2015                                                   | CUSIP: 93978HQM0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25030.70     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate, Series 2017-1                                                         | CUSIP: 709224XR5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2015C                                                                                            | CUSIP: 181059TB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220134.44    | 0.01%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue               | Trinity River Authority, Central Regional Wastewater System, Series 2017                                                                           | CUSIP: 89658HVD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25915.04     | 0.00%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newburgh NY                                                              | City of Newburgh, Series 2024A                                                                                                                     | CUSIP: 650818GJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3600696.96   | 0.16%             | 2025-08-08      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Vidant Health, Series 2015                                                                                 | CUSIP: 65821DSJ1<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90000.00     | 0.00%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                    | CUSIP: 235241RR9<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25249.47     | 0.00%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2021                                                                                     | CUSIP: 153476GJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500768.15    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Tulane University of Louisiana Project, Series 2020A                                                        | CUSIP: 546399PC4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20286.74     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio Electric and Gas Systems, Series 2016                                                                                          | CUSIP: 7962535K4<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177439.99    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2023D                                                                                                                    | CUSIP: 452153GB9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8147606.40   | 0.35%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series A-1                                                                                         | CUSIP: 938782EM7<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |    160000 | PA      | $160205.34    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017D                                                                                                                    | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1136952.13   | 0.05%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                    | Florida Housing Finance Corp., Culmer Apartments, Series 2023C                                                                                     | CUSIP: 34074HGY2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3752341.87   | 0.16%             | 2026-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | California Health Facilities Financing Authority, St. Joseph Health System, Series 2013A                                                           | CUSIP: 13033LX69<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    125000 | PA      | $125095.31    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | State of Maryland Department of Transportation, Series 2017                                                                                        | CUSIP: 574204F81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250241.05    | 0.01%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gary Community School Building Corp.                                             | Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage, Series 2020B                                                         | CUSIP: 366754DG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $236833.24    | 0.01%             | 2026-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2022A                                                                                                   | CUSIP: 735389S74<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    145000 | PA      | $154203.64    | 0.01%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                      | Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project, Series 2012-2                                                 | CUSIP: 121342QN2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2250000 | PA      | $2215271.48   | 0.10%             | 2049-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2016A                                                                                  | CUSIP: 593338AS5<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101531.04    | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Intermountain Healthcare, Series 2022B                                                                       | CUSIP: 19648FVK7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1733660.51   | 0.08%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2024C                                                                                                                 | CUSIP: 25476FH50<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5259184.00   | 0.23%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series FH                                                                                                                         | CUSIP: 419792MK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71793.59     | 0.00%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2018A                                                                                                   | CUSIP: 888808HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $338493.85    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs, Series 2017A                              | CUSIP: 92778WEW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52390.19     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | City and County Honolulu, Series A                                                                                                                 | CUSIP: 438701G99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20246.77     | 0.00%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Series 2017                                                                                    | CUSIP: 842039DU0<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |     80000 | PA      | $83026.50     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2019                                                              | CUSIP: 54811BSM4<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     80000 | PA      | $84406.93     | 0.00%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio Electric and Gas Systems, Series 2017                                                                                          | CUSIP: 7962536D9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55766.85     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2017A                                                                                                                      | CUSIP: 442331U44<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    265000 | PA      | $273251.07    | 0.01%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Yakima Valley Memorial Hospital Association                                                           | CUSIP: 93978HRG2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1056014.20   | 0.05%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | California Health Facilities Financing Authority, Sutter Health, Series 2016A                                                                      | CUSIP: 13032UCL0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30295.13     | 0.00%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX Water & Sewer System Revenue                               | City of Fort Worth Water and Sewer System, Series 2020A                                                                                            | CUSIP: 349515G83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $131836.22    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, National Public Radio, Inc. Issue, Series 2016                                                                               | CUSIP: 25483VRJ5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25399.67     | 0.00%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Union NC Enterprise System Revenue                                     | County of Union Enterprise System, Series 2021                                                                                                     | CUSIP: 906400FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35737.61     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series B                                                                                                    | CUSIP: 59333PS25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35218.47     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | Long Island Power Authority, Electric System, Series 2023F                                                                                         | CUSIP: 542691HQ6<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20992.70     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                               | Southeastern Pennsylvania Transportation Authority, Series 2017                                                                                    | CUSIP: 842039DW6<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |    300000 | PA      | $311031.03    | 0.01%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp.                                                     | Alaska Housing Finance Corp., State Capital Project, Series 2015A                                                                                  | CUSIP: 011839EZ6<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023, Series 2023, Subseries B-1   | CUSIP: 64972GC44<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.43%             | 2044-06-15      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2023D                                                                                                                    | CUSIP: 452153GA1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2995000 | PA      | $2998754.83   | 0.13%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2019GGG                                                          | CUSIP: 64577B6K5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2567934.00   | 0.11%             | 2026-09-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Motor Vehicle Fuel Tax, Series 2020C                                                                                              | CUSIP: 181000QW3<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    120000 | PA      | $125215.18    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | Albuquerque Bernalillo County Water Utility Authority, Series 2018                                                                                 | CUSIP: 013493HX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51118.25     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, New York University, Series 2017A                                                                              | CUSIP: 64990CA92<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26030.93     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | Orlando Utilities Commission, Series 2020A                                                                                                         | CUSIP: 686507JP0<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26271.11     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville Water Co.                                                             | Louisville Water Co., Series 2019                                                                                                                  | CUSIP: 54659REA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100931.98    | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2020B                                                                                                     | CUSIP: 709225AF3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    400000 | PA      | $412516.84    | 0.02%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                             | Allegheny County Higher Education Building Authority, University Refunding Duquesne University, Series 2016                                        | CUSIP: 01728RLQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91126.32     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                           | City of Mesa Utility System, Series 2017                                                                                                           | CUSIP: 590545XR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130084.28    | 0.01%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series F                                                                                                                     | CUSIP: 20772JQ47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75682.78     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                            | Tennessee State School Bond Authority, Higher Educational Facilities Second Program, Series A                                                      | CUSIP: 880558JF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66848.61     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series A-1                                                                                                         | CUSIP: 63968AZT5<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65083.44     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                               | Mission Economic Development Corp., Waste Management, Inc. Project, Series 2020A                                                                   | CUSIP: 605155BR0<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4500000 | PA      | $4499869.05   | 0.20%             | 2046-05-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                               | City of Lubbock, Series 2018                                                                                                                       | CUSIP: 549188M49<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40539.79     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | County of Miami-Dade, Transit System, Series 2015                                                                                                  | CUSIP: 59334PFG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001142.00   | 0.04%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Northview Project, Series 2023B                    | CUSIP: 592113CR3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1008362.90   | 0.04%             | 2045-02-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City and County of Denver, Airport System, Series 2023B                                                                                            | CUSIP: 249182UN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553774.55   | 0.07%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Escambia County School Board                                                     | Escambia County School Board, Series 2020A                                                                                                         | CUSIP: 296141DQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $197468.15    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 122, Series A                                                                         | CUSIP: 49151FB90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $272427.17    | 0.01%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                | Hampton Roads Sanitation District, Series 2024A                                                                                                    | CUSIP: 409327LU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512944.70   | 0.07%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                                             | City of Charlotte Airport, Series 2021A                                                                                                            | CUSIP: 161036RC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50074.72     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Series 2016B                                                                                                              | CUSIP: 6582562L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $360000.00    | 0.02%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut Special Tax, Series 2021D                                                                                                     | CUSIP: 207758F73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103017.17    | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX                                                            | City of Fort Worth, General Obligation                                                                                                             | CUSIP: 349426BL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30450.14     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | New Hampshire Health and Education Facilities Authority Act, Series 2015B                                                                          | CUSIP: 64461XJY2<br>LEI: 549300CNCK7OT82W5653 | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2504928.00   | 0.11%             | 2040-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Gilbert Water Resource Municipal Property Corp.                                  | Gilbert Water Resource Municipal Property Corp., Series 2022                                                                                       | CUSIP: 37530ABN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25058.38     | 0.00%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Housing Finance Agency                                      | District of Columbia Housing Finance Agency, Paxton Project, Series 2022                                                                           | CUSIP: 25477PPQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3250748.15   | 0.14%             | 2040-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2016B                                                                                                | CUSIP: 59261AEV5<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40113.66     | 0.00%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                           | Utah Transit Authority, Sales Tax, Series 2015A                                                                                                    | CUSIP: 917567BL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400272.20    | 0.02%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B1                                                                | CUSIP: 45470YFL0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2206151.64   | 0.10%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                             | State of Mississippi, Series 2016B                                                                                                                 | CUSIP: 605581HW0<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515960.50    | 0.02%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston Combined Utility System, First Lien, Series 2021A                                                                                  | CUSIP: 44244CJ32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26255.63     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, State Revolving Fund, Series 2020                                                                                   | CUSIP: 8828542X9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $143487.39    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | Southeast Energy Authority A Cooperative District, Project No. 4, Series 2022B-2                                                                   | CUSIP: 84136FBC0<br>LEI: 25490090A3RLJHITY273 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10164210.00  | 0.44%             | 2053-05-01      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series FK                                                                                                                         | CUSIP: 419792RG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77884.94     | 0.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spring Independent School District                                               | Spring Independent School District, Unlimited Tax, Series 2024B                                                                                    | CUSIP: 850001BK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538954.50    | 0.02%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series O-2                                                             | CUSIP: 57583UY44<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50077.10     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Albuquerque Bernalillo County Water Utility Authority                            | Albuquerque Bernalillo County Water Utility Authority, Senior Lien Joint Water and Sewer System, Series 2015                                       | CUSIP: 013493GQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50072.47     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| General Authority of Southcentral Pennsylvania                                   | General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group, Series 2019E                                                      | CUSIP: 84129NML0<br>LEI: 549300QBNU5LBV4QX812 | Long             | STIV             | MUN               | US        |  23600000 | PA      | $23600000.00  | 1.03%             | 2035-06-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| Birdville Independent School District                                            | Birdville Independent School District, Unlimited Tax, Series 2021                                                                                  | CUSIP: 090874PM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $446461.58    | 0.02%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2017A                                                                | CUSIP: 342816N92<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71871.60     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | City and County of Denver, Series 2024B                                                                                                            | CUSIP: 249164TN4<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    600000 | PA      | $615169.26    | 0.03%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2018L                                                                                                                    | CUSIP: 19668QJS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51134.18     | 0.00%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                                | State of Michigan, Series 2016                                                                                                                     | CUSIP: 594612DH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55896.47     | 0.00%             | 2026-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pasco County School Board                                                        | Pasco County School Board, Series 2022A                                                                                                            | CUSIP: 702528MZ0<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |     80000 | PA      | $83311.02     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Polk County School District                                                      | Polk County School District, Series 2019B                                                                                                          | CUSIP: 731125LC2<br>LEI: 549300N07FMPTRZO0044 | Long             | DBT              | MUN               | US        |    110000 | PA      | $111107.29    | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                        | Maine Municipal Bond Bank, Series 2020A                                                                                                            | CUSIP: 56045RY29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20893.21     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | Dallas Area Rapid Transit, Sales Tax, Senior Lien, Series 2016A                                                                                    | CUSIP: 235241RK4<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30299.36     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                      | North Carolina Municipal Power Agency No. 1, Series A                                                                                              | CUSIP: 658203W91<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65756.50     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio                                                                                                                                | CUSIP: 79623PSS5<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2197158.04   | 0.10%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Sales Tax, Series 2016A                                                                                  | CUSIP: 64990AUN3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35759.72     | 0.00%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2017E                                                                                                        | CUSIP: 646140BW2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031820.00   | 0.04%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | Michigan State Hospital Finance Authority, Ascension Senior Credit Group, Series 2010F-7                                                           | CUSIP: 59465HTY2<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2352864.12   | 0.10%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016                                                                                                                     | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    150000 | PA      | $154087.50    | 0.01%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                            | Northwest Independent School District, Unlimited Tax                                                                                               | CUSIP: 6678253D3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25360.03     | 0.00%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2019B                                                                                    | CUSIP: 153476FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40871.26     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, All-Requirements Power Supply Project, Series 2016A                                                                | CUSIP: 342816H99<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71505.14     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Major New State Infrastructure Project, Series 2024-1                                                                               | CUSIP: 677581JS0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1301903.53   | 0.06%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Tech University System                                                     | Texas Tech University System, Series 2017A                                                                                                         | CUSIP: 882806GP1<br>LEI: 549300SPM8LGJKCQO195 | Long             | DBT              | MUN               | US        |    110000 | PA      | $111541.87    | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Acton & Boxborough Regional School District/MA                                   | Acton and Boxborough Regional School District                                                                                                      | CUSIP: 005050HM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1901996.71   | 0.08%             | 2025-07-10      | Fixed         | 4.50%                 | 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        | 179932438 | NS      | $179950430.89 | 7.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2016B                                                                                            | CUSIP: 181059UZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $82104.38     | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kansas Development Finance Authority                                             | Kansas Development Finance Authority, AdventHealth, Series 2021B                                                                                   | CUSIP: 48542AFH9<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $5907362.72   | 0.26%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tomball Independent School District                                              | Tomball Independent School District, Unlimited Tax                                                                                                 | CUSIP: 889855Z62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $630376.44    | 0.03%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tucson AZ Water System Revenue                                           | City of Tucson Water System                                                                                                                        | CUSIP: 898797ED3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50076.58     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series 2022                                                              | CUSIP: 54811BYA3<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     85000 | PA      | $88228.61     | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Auburn School District No. 408 of King & Pierce Counties                         | Auburn School District No. 408 of King and Pierce Counties, Unlimited Tax, Series 2020                                                             | CUSIP: 494619FQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25253.16     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2019, Series A                                                                                                       | CUSIP: 64966ME39<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    120000 | PA      | $122959.85    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Series 2019B                                                                                                     | CUSIP: 20281PLA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $378880.29    | 0.02%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Inc., Series 2025B-1                                                 | CUSIP: 83703EMV4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2108190.20   | 0.09%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | Illinois State Toll Highway Authority, Series 2019C                                                                                                | CUSIP: 452252PD5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    165000 | PA      | $170716.54    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                     | CUSIP: 71781QEZ7<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1617854.55   | 0.07%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Junior Lien, Water System, Series 2014B                                                                   | CUSIP: 71883RNK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170204.60    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                       | Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project, Series 2007A                                       | CUSIP: 607167DZ3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4750000 | PA      | $4740848.65   | 0.21%             | 2034-06-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Arizona Transportation Board                                                     | Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund, Series 2014                                                     | CUSIP: 040649LU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4800000 | PA      | $4806099.36   | 0.21%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue                | New York City Transitional Finance Authority Building Aid, Series 2015 Series S-1                                                                  | CUSIP: 64972HVE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160268.43    | 0.01%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fulton School District/MI                                                        | Fulton School District, Unlimited Tax                                                                                                              | CUSIP: 360432DK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $221561.27    | 0.01%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2025C                                                                                                 | CUSIP: 93974E6G6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25346.57     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Clean Water Fund - State Revolving Fund                     | State of Connecticut Clean Water Fund, State Revolving Fund, Series 2015A                                                                          | CUSIP: 20775YBX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40062.03     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority, Green Bond, Series 2022A-2                                                                        | CUSIP: 13013JBK1<br>LEI: 549300X8VKJ215S2R571 | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5007859.50   | 0.22%             | 2053-05-01      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2021A                                                                                     | CUSIP: 6473103S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $69116.33     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                               | Missouri Development Finance Board, Procter & Gamble Co. Project, Series 1999                                                                      | CUSIP: 60636LAA7<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    225000 | PA      | $236928.08    | 0.01%             | 2029-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Upper Trinity Regional Water District                                            | Upper Trinity Regional Water District, Water Supply System, Series 2020                                                                            | CUSIP: 916672F37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002811.30   | 0.04%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Solid Waste Authority                                          | Palm Beach County Solid Waste Authority, Series 2015                                                                                               | CUSIP: 696560KA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250326.58    | 0.01%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                       | Pennsylvania Turnpike Commission Oil Franchise Tax, Series A                                                                                       | CUSIP: 709221UC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25245.47     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Independent School District                                               | Austin Independent School District, Unlimited Tax, Series A                                                                                        | CUSIP: 052430KP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001430.60   | 0.04%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Vernon CA Electric System Revenue                                        | City of Vernon Electric System, Series 2021A                                                                                                       | CUSIP: 924397EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78082.50     | 0.00%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Intermountain Healthcare, Series 2022C                                                                       | CUSIP: 19648FVL5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1367041.00   | 0.06%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portsmouth VA                                                            | City of Portsmouth, Series 2017A                                                                                                                   | CUSIP: 73723RYJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71697.58     | 0.00%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Article XI-G Project, Series 2025G                                                                                                | CUSIP: 68609USA4<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3559166.92   | 0.15%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chattanooga Electric                                                     | City of Chattanooga Electric, Series A                                                                                                             | CUSIP: 162393EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750423.85   | 0.08%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clifton-Fine Central School District                                             | Clifton-Fine Central School District                                                                                                               | CUSIP: 187000DU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4605442.26   | 0.20%             | 2025-07-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2023D                                                                                                                    | CUSIP: 452153GC7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     90000 | PA      | $92970.39     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2015D                                                                                                           | CUSIP: 684517QU2<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |    130000 | PA      | $130406.58    | 0.01%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                               | CUSIP: 64985SCY7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2616637.00   | 0.11%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX Electric Light & Power System Revenue                         | City of Lubbock, Electric Light and Power System, Series 2021                                                                                      | CUSIP: 549203WX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52766.01     | 0.00%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                              | City of Columbus, Various Purpose, Unlimited Tax, Series 2017-1                                                                                    | CUSIP: 199492VK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4153640.80   | 0.18%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Transportation Commission Mobility Fund                                                                                            | CUSIP: 8827242E6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1316335.92   | 0.06%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County School District No. 1 Pasco                                      | Franklin County School District No. 1 Pasco, Unlimited Tax, Series 2015                                                                            | CUSIP: 353442ZY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3603625.20   | 0.16%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | Michigan Strategic Fund, Consumers Co. Project, Series 2019                                                                                        | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1300000 | PA      | $1272309.74   | 0.06%             | 2049-10-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                            | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021A, Class 1                          | CUSIP: 66585VBF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.04%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project, Series 2001A                                     | CUSIP: 546749AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4801754.50   | 0.21%             | 2026-09-01      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston, Combined Utility System, First Lien, Series 2014D                                                                                 | CUSIP: 4424355Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20027.12     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tucson AZ                                                                | City of Tucson, Series 2018A                                                                                                                       | CUSIP: 898711W69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $332408.34    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                            | New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project                                                              | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000205.00   | 0.04%             | 2042-02-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Sales Tax, Series 2024A                                                                                        | CUSIP: 65000BW61<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1152228.44   | 0.05%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | State of Colorado, Series 2018A                                                                                                                    | CUSIP: 196711QX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21033.26     | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., City of Wapakoneta Project                                                                                         | CUSIP: 027651ZG6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000361.00   | 0.04%             | 2025-06-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Alexandria Redevelopment & Housing Authority                                     | Alexandria Redevelopment and Housing Authority, Multi-Family Housing 431 S Columbus State Block 4, Series 2024                                     | CUSIP: 015330FB4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1499519.55   | 0.07%             | 2054-12-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| Town of Middleborough MA                                                         | Town of Middleborough                                                                                                                              | CUSIP: 596051A44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7554000 | PA      | $7579515.90   | 0.33%             | 2025-09-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                               | Tennessee Energy Acquisition Corp., Commodity Project, Series 2021A                                                                                | CUSIP: 88044TAE9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    350000 | PA      | $356647.27    | 0.02%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Unlimited Tax, Series 2023                                                                                 | CUSIP: 52882PFH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $845584.66    | 0.04%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IPS Multi-School Building Corp.                                                  | IPS Multi-School Building Corp., Ad Valorem Property Tax First Mortgage, Series 2024                                                               | CUSIP: 46263RUA1<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1052063.67   | 0.05%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                               | CUSIP: 64985SCZ4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064662.60   | 0.05%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Article XI-M Seismic Project & Article XI-Q State Project, Series F                                                               | CUSIP: 68609BSM0<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30509.65     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | Las Vegas Valley Water District, Series 2016B                                                                                                      | CUSIP: 517845BL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50832.43     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gary Community School Building Corp.                                             | Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage, Series 2020B                                                         | CUSIP: 366754DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220832.72    | 0.01%             | 2026-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                          | County of Miami-Dade, Building Better Communities Program, Series 2016A                                                                            | CUSIP: 59333FWZ9<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20905.00     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Raleigh Housing Authority                                                        | Raleigh Housing Authority, Toulun Place                                                                                                            | CUSIP: 751115BT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4150000 | PA      | $4181074.37   | 0.18%             | 2026-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Florence Independent School District                                             | Florence Independent School District, Unlimited Tax                                                                                                | CUSIP: 340369FZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $114046.17    | 0.00%             | 2027-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018A                                                                                                                    | CUSIP: 4521522K6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    200000 | PA      | $206753.92    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2017A                                                                                               | CUSIP: 93974DWZ7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40871.00     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                   | Empire State Development Corp., State Personal Income Tax, General Purpose, Series 2016A                                                           | CUSIP: 650035U30<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25425.89     | 0.00%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Banner Health, Series 2019D                                                                      | CUSIP: 56682HCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1166294.12   | 0.05%             | 2046-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2015A                                                                                       | CUSIP: 34160WYZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160243.47    | 0.01%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Sanitary Authority                                              | Allegheny County Sanitary Authority, Sewer, Series 2020A                                                                                           | CUSIP: 017357F66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.01%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2024C                                                                                                 | CUSIP: 93974ES64<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    260000 | PA      | $263604.30    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2017A                                                                                                        | CUSIP: 6461396M2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    120000 | PA      | $123619.22    | 0.01%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Mercy Health, Series 2018A                                                   | CUSIP: 60637ANA6<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21042.34     | 0.00%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Public Utilities Commission                                             | Missouri Public Utilities Commission                                                                                                               | CUSIP: 606374AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7279571.30   | 0.32%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 46 Oregon Trail                             | Clackamas County School District No. 46 Oregon Trail, Series 2017                                                                                  | CUSIP: 179126DU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1550101.80   | 0.07%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, St. Luke's Healthh System, Inc., Series 2016                                 | CUSIP: 60637AKP6<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30259.11     | 0.00%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | County of Miami-Dade, Transit System                                                                                                               | CUSIP: 59334PFH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1091444.47   | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Keller Independent School District/TX                                            | Keller Independent School District, Unlimited Tax, Series 2014A                                                                                    | CUSIP: 487694ML2<br>LEI: 549300BS0JDJPR8KUN68 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25036.83     | 0.00%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Series 2017A                                                                                                                      | CUSIP: 442331U28<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30465.78     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2020A                                                                                                 | CUSIP: 93974EAE6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     85000 | PA      | $89015.71     | 0.00%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                          | Orange County Convention Center, Series 2017                                                                                                       | CUSIP: 684545A71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $215661.14    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | Michigan State Hospital Finance Authority, Trinity Health Credit Group, Series 2008C                                                               | CUSIP: 59465HUL8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100930.80    | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2014A                                                                                       | CUSIP: 34160WXT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1701647.81   | 0.07%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                      | Duval County Public Schools, Series 2022A                                                                                                          | CUSIP: 267169HA1<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |    235000 | PA      | $244230.24    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | Central Texas Regional Mobility Authority, Senior Lien, Series A                                                                                   | CUSIP: 155498DN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55085.60     | 0.00%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021B                                                                                                                    | CUSIP: 452153BC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    125000 | PA      | $128554.71    | 0.01%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mahoning OH                                                            | County of Mahoning, Limited Tax Various Tax                                                                                                        | CUSIP: 5600582D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3840000 | PA      | $3846314.11   | 0.17%             | 2025-10-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Somerville MA                                                            | City of Somerville, Series 2025B                                                                                                                   | CUSIP: 835241MV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11500000 | PA      | $11753243.80  | 0.51%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                        | Golden State Tobacco Securitization Corp., Series 2017A-1                                                                                          | CUSIP: 38122NZA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91829.34     | 0.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series 2019A                                                                                                | CUSIP: 717883VW9<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73828.20     | 0.00%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Denton TX Utility System Revenue                                         | City of Denton, Utility System, Series 2017                                                                                                        | CUSIP: 249015B98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $230783.38    | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government Utility System Revenue           | Wyandotte County-Kansas City Unified Government Utility System, Series 2014A                                                                       | CUSIP: 982674JQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000410.10   | 0.04%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Altoona Area School District                                                     | Altoona Area School District                                                                                                                       | CUSIP: 021807KT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25244.52     | 0.00%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chandler AZ                                                              | City of Chandler, Series 2014                                                                                                                      | CUSIP: 158843WP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45029.93     | 0.00%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Industrial Development Board                               | Memphis-Shelby County Industrial Development Board, Series 2017B                                                                                   | CUSIP: 586108AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120916.37    | 0.01%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Regional Transit Authority                                          | Southeastern Regional Transit Authority                                                                                                            | CUSIP: 842082CV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2603942.38   | 0.11%             | 2025-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                | CUSIP: 20282EAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2286179.50   | 0.10%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | City and County of Denver, Series 2024A                                                                                                            | CUSIP: 249164SW5<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    700000 | PA      | $717697.47    | 0.03%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Water and Sewer System, Second General Resolution, Series BB 1B                                                                      | CUSIP: 64972GMK7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 0.43%             | 2049-06-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Clark County Water Reclamation District                                          | Clark County Water Reclamation District, Limited Tax, Series 2023                                                                                  | CUSIP: 181070FB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30042.50     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Sales Tax, Series 2013                                                                                                          | CUSIP: 452227HA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252813.63   | 0.05%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                                     | County of DeKalb, Water and Sewerage, Series 2006B                                                                                                 | CUSIP: 240523UJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30954.03     | 0.00%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2016                                                                              | CUSIP: 45204EKC1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20230.46     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                     | Salt River Project Agricultural Improvement and Power District, Arizona Electric System, Series 2015A                                              | CUSIP: 79574CBB8<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |  21000000 | PA      | $21000000.00  | 0.91%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Series 2017V                                                                                                                        | CUSIP: 677522VG6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102805.94    | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA Electric System, Series 2017B                                                                                                                  | CUSIP: 46613SFU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78415.25     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2002B                                                             | CUSIP: 546398DJ4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30710.53     | 0.00%             | 2032-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, State Clean Water Initiative, Series 2017                                                                              | CUSIP: 45204EXT0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20654.46     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                        | Grand River Dam Authority, Series 2016A                                                                                                            | CUSIP: 386442WP8<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30753.73     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Housing Finance Authority                                      | Miami-Dade County Housing Finance Authority, Quail Roost Transit Village, Series 2023                                                              | CUSIP: 593344BN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2258771.85   | 0.10%             | 2026-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue            | State of Florida Department of Transportation Turnpike System, Series 2016B                                                                        | CUSIP: 343137BE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80121.74     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, St. Louis University                                                         | CUSIP: 60637AKS0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71174.43     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                         | Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project, Series 2024                                                      | CUSIP: 12008EVX1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5241101.50   | 0.23%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Independent School District No. 1 Tulsa                             | Tulsa County Independent School District No. 1 Tulsa, Series 2025A                                                                                 | CUSIP: 899525WQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2876713.84   | 0.13%             | 2028-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale AZ Water & Sewer Revenue                                        | City of Glendale Water and Sewer, Senior Lien, Series 2015                                                                                         | CUSIP: 378352PN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25040.34     | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Texas System                                                 | University of North Texas System, Series 2017A                                                                                                     | CUSIP: 914729RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129319.31    | 0.01%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                             | County of Miami-Dade, Water and Sewer System, Series 2021                                                                                          | CUSIP: 59334DMU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $770671.39    | 0.03%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2017A                                                                                                    | CUSIP: 696550C26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $187834.61    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware County Authority                                                        | Delaware County Authority, Cabrini University                                                                                                      | CUSIP: 245913MP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1698224.10   | 0.07%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, State System Higher Education, Series AQ                                                     | CUSIP: 70917TMR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15010.19     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2016A                                                                                            | CUSIP: 181059UN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $280171.11    | 0.01%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                     | Massachusetts Bay Transportation Authority Sales Tax, Series 2005A                                                                                 | CUSIP: 575579HC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65101.58     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                      | Ohio State University (The), Series 2021A                                                                                                          | CUSIP: 677632L41<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |    225000 | PA      | $232063.13    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington Motor Vehicle Fuel Tax, Series R-2021A                                                                                         | CUSIP: 93974EDC7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    125000 | PA      | $130401.43    | 0.01%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                    | Lee County School Board (The), Series 2020A                                                                                                        | CUSIP: 523494QQ8<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |    260000 | PA      | $266108.70    | 0.01%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                     | Salt River Project Agricultural Improvement and Power District, Arizona Electric System, Series 2015A                                              | CUSIP: 79574CBC6<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14000000.00  | 0.61%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017A                                                                                                                    | CUSIP: 452152S77<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     90000 | PA      | $93079.64     | 0.00%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                 | CUSIP: 97712DQH2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    595000 | PA      | $604477.58    | 0.03%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Colorado                                                           | University of Colorado, Series A                                                                                                                   | CUSIP: 91417KH87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65000.00     | 0.00%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, Mercy Health, Series 2018A                                                   | CUSIP: 60637ANB4<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42275.77     | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Garland TX                                                               | City of Garland, Series 2018                                                                                                                       | CUSIP: 3661194C6<br>LEI: 549300O5KXJ5HAWVEN53 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77681.96     | 0.00%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | Orange County Health Facilities Authority, Orlando Health Obligated Group, Series 2019B                                                            | CUSIP: 68450LGA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51314.87     | 0.00%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Group, Series 2016A                                                 | CUSIP: 97712DQG4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    515000 | PA      | $523689.34    | 0.02%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                           | Lewisville Independent School District, Series 2025                                                                                                | CUSIP: 52882PHD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2392384.95   | 0.10%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Water System Revenue                                      | City of New Orleans, Water System, Series 2015                                                                                                     | CUSIP: 647753LT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25238.34     | 0.00%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Horry County School District/SC                                                  | Horry County School District, Series 2015A                                                                                                         | CUSIP: 440673G62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25036.92     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha School District                                                            | Omaha School District, Series 2016                                                                                                                 | CUSIP: 259291ND0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1952442.47   | 0.08%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2019B                                                                                                                 | CUSIP: 717813XC8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41886.79     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                                         | Western Minnesota Municipal Power Agency, Red Rock Hydrelectric Project, Series 2018A                                                              | CUSIP: 958697KG8<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40462.72     | 0.00%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, State Revolving, Series 2016                                                                                               | CUSIP: 46246K2Y7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     95000 | PA      | $97421.52     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Township of Middle NJ                                                            | Township of Middle, General Improvement Sewer Utility                                                                                              | CUSIP: 596010JJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5225000 | PA      | $5234807.33   | 0.23%             | 2025-09-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Borough of East Rutherford NJ                                                    | Borough of East Rutherford                                                                                                                         | CUSIP: 274785JB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8560827.70   | 0.37%             | 2026-04-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Airport System Revenue                                      | County of Broward, Airport System, Series A                                                                                                        | CUSIP: 114894WA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002933.30   | 0.04%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | New York State Housing Finance Agency, State Personal Income Tax, Series 2024A-2                                                                   | CUSIP: 649870NG3<br>LEI: 5493000LS7KCDB02O506 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1996489.80   | 0.09%             | 2054-06-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2019                                                                                                      | CUSIP: 709224L31<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    155000 | PA      | $156521.93    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tippecanoe School Corp.                                                          | Tippecanoe School Corp., Series 2024B                                                                                                              | CUSIP: 887870FH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2861900.61   | 0.12%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                   | Florida Department of Environmental Protection, Series 2019B                                                                                       | CUSIP: 34160WE34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46971.19     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FYI Properties                                                                   | FYI Properties, Series 2019                                                                                                                        | CUSIP: 302716BD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Otego-Unadilla Central School District                                           | Otego-Unadilla Central School District                                                                                                             | CUSIP: 688822FL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7100000 | PA      | $7108338.24   | 0.31%             | 2025-07-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2024A                                                                                                   | CUSIP: 65000BW46<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1812318.48   | 0.08%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                           | University of Kentucky, General Receipts, Series 2015B                                                                                             | CUSIP: 914378JE5<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70084.25     | 0.00%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dauphin PA                                                             | County of Dauphin, Series 2020A                                                                                                                    | CUSIP: 238253Q50<br>LEI: 549300E86X2H9JIHEX42 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26247.43     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, General Improvement                                                                                                           | CUSIP: 79623PCU7<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    145000 | PA      | $151432.01    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                      | Long Island Power Authority, Electric System                                                                                                       | CUSIP: 542691DY3<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $24802045.00  | 1.08%             | 2025-09-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FYI Properties                                                                   | FYI Properties, State of Washington District Project, Series 2019                                                                                  | CUSIP: 302716BF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46768.33     | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | County of Harris Toll Road, Series 2023A                                                                                                           | CUSIP: 41423PCV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $934914.32    | 0.04%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series 2016                                                                                                                     | CUSIP: 574193MV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130009.11    | 0.01%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2018A                                                                                            | CUSIP: 181059ZN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63160.94     | 0.00%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2005D-3                                                                                                      | CUSIP: 646139ZX6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    900000 | PA      | $912541.86    | 0.04%             | 2026-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Township of East Windsor NJ                                                      | Township of East Windsor                                                                                                                           | CUSIP: 276032FV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7218451 | PA      | $7237125.85   | 0.31%             | 2025-09-19      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Maine                                                                   | State of Maine, Series 2017B                                                                                                                       | CUSIP: 56052AZJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Louis MO Airport Revenue                                              | City of St. Louis Airport, Series 2005                                                                                                             | CUSIP: 791638VF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $247126.56    | 0.01%             | 2027-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Burlington County Bridge Commission                                              | Burlington County Bridge Commission, Government Leasing Program, Series 2024D                                                                      | CUSIP: 121651PZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4319495.34   | 0.19%             | 2025-12-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SCAGO Educational Facilities Corp. for Pickens School District                   | SCAGO Educational Facilities Corp. for Pickens School District                                                                                     | CUSIP: 80585TCD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80093.24     | 0.00%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Harrisonburg VA                                                          | City of Harrisonburg, Series 2021A                                                                                                                 | CUSIP: 415666RL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175405.62    | 0.01%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Johnson City NY                                                       | Village of Johnson City, Series 2024C                                                                                                              | CUSIP: 478232QY0<br>LEI: 549300LRO82Q9UD0VD27 | Long             | DBT              | MUN               | US        |  12425000 | PA      | $12444066.16  | 0.54%             | 2025-09-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025F, Subseries F-1                       | CUSIP: 64972JPW2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2169384.80   | 0.09%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Federal Transportation                                                                                 | CUSIP: 92778UCD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $782414.85    | 0.03%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Second Tier, Series B                                                                                               | CUSIP: 66285WWZ5<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20172.23     | 0.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marple Newtown School District                                                   | Marple Newtown School District, Series 2016                                                                                                        | CUSIP: 571363HQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX                                                                | City of Dallas, Series 2017                                                                                                                        | CUSIP: 235219MU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $324363.14    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                              | City of Houston Combined Utility System, First Lien, Series 2015D                                                                                  | CUSIP: 44244CCF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302747.52    | 0.01%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                  | Minnesota Higher Education Facilities Authority, Carleton College, Series 2017                                                                     | CUSIP: 60416H3C6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30446.70     | 0.00%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tippecanoe School Corp.                                                          | Tippecanoe School Corp., Series 2024A                                                                                                              | CUSIP: 887870FC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2154303.87   | 0.09%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                        | Ohio Turnpike and Infrastructure Commission, Series 1998A                                                                                          | CUSIP: 67760HCH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1830593.70   | 0.08%             | 2026-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Township of Edison NJ                                                            | Township of Edison, Water Utility, Series 2024B                                                                                                    | CUSIP: 281047M80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8860000 | PA      | $8891672.73   | 0.39%             | 2025-11-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                     | Clark County School District, Limited Tax, Series 2017A                                                                                            | CUSIP: 181059WX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $197793.10    | 0.01%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Rush University Medical Center Obligated Group, Series 2015A                                                           | CUSIP: 45203HN73<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20014.50     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                              | Houston Independent School District, Limited Tax, Series 2025B                                                                                     | CUSIP: 442403RE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4406292.90   | 0.19%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                        | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2020C-3                                          | CUSIP: 414009PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2345000 | PA      | $2402837.08   | 0.10%             | 2032-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Carson City NV                                                                   | Carson City Nevada Hospital, Carson Tahoe Regional Healthcare Project                                                                              | CUSIP: 145810DK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $705103.11    | 0.03%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clarke County Hospital Authority                                                 | Clarke County Hospital Authority, Pidemont Healthcare, Series 2016A                                                                                | CUSIP: 181685JC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25405.29     | 0.00%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series 2016A                                                                                                       | CUSIP: 63968AH40<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60668.90     | 0.00%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 246                                                                                | CUSIP: 73358XNF5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   8250000 | PA      | $8410135.80   | 0.37%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2025A                                                                                                          | CUSIP: 29270C6W0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1891277.69   | 0.08%             | 2027-07-01      | 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 2024C                                            | CUSIP: 414009SP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3976523.25   | 0.17%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bucks PA                                                               | County of Bucks, Series 2017                                                                                                                       | CUSIP: 118565XU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project, Series 2019A                                                            | CUSIP: 626207W42<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009771.60   | 0.04%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Bexar TX                                                               | County of Bexar, Limited Tax                                                                                                                       | CUSIP: 088281A42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25532.54     | 0.00%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2023, Series 2024, Subseries A-1                                                                                     | CUSIP: 64966QE63<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    180000 | PA      | $184766.27    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, Series AT-1                                                                                  | CUSIP: 70917TMY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20010.60     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2024C                                                                                                                 | CUSIP: 25476FH68<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2138248.20   | 0.09%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series WW                                                               | CUSIP: 64577BKD5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150116.54    | 0.01%             | 2028-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2022, Series 2020B-1                                                   | CUSIP: 64971XMU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $82380.01     | 0.00%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chattanooga TN Electric Revenue                                          | City of Chattanooga Electric                                                                                                                       | CUSIP: 162393GS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6409535.40   | 0.28%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Transportation Board                                                     | Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund, Series 2016                                                     | CUSIP: 040649MJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40065.80     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                      | Ohio Higher Educational Facility Commission, Series 2018                                                                                           | CUSIP: 67756DRE8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    120000 | PA      | $123749.16    | 0.01%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2018D                                                                                    | CUSIP: 442349CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75092.36     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | Geisinger Authority, Health System, Series 2020C                                                                                                   | CUSIP: 368497JY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060224.90   | 0.05%             | 2043-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                          | County of Montgomery, Dayton Children's Hospital, Series 2021                                                                                      | CUSIP: 613520NK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $433508.80    | 0.02%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                      | Pierce County School District No. 10 Tacoma, Unlimited Tax                                                                                         | CUSIP: 720424ZD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25250.71     | 0.00%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, School Facilities Construction, Series 2024SSS                                                          | CUSIP: 64577XEU6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1453703.44   | 0.06%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medina Central School District                                                   | Medina Central School District                                                                                                                     | CUSIP: 584802GQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7300000 | PA      | $7309490.00   | 0.32%             | 2025-07-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Tax-Exempt Telecommunications                                                                                          | CUSIP: 917467BQ4<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    125000 | PA      | $124555.21    | 0.01%             | 2025-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                              | Virginia College Building Authority, Series 2023A                                                                                                  | CUSIP: 92778VML9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52780.19     | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 124, Series A                                                                         | CUSIP: 49151FK90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25198.38     | 0.00%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, Series 2017AU-2                                                                              | CUSIP: 70917TQG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5169.09      | 0.00%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Mexico Severance Tax Permanent Fund                                 | State of New Mexico Severance Tax Permanent Fund, Series 2018A                                                                                     | CUSIP: 6473102Y6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46974.26     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Celina Independent School District                                               | Celina Independent School District, Unlimited Tax, Series 2016                                                                                     | CUSIP: 151145PY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1316014.44   | 0.06%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health and Educational Facilities Authority of the State of Missouri, BJC Health System, Series 2021B                                              | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5531833.45   | 0.24%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2024A                                                        | CUSIP: 04052FEN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1368332.94   | 0.06%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Putnam Valley NY                                                         | Town of Putnam Valley, Series 2024B                                                                                                                | CUSIP: 746891BT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7515384.00   | 0.33%             | 2025-09-05      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Rankin Independent School District                                               | Rankin Independent School District, Unlimited Tax                                                                                                  | CUSIP: 753177EU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1267038.38   | 0.06%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project, Series 2011A                    | CUSIP: 95648VBG3<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |   5650000 | PA      | $5599611.61   | 0.24%             | 2041-01-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Limited Tax Las Vegas Convention and Visitors Authority, Series 2017C                                                             | CUSIP: 180848UU5<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20028.82     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California, Various Purpose                                                                                                               | CUSIP: 13063DB72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2324389.28   | 0.10%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series 2021A                                                                                                        | CUSIP: 57582RT30<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2173377.40   | 0.09%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | County of Clark, Series 2018                                                                                                                       | CUSIP: 180848YP2<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032066.80   | 0.04%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, Subordinate Lien, Series 2018D                                                                                     | CUSIP: 442349CS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67649.43     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin Water and Wastewater System, Series 2024                                                                                            | CUSIP: 052477XZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069041.40   | 0.05%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Common School, Series 2025A                                                                                                         | CUSIP: 677523LF7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8248020.00   | 0.36%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                              | City and County Honolulu Wastewater System, First Resolution, Series B                                                                             | CUSIP: 438701ZR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25037.88     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX                                                           | City of San Antonio, Combination Tax                                                                                                               | CUSIP: 79623PRR8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1205396.66   | 0.05%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Obligated Group, Series 2014A                              | CUSIP: 97712DHJ8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    220000 | PA      | $220248.09    | 0.01%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Kansas Hospital Authority                                          | University of Kansas Hospital Authority, Health System, Series 2017A                                                                               | CUSIP: 914367HJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $229031.51    | 0.01%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                             | School District of Broward County, Florida Certificates of Participation, Series 2015A                                                             | CUSIP: 115065XN9<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500657.25    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019B-1                                                                          | CUSIP: 19648FJH8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2603863.34   | 0.11%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alabama                                                                 | State of Alabama, Series 2016C                                                                                                                     | CUSIP: 010411BQ8<br>LEI: 549300TKZX0YNENZC895 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25622.11     | 0.00%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | County of Miami-Dade, Aviation System, Series A                                                                                                    | CUSIP: 59333PS90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152757.00    | 0.01%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lee FL Airport Revenue                                                 | County of Lee Airport, Series 2021A                                                                                                                | CUSIP: 523470GG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1565074.65   | 0.07%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No. 1 Electric Revenue                      | Clark County Public Utility District No. 1 Electric, Series 2024                                                                                   | CUSIP: 181108E49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1655737.76   | 0.07%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series 2024C                                                                                                 | CUSIP: 93974ES72<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1367122.15   | 0.06%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus County Industrial Facilities & Pollution Control Financing Authority    | Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project, Series 2020A                     | CUSIP: 199048AD1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1780000 | PA      | $1778138.48   | 0.08%             | 2034-05-01      | Variable      | 1.37%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health and Educational Facilities Authority, Stamford Hospital, Series L-1                                                       | CUSIP: 20775DKB7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351325.10    | 0.02%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2017A                                                                         | CUSIP: 45204EZP6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     80000 | PA      | $83165.40     | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marion County School District No. 103 Woodburn/OR                                | Marion County School District No. 103 Woodburn, Series 2015                                                                                        | CUSIP: 569280DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $615439.42    | 0.03%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 112, Series B                                                                         | CUSIP: 49151FNM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $312040.19    | 0.01%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Infrastructure Improvement, Series 2025A                                                                                            | CUSIP: 677523KL5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4380742.80   | 0.19%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1                      | CUSIP: 64972JTW8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2101054.80   | 0.09%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Henrico VA Water & Sewer Revenue                                       | County of Henrico Water and Sewer                                                                                                                  | CUSIP: 426170NE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018245.20   | 0.04%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Oswego IL                                                             | Village of Oswego, Series 2016                                                                                                                     | CUSIP: 688664QB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1393426.02   | 0.06%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Delaware                                                           | University of Delaware, Series 2013C                                                                                                               | CUSIP: 91425MDV6<br>LEI: KPIOJCFMR70NWLS6O145 | Long             | STIV             | MUN               | US        |   8000000 | PA      | $8000000.00   | 0.35%             | 2037-11-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025F, Subseries F-1                       | CUSIP: 64972JPX0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1534779.26   | 0.07%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Goshen Health, Series 2019B                                                                                             | CUSIP: 45471ATB8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | STIV             | MUN               | US        |   2700000 | PA      | $2628507.51   | 0.11%             | 2049-11-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Edward Elmhurst Healthcare, Series 2018A                                                                               | CUSIP: 45204EM70<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21127.85     | 0.00%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Public Facilities Corp.                                              | San Antonio Public Facilities Corp., Convention Center Facility Project, Series 2022                                                               | CUSIP: 796334BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21117.37     | 0.00%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2017-2                                                                                              | CUSIP: 977123T99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102341.78    | 0.00%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem-Keizer School District No. 24J                                             | Salem-Keizer School District No. 24J, Series 2018                                                                                                  | CUSIP: 569203MW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50034.07     | 0.00%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Central School District                                                | Lancaster Central School District                                                                                                                  | CUSIP: 514224QW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4730000 | PA      | $4730525.03   | 0.21%             | 2025-06-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York and New Jersey, Consolidated, Series 189                                                                                | CUSIP: 73358WWQ3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40013.86     | 0.00%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                                    | Alabama Federal Aid Highway Finance Authority, Series 2016A                                                                                        | CUSIP: 010268AX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20478.38     | 0.00%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University System of Maryland                                                    | University System of Maryland, Series 2017A                                                                                                        | CUSIP: 9144025D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40707.10     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX Electric Light & Power System Revenue                         | City of Lubbock, Electric Light and Power System, Series 2018                                                                                      | CUSIP: 549203VZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $497498.54    | 0.02%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                               | Dallas Independent School District, Unlimited Tax                                                                                                  | CUSIP: 235308ZX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25175.49     | 0.00%             | 2026-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Gas Supply, Series 2022D-2                                                                                         | CUSIP: 09182NCC2<br>LEI: 549300I8V0Z68JQCB679 | Long             | STIV             | MUN               | US        |  25450000 | PA      | $25679999.29  | 1.12%             | 2052-07-01      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City and County of Denver, Airport System, Series 2023B                                                                                            | CUSIP: 249182UP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5241488.00   | 0.23%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Yakima Valley Memorial Hospital Association                                                           | CUSIP: 93978HRJ6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    675000 | PA      | $692048.14    | 0.03%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                           | West Virginia Commissioner of Highways, Series 2017A                                                                                               | CUSIP: 95649ACN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $390218.40    | 0.02%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-2                                                                          | CUSIP: 19648FKE3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26285.78     | 0.00%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Public Education Capital Outlay, Series 2020A                                                                                    | CUSIP: 34153QSV9<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    105000 | PA      | $109516.38    | 0.00%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                          | School Board of Miami-Dade County (The), Florida Certificates of Participation, Series 2012A                                                       | CUSIP: 59333MF91<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150088.83    | 0.01%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Huber Heights OH                                                         | City of Huber Heights                                                                                                                              | CUSIP: 443524XB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1801860.66   | 0.08%             | 2025-07-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Project 1, Series 2024B                                                                                                          | CUSIP: 29270C6B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2420000 | PA      | $2474068.61   | 0.11%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Clean Water Initiative Revolving, Series 2019                                                                          | CUSIP: 45204EW46<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    240000 | PA      | $247749.67    | 0.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Expressway Authority                                           | Miami-Dade County Expressway Authority, Toll System, Series 2014A                                                                                  | CUSIP: 59334KJE9<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |    210000 | PA      | $210254.42    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Medical Center, Series 2023A | CUSIP: 592041ZX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26235.41     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                   | Central Puget Sound Regional Transit Authority, Sales and Use Tax, Series 2015S-1                                                                  | CUSIP: 15504RGB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $554528.87    | 0.02%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                       | Denver City and County School District No. 1                                                                                                       | CUSIP: 249174UH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25253.16     | 0.00%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, State Personal Income Tax, Series 2016D                                                                        | CUSIP: 64990F4U5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30463.59     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA                                                          | City of Philadelphia, Series 2019A                                                                                                                 | CUSIP: 717813WN5<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95282.19     | 0.00%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Nantucket MA                                                             | Town of Nantucket, Series A                                                                                                                        | CUSIP: 6301914L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7300000 | PA      | $7314576.64   | 0.32%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ridge Road Fire District                                                         | Ridge Road Fire District                                                                                                                           | CUSIP: 765743DL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7026957.00   | 0.31%             | 2025-10-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019B-2                                                                          | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115921.36    | 0.01%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                                 | Alabama Community College System, Gadsen State Community College, Series 2018                                                                      | CUSIP: 01025PBW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95000.00     | 0.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hawaii HI                                                              | County of Hawaii, Series A                                                                                                                         | CUSIP: 419722L43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50717.31     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority Future Tax Secured, Series B1                                                                         | CUSIP: 64971WXE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5030000 | PA      | $5059931.02   | 0.22%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2017, Series 2014I, Subseries I-3                                                                                    | CUSIP: 64966MJM2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    745000 | PA      | $767580.43    | 0.03%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2018B                                                                                    | CUSIP: 442349BH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88912.25     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2019B                                                                                                                    | CUSIP: 4521524R9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3860000 | PA      | $3875271.32   | 0.17%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston Combined Utility System, First Lien, Series 2016B                                                                                  | CUSIP: 44244CGH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $575220.29    | 0.03%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX                                                               | City of Houston, Public Improvement, Series 2019A                                                                                                  | CUSIP: 4423314Y7<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |    105000 | PA      | $108965.21    | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Louis MO Airport Revenue                                              | City of St Louis Airport, Lambert St. Louis International Airport, Series 2005                                                                     | CUSIP: 791638VG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21479.28     | 0.00%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2016A                                                                                                                       | CUSIP: 213185KJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46009.98     | 0.00%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2016                                                                                                    | CUSIP: 735389YE2<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55735.76     | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee Meadows Water Authority                                                  | Truckee Meadows Water Authority, Series 2017                                                                                                       | CUSIP: 897825HA6<br>LEI: 549300GC367BYY1WT202 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100152.34    | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Commonspirit Health, Series 2019B-3                                                                   | CUSIP: 93978HVB8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115785.78    | 0.01%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                | CUSIP: 20282EAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030770.00   | 0.04%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage County Community High School District No. 94 West Chicago                 | DuPage County Community High School District No. 94 West Chicago                                                                                   | CUSIP: 263381DX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10055.06     | 0.00%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                                 | State of Georgia, Series 2014A                                                                                                                     | CUSIP: 373384R99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100072.80    | 0.00%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | Pennsylvania Turnpike Commission, Series 2019A                                                                                                     | CUSIP: 709224R35<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    215000 | PA      | $220421.66    | 0.01%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Highland Falls NY                                                     | Village of Highland Falls                                                                                                                          | CUSIP: 430074HV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4045000 | PA      | $4057087.67   | 0.18%             | 2025-09-26      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Orange County School Board                                                       | Orange County School Board, Series 2017B                                                                                                           | CUSIP: 684517SD8<br>LEI: 549300SEFJ368NVQXL34 | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2248336.50   | 0.10%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pittsburgh PA                                                            | City of Pittsburgh, Series 2020A                                                                                                                   | CUSIP: 725209NM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $307604.76    | 0.01%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Arkansas                                                           | University of Arkansas, Various Facility UAMS Campus, Series 2019A                                                                                 | CUSIP: 9140724B6<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25915.71     | 0.00%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Enerra South Carolina Project, Series 2024                                                     | CUSIP: 83704DAP1<br>LEI: 5493006X47I9VG3DL112 | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2488913.25   | 0.11%             | 2027-12-15      | Variable      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Waste Management, Inc. Project, Series 2017A                                                               | CUSIP: 13048RAF4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000024.10   | 0.04%             | 2044-12-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                             | CUSIP: 254764JR5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50511.25     | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston, Combined Utility System, First Lien, Series 2015D                                                                                 | CUSIP: 44244CCH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1022298.76   | 0.04%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Yorkshire-Pioneer Central School District                                        | Yorkshire-Pioneer Central School District                                                                                                          | CUSIP: 987201GJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12014251.20  | 0.52%             | 2025-07-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | County of Allen Hospital Facilities, Series 2017A                                                                                                  | CUSIP: 01757LFS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $312046.35    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project                                           | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2497630.25   | 0.11%             | 2043-07-01      | Variable      | 3.70%                 | Yes           |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | Triborough Bridge and Tunnel Authority, Series A                                                                                                   | CUSIP: 89602N6V1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52043.64     | 0.00%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                          | School Board of Miami-Dade County (The), Florida Certificates of Participation, Series 2015D                                                       | CUSIP: 59333MT70<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1340142.50   | 0.06%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                               | Tobacco Settlement Financing Corp., Series 2018A                                                                                                   | CUSIP: 888808HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $287973.45    | 0.01%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County High School District No. 214 Tolleson Union High School          | Maricopa County High School District No. 214 Tolleson Union High School                                                                            | CUSIP: 567527WG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $322383.73    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne Central School District                                                    | Wayne Central School District                                                                                                                      | CUSIP: 944312FD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1901137.91   | 0.08%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Series 2015A                                                                                                     | CUSIP: 75913TJJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180000.00    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Rose-Wolcott Central School District                                       | North Rose-Wolcott Central School District                                                                                                         | CUSIP: 662028GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3004114.80   | 0.13%             | 2025-07-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue          | Metropolitan Transit Authority of Harris County Sales and Use Tax                                                                                  | CUSIP: 41422EJA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063538.30   | 0.05%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health Educational and Housing Facility Board of the City of Memphis/the         | Health Educational and Housing Facility Board of the City of Memphis (The), Arbors Hickory Ridge Project, Series 2012                              | CUSIP: 586169EQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3609931 | PA      | $4136193.74   | 0.18%             | 2049-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Veterans Housing Assistance Program, Series 2008B                                                                                  | CUSIP: 882724GM3<br>LEI: 549300X9CH74QB747L76 | Long             | STIV             | MUN               | US        |   4365000 | PA      | $4365000.00   | 0.19%             | 2038-12-01      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Illinois Municipal Electric Agency                                               | Illinois Municipal Electric Agency, Power Supply System, Series 2015A                                                                              | CUSIP: 452024HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100206.46    | 0.00%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston, Airport System, Subordinate Lien, Series 2023B                                                                                    | CUSIP: 442349HA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31835.06     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                            | School District of Philadelphia (The), Series 2019B                                                                                                | CUSIP: 717883WT5<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024509.30   | 0.04%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hudson NY                                                                | City of Hudson                                                                                                                                     | CUSIP: 444060ES2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001365.30   | 0.13%             | 2025-06-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Various Purpose, Series R-2018 D                                                                                              | CUSIP: 93974DY51<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    135000 | PA      | $141377.90    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Public Finance Authority, Series 2017A                                                                                             | CUSIP: 882724AK3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1571528.55   | 0.07%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University System of Maryland                                                    | University System of Maryland, Series 2019B                                                                                                        | CUSIP: 9144027L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35618.71     | 0.00%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2019                                                                                     | CUSIP: 71781QFD5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80483.63     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio Electric and Gas Systems                                                                                                       | CUSIP: 7962535P3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1382655.96   | 0.06%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | North Carolina Medical Care Commission, Caromont Health, Series 2021B                                                                              | CUSIP: 65820HN90<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1302876.91   | 0.06%             | 2051-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                | Plano Independent School District, Series 2016A                                                                                                    | CUSIP: 727199XH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25358.38     | 0.00%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sioux Falls SD Sales Tax Revenue                                         | City of Sioux Falls Sales Tax, Series 2017A                                                                                                        | CUSIP: 829594LQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77185.19     | 0.00%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foley Utilities Board                                                            | Foley Utilities Board                                                                                                                              | CUSIP: 344244NK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36454.14     | 0.00%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 10 Tacoma                                      | Pierce County School District No. 10 Tacoma, Unlimited Tax, Series 2015                                                                            | CUSIP: 720424ZG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2121059.22   | 0.09%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Children's Hospital Obligated Group, Series 2015                                                                             | CUSIP: 254764JS3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    170000 | PA      | $171659.76    | 0.01%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boulder Larimer & Weld Counties St Vrain Valley School District Re1J             | Boulder Larimer and Weld Countes St. Vrain Valley School District Re-1J, Series 2016C                                                              | CUSIP: 101565H44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20194.58     | 0.00%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025H, Sub H-1                             | CUSIP: 64972JSM1<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1898211.70   | 0.08%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Transportation Accountability Commission                           | Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien, Series 2021A                                             | CUSIP: 40934TAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8495000 | PA      | $8679533.49   | 0.38%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Fiscal Year 2024, Series 2024E                                                                                                   | CUSIP: 64966SCX2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    800000 | PA      | $864612.40    | 0.04%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO                                                           | City of Kansas City, Series 2017C                                                                                                                  | CUSIP: 485106RW0<br>LEI: 549300EGAE3I3XU7XE19 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41714.45     | 0.00%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Travis County Water Control & Improvement District No. 17                        | Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax                                        | CUSIP: 894521AF0<br>LEI: 549300F2GYMQ0I900723 | Long             | DBT              | MUN               | US        |    280000 | PA      | $281620.61    | 0.01%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Armstrong PA                                                           | County of Armstrong                                                                                                                                | CUSIP: 042325MK3<br>LEI: 549300FVBLTMVMW6HN73 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240000.00    | 0.01%             | 2025-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Elementus Minerals, LLC Project, Series 2023                                                                | CUSIP: 54640TAK5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9031085.10   | 0.39%             | 2043-10-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Pittsfield MA                                                            | City of Pittsfield                                                                                                                                 | CUSIP: 725464KW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3128474.12   | 0.14%             | 2026-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                             | Central Florida Expressway Authority, Senior Lien, Series 2016B                                                                                    | CUSIP: 153476BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25035.94     | 0.00%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Common School, Series 2015A                                                                                                         | CUSIP: 677522BX1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    115000 | PA      | $118115.61    | 0.01%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas County Utility & Reclamation District                                     | Dallas County Utility and Reclamation District, Unlimited Tax, Series 2016                                                                         | CUSIP: 234839PL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313935.03    | 0.01%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                     | Salt River Project Agricultural Improvement and Power District, Arizona Electric System, Series 2019A                                              | CUSIP: 79574CDM2<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |    385000 | PA      | $397988.24    | 0.02%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe Local School District                                                     | Monroe Local School District                                                                                                                       | CUSIP: 611237CY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2006351.40   | 0.09%             | 2025-12-04      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Herons Key Senior Living, Series A                                                                    | CUSIP: 939783SG2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    800000 | PA      | $802010.56    | 0.03%             | 2045-07-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Federal Transportation                                                                                 | CUSIP: 92778UBZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20529.06     | 0.00%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2025B                                                                                                                 | CUSIP: 20772KB81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4225000 | PA      | $4447142.90   | 0.19%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Indiana PA                                                             | County of Indiana                                                                                                                                  | CUSIP: 454686EH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $433206.50    | 0.02%             | 2026-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                         | County of Mecklenburg, Series 2013A                                                                                                                | CUSIP: 584002RV3<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010303.00   | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County Square Redevelopment Corp.                                                | County Square Redevelopment Corp., Greenville South Carolina Project                                                                               | CUSIP: 22259PBW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5900000 | PA      | $6454830.69   | 0.28%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cuba-Rushford Central School District                                            | Cuba-Rushford Central School District                                                                                                              | CUSIP: 229570EH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001298.60   | 0.09%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Cook IL                                                                | County of Cook, Series 2021B                                                                                                                       | CUSIP: 213185MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $232962.52    | 0.01%             | 2026-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jasper-Troupsberg Central School District                                        | Jasper-Troupsberg Central School District                                                                                                          | CUSIP: 471882DZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001013.80   | 0.09%             | 2025-06-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | Maine Health and Higher Educational Facilities Authority, Mainehealth, Series 2020A                                                                | CUSIP: 56042RXS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254772.68    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Katy Independent School District                                                 | Katy Independent School District, Series D                                                                                                         | CUSIP: 486063VH0<br>LEI: 254900H9QSKVP2HWVL72 | Long             | DBT              | MUN               | US        |    240000 | PA      | $243423.58    | 0.01%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Intermediate Lien, Series 2022A                                                                                                   | CUSIP: 735389S66<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261262.25    | 0.01%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                      | JEA Electric System, Series 2017B                                                                                                                  | CUSIP: 46613SFW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26012.24     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX Electric Light & Power System Revenue                         | City of Lubbock, Electric Light and Power System, Series 2018                                                                                      | CUSIP: 549203VY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254120.63    | 0.01%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | Kentucky State Property and Building Commission, Project No. 130, Series 2024B                                                                     | CUSIP: 49151F3C2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $86142.50     | 0.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Regents of the University of Texas System                               | Board of Regents of the University of Texas System, Series 2021A                                                                                   | CUSIP: 91514AKE4<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     95000 | PA      | $99373.18     | 0.00%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water and Power System, Series 2020A                                                                                     | CUSIP: 544532AT1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507866.95    | 0.02%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Adventhealth Obligated Group, Series 2019B                                                                   | CUSIP: 19648FXC3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1286535.98   | 0.06%             | 2049-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust IV

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer