# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0002071691-26-001822
**Filing Date:** 2026-1
**Character Count:** 220715
**Document Hash:** 5b64caad82f8fe576ae92f21b5ac5180
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001822.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001822

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 26571345

**BUSINESS ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

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

## Series and Classes Contracts Data

### JPMorgan California Tax Free Bond Fund (Series ID: S000002945)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008059 | Class I      | JPICX           |
| C000008060 | Class A      | JCBAX           |
| C000008061 | Class C      | JCBCX           |
| C000205201 | Class R6     | JCBSX           |

## Nport-Ex

**JPMorgan California Tax Free Bond Fund**

**Schedule of Portfolio Investments as of November 30, 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 California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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—91.8%** (a) | **Municipal Bonds—91.8%** (a) | **Municipal Bonds—91.8%** (a) |
| **Alabama—2.2%** | **Alabama—2.2%** | **Alabama—2.2%** |
| **Industrial Development Revenue/Pollution Control Revenue—0.2%** | **Industrial Development Revenue/Pollution Control Revenue—0.2%** | **Industrial Development Revenue/Pollution Control Revenue—0.2%** |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, Novelis Corp., Project Series 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| **Utility—2.0%** | **Utility—2.0%** | **Utility—2.0%** |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project Series 2024D, Rev., 5.00%, 11/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 4067 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District Series 2024B, Rev., 5.25%, 6/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1631 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District (The), Gas Project Series 2025A, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1581 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District (The), Project No. 2 Series 2024B, Rev., 5.00%, 5/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8352 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 9374 |
| **California—82.4%** | **California—82.4%** | **California—82.4%** |
| **Certificate of Participation/Lease—0.6%** | **Certificate of Participation/Lease—0.6%** | **Certificate of Participation/Lease—0.6%** |
| &nbsp;&nbsp;&nbsp; City and County of San Francisco, Multiple Capital Improvement Projects Series 2025R-1, COP, 5.00%, 4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2252 |
| &nbsp;&nbsp;&nbsp; County of San Diego, County Public Health and Capital Improvement Series 2023, COP, 5.00%, 10/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2746 |
| **Education—4.9%** | **Education—4.9%** | **Education—4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2 Series 2022A, <br> Rev., 4.00%, 6/1/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1234 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, Rocklin Academy Project Series 2024, Rev., 5.00%, 6/1/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1173 |
| &nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, California Academy of Science Series 2024A, Rev., 3.25%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3027 |
| &nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Equitable School Revolving Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp;&nbsp;&nbsp; 4678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Green Dot Public School Project Series 2022A, Rev., 5.00%, 8/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp; California State University, Systemwide Series 2025A, Rev., 5.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| &nbsp;&nbsp;&nbsp; Palmdale Elementary School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, 5.00%, 8/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, 4.00%, 8/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, 5.00%, 8/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp; University of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020BE, Rev., 5.00%, 5/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp;&nbsp; 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016AR, Rev., 5.00%, 5/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025CC, Rev., 5.00%, 5/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2975 | &nbsp;&nbsp;&nbsp;&nbsp; 3315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20990 |
| **General Obligation—14.8%** | **General Obligation—14.8%** | **General Obligation—14.8%** |
| &nbsp;&nbsp;&nbsp; Alvord Unified School District, 2007 Election Series 2011B, GO, A.G., Zero Coupon, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 5750 | &nbsp;&nbsp;&nbsp;&nbsp; 3868 |
| &nbsp;&nbsp;&nbsp; Chico Unified School District, Election of 2024 Series 2024A, GO, 4.50%, 8/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1525 |
| &nbsp;&nbsp;&nbsp; Colton Joint Unified School District, Election of 2014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 8/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 8/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp; Cupertino Union School District, Election of 2024 Series A, GO, 5.75%, 8/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1136 |
| &nbsp;&nbsp;&nbsp; Desert Community College District, Election of 2016 , GO, 4.00%, 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3830 |
| &nbsp;&nbsp;&nbsp; Desert Sands Unified School District, Election of 2024 , GO, 4.00%, 8/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1455 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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** |
| **General Obligation — continued** | **General Obligation — continued** | **General Obligation — continued** |
| &nbsp;&nbsp;&nbsp; Foothill-De Anza Community College District, Election of 2020 Series 2020D, GO, 5.00%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1355 |
| &nbsp;&nbsp;&nbsp; Grossmont Healthcare District Series 2025F, GO, 5.00%, 7/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3449 |
| &nbsp;&nbsp;&nbsp; Long Beach Community College District Series 2025E, GO, 5.00%, 8/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1807 |
| &nbsp;&nbsp;&nbsp; Los Alamitos Unified School District, School Facilities Improvement District, Election of 2018 Series C, GO, 4.00%, 8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp; 1232 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 QRR, GO, 5.25%, 7/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 QRR, GO, 5.25%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp; Menlo Park City School District, Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp; 679 |
| &nbsp;&nbsp;&nbsp; Modesto High School District, Election of 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp;&nbsp; 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1155 |
| &nbsp;&nbsp;&nbsp; Mount Diablo Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp; 838 |
| &nbsp;&nbsp;&nbsp; Napa Valley Unified School District, Election of 2006 Series 2010A, GO, Zero Coupon, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1912 |
| &nbsp;&nbsp;&nbsp; Napa Valley Unified School District, Election of 2024 Series A, GO, 4.50%, 8/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp; New Haven Unified School District, Election of 2024 Series A, GO, 4.50%, 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp; Palo Alto Unified School District, Election of 2008 Series 2008-2, GO, Zero Coupon, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 | &nbsp;&nbsp;&nbsp;&nbsp; 1762 |
| &nbsp;&nbsp;&nbsp; Redondo Beach Unified School District, Election of 2024 Series 2024A, GO, 4.63%, 8/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028 |
| &nbsp;&nbsp;&nbsp; Rio Hondo Community College District, Election of 2024 Series 2025A, GO, 4.38%, 8/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1758 |
| &nbsp;&nbsp;&nbsp; San Diego Unified School District, Election of 1998 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G-1, GO, A.G., 5.25%, 7/1/2028 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G-1, GO, A.G., 5.25%, 7/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2115 | &nbsp;&nbsp;&nbsp;&nbsp; 2285 |
| &nbsp;&nbsp;&nbsp; San Dieguito Union High School District , GO, 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp;&nbsp; 2045 |
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District Series 2025E-1, GO, 5.00%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1700 |
| &nbsp;&nbsp;&nbsp; San Jose Evergreen Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 9/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 | &nbsp;&nbsp;&nbsp;&nbsp; 1501 |
| &nbsp;&nbsp;&nbsp; San Jose Unified School District, Election of 2002 Series C, GO, NATL - RE, Zero Coupon, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3035 | &nbsp;&nbsp;&nbsp;&nbsp; 2635 |
| &nbsp;&nbsp;&nbsp; San Mateo County Community College District, Election of 2005 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, NATL - RE, Zero Coupon, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, NATL - RE, Zero Coupon, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006B, GO, NATL - RE, Zero Coupon, 9/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax Series 2016C, GO, Zero <br> Coupon, 9/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 1665 |
| &nbsp;&nbsp;&nbsp; State of California, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp; 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5072 |
| &nbsp;&nbsp;&nbsp; Ventura Unified School District, Election of 2022 Series 2022B, GO, 4.25%, 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; William S Hart Union High School District, Capital Appreciation Election 2001 Series 2005B, GO, A.G., Zero Coupon, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63590 |
| **Hospital—7.2%** | **Hospital—7.2%** | **Hospital—7.2%** |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 2/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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** |
| **Hospital — continued** | **Hospital — continued** | **Hospital — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 2/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1881 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Adventist Health System Series 2016A, Rev., 4.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2165 | &nbsp;&nbsp;&nbsp;&nbsp; 2168 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Cedars-Sinai Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 8/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1852 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Children's Hospital of Orange County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 5/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 11/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1574 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, CommonSpirit Health Series 2024A, Rev., 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, PIH Health Series 2020A, Rev., 4.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1323 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Scripps Health Series 2024B-2, Rev., 5.00%, 2/4/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 2006 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Stanford Health Care Series 2025B, Rev., 5.00%, 8/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 919 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Health Care Hazelden Betty Ford Foundation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Rev., 5.00%, 11/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Rev., 5.00%, 11/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, PIH Health Series 2024A, Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 | &nbsp;&nbsp;&nbsp;&nbsp; 2007 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, John Muir Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E-2, Rev., 5.00%, 10/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp; 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.25%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Kaiser Permanente Series 2009C-2, Rev., 5.00%, 11/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2178 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Loma Linda University Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.25%, 12/1/2056 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.50%, 12/1/2058 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Series 2022P, Rev., 5.00%, 5/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 2105 | &nbsp;&nbsp;&nbsp;&nbsp; 2363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31163 |
| **Housing—6.3%** | **Housing—6.3%** | **Housing—6.3%** |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, Pamona Properties LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 3220 | &nbsp;&nbsp;&nbsp;&nbsp; 3460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 1/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1539 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Caritas Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp;&nbsp; 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 8/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Linxs Apartments Project, Senior Lien Series 2018A, Rev., AMT, 5.00%, 12/31/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1808 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Martha Gardens Apartments Series 2025A-2, Rev., 3.45%, 12/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1515 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Multi-Family Housing, View At San Bruno Series 2024A-1, Rev., 5.00%, 7/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3166 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Terracina At Westpark Apartments Series 2024A, Rev., 3.20%, 8/1/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2497 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Senior Living The James Series 2024A, Rev., 6.50%, 6/1/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 490 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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** |
| **Housing — continued** | **Housing — continued** | **Housing — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Heritage Park Apartments Project Series 2025A, Rev., FNMA COLL, <br> 3.70%, 4/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2592 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Sequoia Living Projects Series 2025A, Rev., 5.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1735 | &nbsp;&nbsp;&nbsp;&nbsp; 1951 |
| &nbsp;&nbsp;&nbsp; City of San Jose, Multi-Family Housing Parkmoor Series 2023F2, Rev., 5.00%, 6/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019 |
| &nbsp;&nbsp;&nbsp; Los Angeles Housing Authority, Multi Family Housing, Victory BLVD Series 2025A, Rev., 3.00%, 12/10/2025 (c) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27084 |
| **Industrial Development Revenue/Pollution Control Revenue—4.5%** | **Industrial Development Revenue/Pollution Control Revenue—4.5%** | **Industrial Development Revenue/Pollution Control Revenue—4.5%** |
| &nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Segerstrom Center for the Arts Series 2024, Rev., 5.00%, 1/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2262 |
| &nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, The J. Paul Getty Trust Series 2023B, Rev., 5.00%, 10/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3048 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Republic Services, Inc., Project Series 2024A, Rev., AMT, 3.88%, 3/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2985 | &nbsp;&nbsp;&nbsp;&nbsp; 2997 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc., Project Series 2009A, Rev., 3.30%, 2/1/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project , Rev., AMT, 5.00%, <br> 7/1/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2105 | &nbsp;&nbsp;&nbsp;&nbsp; 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project Series 2017A-1, Rev., AMT, <br> 3.45%, 1/15/2026 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; Rancho Cucamonga Redevelopment Agency Successor Agency Series 2024, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp; Rialto Public Financing Authority, Police Station Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2085 |
| &nbsp;&nbsp;&nbsp; Santa Cruz County Redevelopment Successor Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 9/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp; 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19427 |
| **Other Revenue—13.6%** | **Other Revenue—13.6%** | **Other Revenue—13.6%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Green Bond Series 2022A-1, Rev., 4.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency Series 2006A, Rev., Zero Coupon, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 691 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp. Series A, Rev., 5.00%, 6/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1429 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 766 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Sonoma County Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.33%, 11/20/2040 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 999 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Rev., 3.44%, 2/20/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp;&nbsp; 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp; 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1309 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Eskaton Properties, Inc. Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1360 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1528 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Humangood California Obligated Group Series 2025A, Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Rev., AMT, VRDO, 3.80%, 3/2/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B, Rev., AMT, 3.85%, 6/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3499 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Southern California Edison Co. Series 2006C, Rev., 4.50%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1153 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles , Rev., TRAN, 5.00%, 6/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5074 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., 3.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1580 | &nbsp;&nbsp;&nbsp;&nbsp; 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 22700 | &nbsp;&nbsp;&nbsp;&nbsp; 2434 |
| &nbsp;&nbsp;&nbsp; Jurupa Public Financing Authority Series 2024, A.G., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2364 |
| &nbsp;&nbsp;&nbsp; Long Beach Bond Finance Authority Series 2007A, Rev., 5.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2875 | &nbsp;&nbsp;&nbsp;&nbsp; 3283 |
| &nbsp;&nbsp;&nbsp; Los Angeles County Public Works Financing Authority Series 2022G, Rev., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1680 |
| &nbsp;&nbsp;&nbsp; M-S-R Energy Authority Series 2009B, Rev., 7.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2440 |
| &nbsp;&nbsp;&nbsp; Municipal Improvement Corp. of Los Angeles Series 2025A, Rev., 5.00%, 5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081 |
| &nbsp;&nbsp;&nbsp; Municipal Improvement Corp. of Los Angeles, Real Property |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016B, Rev., 4.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1081 |
| &nbsp;&nbsp;&nbsp; Ontario Public Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp; 568 |
| &nbsp;&nbsp;&nbsp; Pasadena Public Financing Authority, Rose Bowl Renovation Series 2024, Rev., Zero Coupon, 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 601 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 10/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp. Series 2021B-1, Rev., <br> 4.00%, 6/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp;&nbsp; 1409 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp;&nbsp; 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 6/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 58605 |
| **Prerefunded—1.2%** | **Prerefunded—1.2%** | **Prerefunded—1.2%** |
| &nbsp;&nbsp;&nbsp; Campbell Union High School District, Election of 2016 Series B, GO, 5.00%, 8/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2370 | &nbsp;&nbsp;&nbsp;&nbsp; 2413 |
| &nbsp;&nbsp;&nbsp; State of California Department of Water Resources, Central Valley Project, Water System Series AW, Rev., 5.00%, 12/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5083 |
| **Transportation—10.0%** | **Transportation—10.0%** | **Transportation—10.0%** |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, Toll Bridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024I, Rev., VRDO, 2.40%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 8600 | &nbsp;&nbsp;&nbsp;&nbsp; 8600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F-2, Rev., 5.00%, 4/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1295 | &nbsp;&nbsp;&nbsp;&nbsp; 1439 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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** |
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| &nbsp;&nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick Campaign Series 2024B, Rev., AMT, A.G., 4.38%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Academy of Motion Picture Series 2023A, Rev., 5.00%, 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2025 B, Rev., 12.00%, <br> 11/2/2026 ‡ (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2740 | &nbsp;&nbsp;&nbsp;&nbsp; 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, United Airlined, Inc. Los Angeles Internation Airport Projects Series 2019, Rev., AMT, <br> 4.00%, 7/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., AMT, 5.00%, 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 5.00%, 5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, Rev., 4.00%, 5/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1755 | &nbsp;&nbsp;&nbsp;&nbsp; 1772 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, International Airport Subordinate Series 2022G, Rev., AMT, 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1387 |
| &nbsp;&nbsp;&nbsp; Foothill Eastern Transportation Corridor Agency, Capital Appreciation, Senior Lien Series 1995A, Rev., Zero Coupon, 1/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1795 | &nbsp;&nbsp;&nbsp;&nbsp; 1791 |
| &nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC Series 2021A, Rev., AMT, 5.00%, 3/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2180 |
| &nbsp;&nbsp;&nbsp; Port of Los Angeles, Harbor Department |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 5.00%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3420 | &nbsp;&nbsp;&nbsp;&nbsp; 3478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A 1, Rev., AMT, 5.00%, 8/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Senior Private Activity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.25%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Francisco City and County Airport Commission, San Francisco International Airport Series 2019A, Rev., AMT, 5.00%, <br> 5/1/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp; San Francisco City and County Airport Comm-San Francisco International Airport Series 2016B, Rev., AMT, 5.00%, 5/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1752 |
| &nbsp;&nbsp;&nbsp; Southern California Logistics Airport Authority, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp; 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp;&nbsp; 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp; 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., A.G., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 517 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 43315 |
| **Utility—8.9%** | **Utility—8.9%** | **Utility—8.9%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023G-1, Rev., 5.25%, 4/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2175 | &nbsp;&nbsp;&nbsp;&nbsp; 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 9/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, Rev., 5.00%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025E, Rev., 5.00%, 5/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp;&nbsp; 4167 |
| &nbsp;&nbsp;&nbsp; City of Glendale Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Rev., 5.00%, 2/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Rev., A.G. - CR, 5.00%, 2/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp;&nbsp; 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 2/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3145 |
| &nbsp;&nbsp;&nbsp; City of Vernon, Electric System Series 2021A, Rev., 5.00%, 4/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp; 654 |
| &nbsp;&nbsp;&nbsp; Imperial Irrigation District Electric System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1291 |
| &nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District Series 2023D, Rev., 5.00%, 10/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3868 |
| &nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority Series 2025A, Rev., 5.50%, 7/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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** |
| **Utility — continued** | **Utility — continued** | **Utility — continued** |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Canyon Power Project Series 2025A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1112 |
| &nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Transmission System Renewal Project Series 2023-1, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3230 |
| &nbsp;&nbsp;&nbsp; Vista Joint Powers Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp;&nbsp; 1057 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38421 |
| **Water & Sewer—10.4%** | **Water & Sewer—10.4%** | **Water & Sewer—10.4%** |
| &nbsp;&nbsp;&nbsp; Antelope Valley-East Kern Water Agency Financing Authority Series 2025B, Rev., 5.00%, 4/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund , Rev., 4.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2068 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Wastewater System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1595 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Wastewater System, Subordinate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2314 |
| &nbsp;&nbsp;&nbsp; City of San Francisco Public Utilities Commission Water, Hetch Hetchy water Series 2025, Subseries F-1, Rev., 5.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1789 |
| &nbsp;&nbsp;&nbsp; City of San Francisco, Public Utilities Commission Water Series 2020, Subseries C-10, Rev., 4.00%, 11/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Wastewater System Series 2025B, Rev., 5.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1204 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System Series 2025A, Rev., 5.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078 |
| &nbsp;&nbsp;&nbsp; Eastern Municipal Water District, Water and Wastewater Series 2016A, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2885 | &nbsp;&nbsp;&nbsp;&nbsp; 2926 |
| &nbsp;&nbsp;&nbsp; Goleta Water District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 9/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1105 | &nbsp;&nbsp;&nbsp;&nbsp; 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025C, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 7/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1610 | &nbsp;&nbsp;&nbsp;&nbsp; 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022D, Rev., 5.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3092 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Water System Series 2017A, Rev., 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2856 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California Series 2024B3, Rev., 5.00%, 7/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107 |
| &nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California, Waterworks Series 2024B-2, Rev., 5.00%, 7/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2240 | &nbsp;&nbsp;&nbsp;&nbsp; 2377 |
| &nbsp;&nbsp;&nbsp; San Francisco City and County Public Utilities Commission Wastewater |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp;&nbsp; 1768 |
| &nbsp;&nbsp;&nbsp; Southern California Water Replenishment District , Rev., 5.00%, 8/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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** |
| **Water & Sewer — continued** | **Water & Sewer — continued** | **Water & Sewer — continued** |
| &nbsp;&nbsp;&nbsp; State of California Department of Water Resources, Central Valley Project Series BF, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2332 |
| &nbsp;&nbsp;&nbsp; State of California Department of Water Resources, Central Valley Project, Water System Series 2023A, Rev., 5.00%, 6/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44854 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 355278 |
| **Florida—0.0% ^** | **Florida—0.0% ^** | **Florida—0.0% ^** |
| **Transportation—0.0% ^** | **Transportation—0.0% ^** | **Transportation—0.0% ^** |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail Project , Rev., AMT, 5.50%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| **Georgia—1.5%** | **Georgia—1.5%** | **Georgia—1.5%** |
| **Utility—1.5%** | **Utility—1.5%** | **Utility—1.5%** |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 4/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 9/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., 5.00%, 12/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2940 | &nbsp;&nbsp;&nbsp;&nbsp; 3172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6568 |
| **Guam—0.3%** | **Guam—0.3%** | **Guam—0.3%** |
| **Other Revenue—0.3%** | **Other Revenue—0.3%** | **Other Revenue—0.3%** |
| &nbsp;&nbsp;&nbsp; Territory of Guam Series 2025G, Rev., 5.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1374 |
| **Idaho—0.3%** | **Idaho—0.3%** | **Idaho—0.3%** |
| **Housing—0.3%** | **Housing—0.3%** | **Housing—0.3%** |
| &nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Single Family Mortgage Series 2025C, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133 |
| **Illinois—0.5%** | **Illinois—0.5%** | **Illinois—0.5%** |
| **General Obligation—0.5%** | **General Obligation—0.5%** | **General Obligation—0.5%** |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education Series 2016A, GO, 7.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1965 | &nbsp;&nbsp;&nbsp;&nbsp; 1965 |
| **Iowa—0.2%** | **Iowa—0.2%** | **Iowa—0.2%** |
| **Other Revenue—0.2%** | **Other Revenue—0.2%** | **Other Revenue—0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed Series 2021-B-2, Rev., Zero Coupon, <br> 6/1/2065<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6265 | &nbsp;&nbsp;&nbsp;&nbsp; 936 |
| **Kentucky—0.2%** | **Kentucky—0.2%** | **Kentucky—0.2%** |
| **Utility—0.2%** | **Utility—0.2%** | **Utility—0.2%** |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply Series 2025B, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046 |
| **North Carolina—0.2%** | **North Carolina—0.2%** | **North Carolina—0.2%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, <br> 1/15/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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—0.7%** | **Ohio—0.7%** | **Ohio—0.7%** |
| **Other Revenue—0.5%** | **Other Revenue—0.5%** | **Other Revenue—0.5%** |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 5.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp; 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 6180 | &nbsp;&nbsp;&nbsp;&nbsp; 541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2015 |
| **Transportation—0.2%** | **Transportation—0.2%** | **Transportation—0.2%** |
| &nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 3040 |
| **Pennsylvania—0.3%** | **Pennsylvania—0.3%** | **Pennsylvania—0.3%** |
| **Housing—0.3%** | **Housing—0.3%** | **Housing—0.3%** |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2024-146A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp;&nbsp; 1072 |
| **Puerto Rico—1.6%** | **Puerto Rico—1.6%** | **Puerto Rico—1.6%** |
| **General Obligation—0.5%** | **General Obligation—0.5%** | **General Obligation—0.5%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico Series 2022A-1, GO, 5.63%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2046 |
| **Other Revenue—1.1%** | **Other Revenue—1.1%** | **Other Revenue—1.1%** |
| &nbsp;&nbsp;&nbsp; Children's Trust Fund, Tobacco Settlement Asset-Backed Series 2005A, Rev., Zero Coupon, 5/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 3275 | &nbsp;&nbsp;&nbsp;&nbsp; 674 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2935 | &nbsp;&nbsp;&nbsp;&nbsp; 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp;&nbsp; 2334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4889 |
| &nbsp;&nbsp;&nbsp; Total Puerto Rico |  | &nbsp;&nbsp;&nbsp;&nbsp; 6935 |
| **South Dakota—0.4%** | **South Dakota—0.4%** | **South Dakota—0.4%** |
| **Housing—0.4%** | **Housing—0.4%** | **Housing—0.4%** |
| &nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp;&nbsp; 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp;&nbsp; 1132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1680 |
| **Utah—0.3%** | **Utah—0.3%** | **Utah—0.3%** |
| **Housing—0.3%** | **Housing—0.3%** | **Housing—0.3%** |
| &nbsp;&nbsp;&nbsp; Utah Housing Corp., Single Family Mortgage Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
| **Wisconsin—0.7%** | **Wisconsin—0.7%** | **Wisconsin—0.7%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, <br> 9/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| **Transportation—0.5%** | **Transportation—0.5%** | **Transportation—0.5%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 7/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2081 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 3133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $389,006)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 395835 |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **Shares** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **Value** <br>**($000)**<br>|
| **Short-Term Investments—7.5%** | **Short-Term Investments—7.5%** | **Short-Term Investments—7.5%** |
| **Investment Companies—7.5%** | **Investment Companies—7.5%** | **Investment Companies—7.5%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.71% (f) (g)(Cost $32,303) | &nbsp;&nbsp;&nbsp;&nbsp; 32301 | &nbsp;&nbsp;&nbsp;&nbsp; 32304 |
|  | &nbsp;&nbsp;&nbsp; **No. of** <br>**Contracts**<br>|  |
| **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** |
| **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury 30 Year Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 at USD 130.00, American Style |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 100,000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange-Traded \* | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 at USD 140.00, American Style |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 100,000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange-Traded \* | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Options Purchased <br>(Cost $219)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
| **Total Investments—99.3%** <br>**(Cost $421,528)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **428197** |
| **Assets in Excess of Other Liabilities—0.7%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **2804** |
| **Net Assets—100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **431001** |

---

&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. |
| AMT | Alternative Minimum Tax |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| NATL | Insured by National Public Finance Guarantee Corp. |
| RE | Reinsured |
| Rev. | Revenue |
| TRAN | Tax & Revenue Anticipation Note |
| USD | United States Dollar |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2025. <br>|
| (d) | Security is prerefunded or escrowed to maturity. |
| (e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (f) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan <br> Investment Management Inc.<br>|
| (g) | The rate shown is the current yield as of November 30, 2025. |

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of November 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8728 | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3875 | &nbsp;&nbsp;&nbsp;&nbsp; 24 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2905)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1451)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (22)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21 |

---

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

---

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

---

**Written Call Options Contracts as of November 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| U.S. Treasury 30 Year Bond | Exchange-Traded | 2000.00 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 200,000<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 135.00<br>| 1/23/2026 | &nbsp;&nbsp; (47)<br>|
| Total Written Options Contracts (Premiums Received $(156)) | Total Written Options Contracts (Premiums Received $(156)) | Total Written Options Contracts (Premiums Received $(156)) | Total Written Options Contracts (Premiums Received $(156)) | Total Written Options Contracts (Premiums Received $(156)) | Total Written Options Contracts (Premiums Received $(156)) | &nbsp;&nbsp; (47)<br>|

---

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

---

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

---

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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

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

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

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

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

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

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.

Futures contracts and options are generally valued on the basis of available market quotations.

See the table on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2025.

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

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

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

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

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

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

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>observable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alabama | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9374 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9374 |
| &nbsp;&nbsp;&nbsp; California | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 353086 | &nbsp;&nbsp;&nbsp;&nbsp; 2192 | &nbsp;&nbsp;&nbsp;&nbsp; 355278 |
| &nbsp;&nbsp;&nbsp; Florida | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp; Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6568 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6568 |
| &nbsp;&nbsp;&nbsp; Guam | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1374 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1374 |
| &nbsp;&nbsp;&nbsp; Idaho | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1133 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1133 |
| &nbsp;&nbsp;&nbsp; Illinois | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1965 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1965 |
| &nbsp;&nbsp;&nbsp; Iowa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 936 |
| &nbsp;&nbsp;&nbsp; Kentucky | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1046 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1046 |
| &nbsp;&nbsp;&nbsp; North Carolina | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; Ohio | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3040 |
| &nbsp;&nbsp;&nbsp; Pennsylvania | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1072 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1072 |
| &nbsp;&nbsp;&nbsp; Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6935 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6935 |
| &nbsp;&nbsp;&nbsp; South Dakota | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1680 |
| &nbsp;&nbsp;&nbsp; Utah | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1094 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1094 |
| &nbsp;&nbsp;&nbsp; Wisconsin | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3133 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3133 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 393643 | &nbsp;&nbsp;&nbsp;&nbsp; 2192 | &nbsp;&nbsp;&nbsp;&nbsp; 395835 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 32304 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32304 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $32362 | &nbsp;&nbsp;&nbsp;&nbsp; $393643 | &nbsp;&nbsp;&nbsp;&nbsp; $2192 | &nbsp;&nbsp;&nbsp;&nbsp; $428197 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $43 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $43 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(22)<br>|
| Options Written |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(26)<br>|

---

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**November 30,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $— | $(340)<br>| $1 | $2531 | $— | $— | $— | $2192 |

---

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

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

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2025, which were valued using significant unobservable inputs (level 3) amounted to $(340).

There were no significant transfers into or out of level 3 for the period ended November 30, 2025.

------

**JPMorgan California Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **November 30, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $2192 | Terms of Restructuring | Expected Recovery | 80.00% (80.00%) |
| Municipal Bonds |  |  |  |  |
|  | &nbsp;&nbsp; 2192 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $2192 |  |  |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unobservable inputs were weighted by the relative fair value of the instruments.

**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 November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 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>**November 30,** <br>**2025**<br>| **Shares at** <br>**November 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money <br> Market Fund Class IM Shares, 2.71% <br> (a) (b)<br>| $36833 | $153746 | $158275 | $—<br> (c)<br>| $— | $32304 | 32301 | $695 | $— |

---

&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 November 30, 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 I

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

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

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

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

  - **Street Address 1:** 390 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

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

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

- **a. Name of Series:** JPMorgan California Tax Free Bond Fund

- **b. EDGAR series identifier (if any):** S000002945

- **c. LEI of Series:** 3HCMEJOPTTAMGNRV1B05

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

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

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $433644166.84

**Total Liabilities:** $2758723.35

**Net Assets:** $430885443.49

**Cash Not Reported:** $1210331.12

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 976.14600000 | **1-Year:** 10557.44517000 | **5-Year:** 59816.03822000 | **10-Year:** 136558.77180000 | **30-Year:** 15770.09698000

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

- **3-Month:** 0.00000000 | **1-Year:** 2260.21291000 | **5-Year:** 1643.18111000 | **10-Year:** 1151.62450000 | **30-Year:** 23407.58314000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008059 | 1.92%                | 0.98%                | 0.37%                |
| Class ID C000008060 | 2.06%                | 0.85%                | 0.36%                |
| Class ID C000008061 | 1.94%                | 0.81%                | 0.42%                |
| Class ID C000205201 | 2.03%                | 0.89%                | 0.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-32233.68               | $6923976.35                                |
| Month 2  | $-88599.56               | $2552780.36                                |
| Month 3  | $300158.63               | $299444.28                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alvord Unified School District                                               | Alvord Unified School District, 2007 Election, Series 2011B                                                                         | CUSIP: 022555UK0<br>LEI: 549300Q9J0UCO75DL276 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $3867631.70   | 0.90%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Antelope Valley-East Kern Water Agency Financing Authority                   | Antelope Valley-East Kern Water Agency Financing Authority, Series 2025B                                                            | CUSIP: 03672XAX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036382.30   | 0.24%             | 2055-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                              | Baldwin County Industrial Development Authority, Novelis Corp., Project, Series 2025A                                               | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1022190.50   | 0.24%             | 2055-06-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | Bay Area Toll Authority, Toll Bridge, Series 2024I                                                                                  | CUSIP: 072024C75<br>LEI: 5493001FUZGUQMIP5D78 | Long             | STIV             | MUN               | US        |   8600000 | PA      | $8600000.00   | 2.00%             | 2059-04-01      | Variable      | 2.40%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                      | Bay Area Toll Authority, Toll Bridge, Series 2025F-2                                                                                | CUSIP: 072024J86<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1438722.34   | 0.33%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | Black Belt Energy Gas District, Gas Project, Series 2024D                                                                           | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4067242.50   | 0.94%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                               | Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2                                                             | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1473608.68   | 0.34%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                               | Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Class 2                                                             | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6180000 | PA      | $541335.86    | 0.13%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign                   | Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series 2024B                                                            | CUSIP: 120827EE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $763125.59    | 0.18%             | 2049-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Green Bond, Series 2022A-1                                                         | CUSIP: 13013JBD7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005554.50   | 0.23%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Clean Energy Project, Series 2023G-1                                               | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2326332.15   | 0.54%             | 2054-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Clean Energy Project, Series 2024A                                                 | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2141411.00   | 0.50%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Clean Energy Project, Series 2024D                                                 | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5452644.50   | 1.27%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Clean Energy Project, Series 2025E                                                 | CUSIP: 13013JHG4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $4166842.50   | 0.97%             | 2056-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                              | California Community Choice Financing Authority, Clean Energy Project, Series 2025F                                                 | CUSIP: 13013JHH2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2190444.20   | 0.51%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | California County Tobacco Securitization Agency, Series 2006A                                                                       | CUSIP: 13016NCT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $691255.50    | 0.16%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp., Series A                                        | CUSIP: 13016NDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1429173.15   | 0.33%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020A                              | CUSIP: 13016NEN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1172113.08   | 0.27%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020A                              | CUSIP: 13016NEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $993062.72    | 0.23%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020B-2                            | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $766474.80    | 0.18%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | California County Tobacco Securitization Agency, Sonoma County Securitization Corp., Series 2020A                                   | CUSIP: 13016NGY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $867276.00    | 0.20%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                              | California County Tobacco Securitization Agency, Sonoma County Securitization Corp., Series 2020B-2                                 | CUSIP: 13016NHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $1047235.35   | 0.24%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Series 2025A                                                                      | CUSIP: 13032U2Y3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072114.10   | 0.25%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Series 2025A                                                                      | CUSIP: 13032U3C0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1881139.40   | 0.44%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Stanford Health Care, Series 2025B                                                | CUSIP: 13032U4A3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1366544.93   | 0.32%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series 2021A                                         | CUSIP: 13032UB23<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1851569.80   | 0.43%             | 2048-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Cedars-Sinai Medical Center                                                       | CUSIP: 13032UBG2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400819.96    | 0.09%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Cedars-Sinai Medical Center                                                       | CUSIP: 13032UBR8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250553.65    | 0.06%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Adventist Health System, Series 2016A                                             | CUSIP: 13032UGC6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2168315.26   | 0.50%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Scripps Health, Series 2024B-2                                                    | CUSIP: 13032UN87<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $2005631.10   | 0.47%             | 2061-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Sutter Health, Series 2017A                                                       | CUSIP: 13032UNS3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563498.00   | 0.36%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Sutter Health, Series 2017A                                                       | CUSIP: 13032UNX2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919073.20    | 0.21%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Children's Hospital of Orange County, Series 2024A                                | CUSIP: 13032UP85<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1574443.80   | 0.37%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, Children's Hospital of Orange County, Series 2024B                                | CUSIP: 13032UP93<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118538.20   | 0.26%             | 2054-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, CommonSpirit Health, Series 2024A                                                 | CUSIP: 13032UQ27<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.02%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                             | California Health Facilities Financing Authority, PIH Health, Series 2020A                                                          | CUSIP: 13032UWP9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1323139.80   | 0.31%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund                                           | CUSIP: 13034A2H2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2067436.60   | 0.48%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, Academy of Motion Picture, Series 2023A                                    | CUSIP: 13034A3E8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1189573.00   | 0.28%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, The J. Paul Getty Trust, Series 2023B                                      | CUSIP: 13034A3Y4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3047613.30   | 0.71%             | 2047-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, California Academy of Science, Series 2024A                                | CUSIP: 13034A5B2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3026718.00   | 0.70%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, Segerstrom Center for the Arts, Series 2024                                | CUSIP: 13034A5V8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2261758.60   | 0.52%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025 B                      | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | STIV             | MUN               | US        |   2740000 | PA      | $2192000.00   | 0.51%             | 2065-01-01      | Variable      | 12.00%                | No            |                  3 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, Equitable School Revolving Fund LLC, Series 2024B                          | CUSIP: 13035ADD8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4677721.84   | 1.09%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                        | California Infrastructure and Economic Development Bank, Equitable School Revolving Fund LLC, Series 2024B                          | CUSIP: 13035ADR7<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1245315.88   | 0.29%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Terracina At Westpark Apartments, Series 2024A                                              | CUSIP: 130483GH7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2496906.75   | 0.58%             | 2045-09-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Martha Gardens Apartments, Series 2025A-2                                                   | CUSIP: 130483GP9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1514934.30   | 0.35%             | 2029-12-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Multi-Family Housing, View At San Bruno, Series 2024A-1                                     | CUSIP: 130483HC7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3165955.20   | 0.73%             | 2056-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Waste Management, Inc., Project, Series 2009A                                               | CUSIP: 13048RAC1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1998497.00   | 0.46%             | 2039-02-01      | Variable      | 3.30%                 | Yes           |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Waste Management, Inc., Project, Series 2020                                                | CUSIP: 13048RAH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.23%             | 2045-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Waste Management, Inc., Project, Series 2020B                                               | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   3500000 | PA      | $3498904.15   | 0.81%             | 2041-11-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Republic Services, Inc., Project, Series 2024A                                              | CUSIP: 13048RAP2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   2985000 | PA      | $2997481.18   | 0.70%             | 2054-03-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2B3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    450000 | PA      | $452521.58    | 0.11%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2C1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    365000 | PA      | $373198.19    | 0.09%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2D9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    310000 | PA      | $321791.78    | 0.07%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2E7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263435.10    | 0.06%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2F4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $213839.46    | 0.05%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2G2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    265000 | PA      | $286815.07    | 0.07%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2H0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    310000 | PA      | $338759.82    | 0.08%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2S6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1457166.58   | 0.34%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2024A                                                                                | CUSIP: 13048V2U1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1309327.76   | 0.30%             | 2054-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Humangood California Obligated Group, Series 2025A                                          | CUSIP: 13048V3P1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076876.50   | 0.25%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A                                         | CUSIP: 13048VBL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1807873.73   | 0.42%             | 2028-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Eskaton Properties, Inc. Obligated Group, Series 2024                                       | CUSIP: 13048VY36<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1397233.13   | 0.32%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Eskaton Properties, Inc. Obligated Group, Series 2024                                       | CUSIP: 13048VZ92<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1527859.80   | 0.35%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Caritas Projects, Series 2024A                                                              | CUSIP: 13049SFK5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    450000 | PA      | $456893.60    | 0.11%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Caritas Projects, Series 2024A                                                              | CUSIP: 13049SFL3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    575000 | PA      | $594166.07    | 0.14%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Caritas Projects, Series 2024A                                                              | CUSIP: 13049SFN9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    820000 | PA      | $877623.94    | 0.20%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Caritas Projects, Series 2024A                                                              | CUSIP: 13049SFQ2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    540000 | PA      | $595749.11    | 0.14%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Caritas Projects, Series 2024A                                                              | CUSIP: 13049SGC2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022558.30   | 0.24%             | 2054-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, United Airlined, Inc. Los Angeles Internation Airport Projects, Series 2019                 | CUSIP: 13050RAA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007685.10   | 0.23%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Series 2025-1, Class A-1                                                                    | CUSIP: 13050WAA9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    994718 | PA      | $931416.69    | 0.22%             | 2041-02-20      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                       | California Municipal Finance Authority, Class 1                                                                                     | CUSIP: 13050WAD3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    999368 | PA      | $1001829.71   | 0.23%             | 2040-11-20      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project, Series 2017A-1            | CUSIP: 130536RC1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000073.10   | 0.23%             | 2042-11-01      | Variable      | 3.45%                 | Yes           |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                             | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                            | CUSIP: 13054WBA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2288718.30   | 0.53%             | 2035-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Public Finance Authority                                          | California Public Finance Authority, Health Care Hazelden Betty Ford Foundation Project, Series 2025                                | CUSIP: 13056HAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $762676.13    | 0.18%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | California Public Finance Authority, Health Care Hazelden Betty Ford Foundation Project, Series 2025                                | CUSIP: 13056HAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2021546.20   | 0.47%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | California Public Finance Authority, PIH Health, Series 2024A                                                                       | CUSIP: 13057EJG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $2007354.51   | 0.47%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                          | California Public Finance Authority, Senior Living The James, Series 2024A                                                          | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490214.35    | 0.11%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                          | California School Finance Authority, Green Dot Public School Project, Series 2022A                                                  | CUSIP: 13059THF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $315214.62    | 0.07%             | 2032-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| State of California                                                          | State of California, Various Purpose                                                                                                | CUSIP: 13063DJ41<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5071713.50   | 1.18%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | State of California, Various Purpose                                                                                                | CUSIP: 13063EDK9<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    820000 | PA      | $950345.40    | 0.22%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                            | State of California Department of Water Resources, Central Valley Project, Water System, Series AW                                  | CUSIP: 13067WMA7<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2670591.30   | 0.62%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California Department of Water Resources                            | State of California Department of Water Resources, Central Valley Project, Series BF                                                | CUSIP: 13067WTT9<br>LEI: 549300X618YEC5LGBQ98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2331422.80   | 0.54%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                  | California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2, Series 2022A        | CUSIP: 13069AAS7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1233947.88   | 0.29%             | 2031-06-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| California Enterprise Development Authority                                  | California Enterprise Development Authority, Rocklin Academy Project, Series 2024                                                   | CUSIP: 13069AAZ1<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1173290.25   | 0.27%             | 2054-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Enterprise Development Authority                                  | California Enterprise Development Authority, Pamona Properties LLC Project, Series 2024A                                            | CUSIP: 13069BBB1<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   3220000 | PA      | $3459694.55   | 0.80%             | 2039-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                  | California Enterprise Development Authority, Pamona Properties LLC Project, Series 2024A                                            | CUSIP: 13069BBC9<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1538558.40   | 0.36%             | 2045-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | California State University, Systemwide, Series 2025A                                                                               | CUSIP: 13077DVX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1153564.40   | 0.27%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Southern California Edison Co., Series 2006C                                | CUSIP: 13078HBB7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1153230.32   | 0.27%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Heritage Park Apartments Project, Series 2025A                              | CUSIP: 13079PA29<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2592424.75   | 0.60%             | 2035-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, John Muir Health, Series 2024E-2                                            | CUSIP: 13079PZS5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    675000 | PA      | $699343.74    | 0.16%             | 2028-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Sequoia Living Projects, Series 2025A                                       | CUSIP: 13080S2K9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1950855.51   | 0.45%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series 2016A                          | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000047.70   | 0.23%             | 2056-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, John Muir Health, Series 2024A                                              | CUSIP: 13080SR48<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    450000 | PA      | $471162.96    | 0.11%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, John Muir Health, Series 2024A                                              | CUSIP: 13080ST79<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059439.70   | 0.25%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series 2018A                          | CUSIP: 13080SVN1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004621.00   | 0.23%             | 2058-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                       | California Statewide Communities Development Authority, Kaiser Permanente, Series 2009C-2                                           | CUSIP: 13080SXW9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2178211.40   | 0.51%             | 2046-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Campbell Union High School District                                          | Campbell Union High School District, Election of 2016, Series B                                                                     | CUSIP: 134159YL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $376628.85    | 0.09%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Campbell Union High School District                                          | Campbell Union High School District, Election of 2016, Series B                                                                     | CUSIP: 134159YN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2035831.60   | 0.47%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                   | Chicago Board of Education, Series 2016A                                                                                            | CUSIP: 167505QY5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1965000.00   | 0.46%             | 2044-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Chico Unified School District                                                | Chico Unified School District, Election of 2024, Series 2024A                                                                       | CUSIP: 168520RN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1524623.25   | 0.35%             | 2049-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                        | Children's Trust Fund, Tobacco Settlement Asset-Backed, Series 2005A                                                                | CUSIP: 16876QBJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3275000 | PA      | $673959.30    | 0.16%             | 2050-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colton Joint Unified School District                                         | Colton Joint Unified School District, Election of 2014, Series A                                                                    | CUSIP: 197036RD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $651872.10    | 0.15%             | 2037-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colton Joint Unified School District                                         | Colton Joint Unified School District, Election of 2014, Series A                                                                    | CUSIP: 197036RF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $631285.69    | 0.15%             | 2039-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colton Joint Unified School District                                         | Colton Joint Unified School District, Election of 2014, Series A                                                                    | CUSIP: 197036RM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $322498.95    | 0.07%             | 2044-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colton Joint Unified School District                                         | Colton Joint Unified School District, Election of 2014, Series A                                                                    | CUSIP: 197036RN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $407189.00    | 0.09%             | 2045-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Colton Joint Unified School District                                         | Colton Joint Unified School District, Election of 2014, Series A                                                                    | CUSIP: 197036RP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $383414.80    | 0.09%             | 2046-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cupertino Union School District                                              | Cupertino Union School District, Election of 2024, Series A                                                                         | CUSIP: 231237T99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1136161.80   | 0.26%             | 2050-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                            | Desert Community College District, Election of 2016                                                                                 | CUSIP: 250375NC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3830314.80   | 0.89%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Desert Sands Unified School District                                         | Desert Sands Unified School District, Election of 2024                                                                              | CUSIP: 250433WR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1455428.55   | 0.34%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Wastewater System Revenue                | East Bay Municipal Utility District Wastewater System, Series 2025B                                                                 | CUSIP: 271012JA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1204237.60   | 0.28%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District Water System Revenue                     | East Bay Municipal Utility District Water System, Series 2025A                                                                      | CUSIP: 271014T36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077967.10   | 0.25%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Municipal Water District                                             | Eastern Municipal Water District, Water and Wastewater, Series 2016A                                                                | CUSIP: 27627TBD3<br>LEI: 549300ZCFVRFDIRWK089 | Long             | DBT              | MUN               | US        |   2885000 | PA      | $2926014.89   | 0.68%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                      | Energy Southeast A Cooperative District, Series 2024B                                                                               | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1630796.70   | 0.38%             | 2054-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                            | Florida Development Finance Corp., Brightline Florida Passenger Rail Project                                                        | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    250000 | PA      | $207500.00    | 0.05%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                  | Foothill-De Anza Community College District, Election of 2020, Series 2020D                                                         | CUSIP: 345102QT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1354943.40   | 0.31%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothill-Eastern Transportation Corridor Agency                              | Foothill Eastern Transportation Corridor Agency, Capital Appreciation, Senior Lien, Series 1995A                                    | CUSIP: 345105BA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1791227.09   | 0.42%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale CA Electric Revenue                                         | City of Glendale Electric, Series 2024                                                                                              | CUSIP: 378406PR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3144711.90   | 0.73%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale CA Electric Revenue                                         | City of Glendale Electric, Series 2024-2                                                                                            | CUSIP: 378406RP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066106.80   | 0.25%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale CA Electric Revenue                                         | City of Glendale Electric, Series 2024-2                                                                                            | CUSIP: 378406RZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1293606.63   | 0.30%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                    | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B                                                | CUSIP: 38122NB76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1429589.69   | 0.33%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                    | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2                                              | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22700000 | PA      | $2433757.80   | 0.56%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Goleta Water District                                                        | Goleta Water District, Series 2023A                                                                                                 | CUSIP: 381625AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $469811.93    | 0.11%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goleta Water District                                                        | Goleta Water District, Series 2023A                                                                                                 | CUSIP: 381625AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $284141.55    | 0.07%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grossmont Healthcare District                                                | Grossmont Healthcare District, Series 2025F                                                                                         | CUSIP: 399223EA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3449496.90   | 0.80%             | 2040-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                            | Territory of Guam, Series 2025G                                                                                                     | CUSIP: 40065NDC8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1250000 | PA      | $1373502.63   | 0.32%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                          | Idaho Housing and Finance Association, Single Family Mortgage, Series 2025C                                                         | CUSIP: 45130BCH4<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1132503.40   | 0.26%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Imperial Irrigation District Electric System Revenue                         | Imperial Irrigation District Electric System                                                                                        | CUSIP: 452650MF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1280248.43   | 0.30%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Imperial Irrigation District Electric System Revenue                         | Imperial Irrigation District Electric System                                                                                        | CUSIP: 452650MG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1291407.13   | 0.30%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                            | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                         | CUSIP: 46645V725<br>LEI: 549300UURKD5II8M6J91 | Long             | STIV             | RF                | US        |  32300458 | NS      | $32303688.04  | 7.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferson County Port Authority                                              | Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023                                                     | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1024702.90   | 0.24%             | 2053-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Jurupa Public Financing Authority                                            | Jurupa Public Financing Authority, Series 2024                                                                                      | CUSIP: 482085GG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2363913.80   | 0.55%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                             | City of Los Angeles, Wastewater System, Series 2018A                                                                                | CUSIP: 53945CJS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065597.30   | 0.25%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                             | City of Los Angeles, Wastewater System, Series 2018A                                                                                | CUSIP: 53945CJT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1595259.15   | 0.37%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                             | City of Los Angeles, Wastewater System, Subordinate, Series 2025C                                                                   | CUSIP: 53945CMJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2254328.20   | 0.52%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                             | City of Los Angeles, Wastewater System, Subordinate, Series 2025C                                                                   | CUSIP: 53945CMQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2313875.20   | 0.54%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Community College District                                        | Long Beach Community College District, Series 2025E                                                                                 | CUSIP: 542411QW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1806895.53   | 0.42%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Bond Finance Authority                                            | Long Beach Bond Finance Authority, Series 2007A                                                                                     | CUSIP: 54241AAY9<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $3283023.74   | 0.76%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Alamitos Unified School District                                         | Los Alamitos Unified School District, School Facilities Improvement District, Election of 2018, Series C                            | CUSIP: 544203MF6<br>LEI: 549300YJXGV6HPEZKU12 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1231817.53   | 0.29%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA                                                       | City of Los Angeles                                                                                                                 | CUSIP: 544351SF7<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5074148.50   | 1.18%             | 2026-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | City of Los Angeles Department of Airports, Series 2025A                                                                            | CUSIP: 5444452G3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2057236.20   | 0.48%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | City of Los Angeles Department of Airports, International Airport Subordinate, Series 2022G                                         | CUSIP: 544445B40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1386945.00   | 0.32%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | City of Los Angeles Department of Airports, Series 2020A                                                                            | CUSIP: 544445PR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2149131.80   | 0.50%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                   | City of Los Angeles Department of Airports, Series 2022B                                                                            | CUSIP: 544445XJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1772160.21   | 0.41%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water and Power System, Series 2017C                                                                      | CUSIP: 5444953A0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1121266.93   | 0.26%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water and Power Water System, Series 2016A                                                                | CUSIP: 544495R71<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1612783.37   | 0.37%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                 | Los Angeles Department of Water and Power Water System, Series 2022D                                                                | CUSIP: 544525P85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $289399.37    | 0.07%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                 | Los Angeles Department of Water and Power Water System, Series 2022D                                                                | CUSIP: 544525Q43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3091481.70   | 0.72%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                 | Los Angeles Department of Water and Power, Water System, Series 2017A                                                               | CUSIP: 544525WL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2855664.00   | 0.66%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water and Power System, Series 2023D                                                                      | CUSIP: 544532HS6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    520000 | PA      | $557062.74    | 0.13%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water and Power System, Series 2024C                                                                      | CUSIP: 544532LY8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014721.20   | 0.24%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                      | Los Angeles Department of Water and Power System, Series 2025C                                                                      | CUSIP: 544532QJ6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1663339.81   | 0.39%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Los Angeles                                                          | Port of Los Angeles, Harbor Department, Series 2019B                                                                                | CUSIP: 544552A85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3420000 | PA      | $3478365.72   | 0.81%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Los Angeles                                                          | Port of Los Angeles, Harbor Department, Series 2024A 1                                                                              | CUSIP: 544552C34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1125417.60   | 0.26%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Housing Authority                                                | Los Angeles Housing Authority, Multi Family Housing, Victory BLVD, Series 2025A                                                     | CUSIP: 544562DS7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2500224.25   | 0.58%             | 2046-01-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp. of Los Angeles                                   | Municipal Improvement Corp. of Los Angeles, Real Property, Series 2023A                                                             | CUSIP: 5445874Y1<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081316.60   | 0.25%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp. of Los Angeles                                   | Municipal Improvement Corp. of Los Angeles, Series 2025A                                                                            | CUSIP: 5445875R5<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081203.50   | 0.25%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp. of Los Angeles                                   | Municipal Improvement Corp. of Los Angeles, Real Property, Series 2016B                                                             | CUSIP: 544587H50<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007746.80   | 0.47%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                          | Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series 2023 QRR                                   | CUSIP: 544647GX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1152057.70   | 0.27%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                          | Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series 2024 QRR                                   | CUSIP: 544647JL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089086.20   | 0.25%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                          | Los Angeles County Public Works Financing Authority, Series 2022G                                                                   | CUSIP: 54473EXG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1679697.30   | 0.39%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                             | Lower Alabama Gas District (The), Gas Project, Series 2025A                                                                         | CUSIP: 547804AQ7<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1581366.15   | 0.37%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                                                       | M-S-R Energy Authority, Series 2009B                                                                                                | CUSIP: 55374SAE0<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2439918.00   | 0.57%             | 2034-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Gas Supply, Series 2024A                                                                             | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1237730.40   | 0.29%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                             | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2158584.00   | 0.50%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Gas Supply, Series 2024E                                                                             | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2940000 | PA      | $3172027.45   | 0.74%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                              | Menlo Park City School District, Capital Appreciation                                                                               | CUSIP: 586840MJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $402499.70    | 0.09%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Menlo Park City School District                                              | Menlo Park City School District, Capital Appreciation                                                                               | CUSIP: 586840MK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $678718.39    | 0.16%             | 2032-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | Metropolitan Water District of Southern California, Waterworks, Series 2024B-2                                                      | CUSIP: 59266TXQ9<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2376979.36   | 0.55%             | 2037-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                           | Metropolitan Water District of Southern California, Series 2024B3                                                                   | CUSIP: 59266TXR7<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107123.00   | 0.26%             | 2037-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Modesto High School District                                                 | Modesto High School District, Election of 2022, Series B                                                                            | CUSIP: 607743LU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $998022.57    | 0.23%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Modesto High School District                                                 | Modesto High School District, Election of 2022, Series B                                                                            | CUSIP: 607743LV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1154739.00   | 0.27%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount Diablo Unified School District                                         | Mount Diablo Unified School District                                                                                                | CUSIP: 621196V68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $883929.83    | 0.21%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mount Diablo Unified School District                                         | Mount Diablo Unified School District                                                                                                | CUSIP: 621196V76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $837603.90    | 0.19%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Napa Valley Unified School District                                          | Napa Valley Unified School District, Election of 2006, Series 2010A                                                                 | CUSIP: 6303614B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1911721.20   | 0.44%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Napa Valley Unified School District                                          | Napa Valley Unified School District, Election of 2024, Series A                                                                     | CUSIP: 630362GX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012196.70   | 0.23%             | 2055-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Haven Unified School District                                            | New Haven Unified School District, Election of 2024, Series A                                                                       | CUSIP: 645002M78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014570.70   | 0.24%             | 2054-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                        | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 55-C                                                        | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999546.70    | 0.23%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                           | Ontario Public Financing Authority, Series 2025A                                                                                    | CUSIP: 68304RDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $353607.36    | 0.08%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ontario Public Financing Authority                                           | Ontario Public Financing Authority, Series 2025A                                                                                    | CUSIP: 68304RDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $568123.04    | 0.13%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palmdale Elementary School District                                          | Palmdale Elementary School District, Series 2023                                                                                    | CUSIP: 69671TFM6<br>LEI: 549300YBE1L2RGBY7L18 | Long             | DBT              | MUN               | US        |    250000 | PA      | $278069.05    | 0.06%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palmdale Elementary School District                                          | Palmdale Elementary School District, Series 2023                                                                                    | CUSIP: 69671TFP9<br>LEI: 549300YBE1L2RGBY7L18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003752.50   | 0.23%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palmdale Elementary School District                                          | Palmdale Elementary School District, Series 2023                                                                                    | CUSIP: 69671TFQ7<br>LEI: 549300YBE1L2RGBY7L18 | Long             | DBT              | MUN               | US        |    800000 | PA      | $872892.56    | 0.20%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palo Alto Unified School District                                            | Palo Alto Unified School District, Election of 2008, Series 2008-2                                                                  | CUSIP: 697379TE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1762018.00   | 0.41%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pasadena Public Financing Authority                                          | Pasadena Public Financing Authority, Rose Bowl Renovation, Series 2024                                                              | CUSIP: 702274DM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $601509.96    | 0.14%             | 2042-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                          | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-146A                                                       | CUSIP: 70879QXV0<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1072024.55   | 0.25%             | 2054-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                             | Kentucky Public Energy Authority, Gas Supply, Series 2025B                                                                          | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045974.70   | 0.24%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Senior Lien                                                                                               | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034322.80   | 0.24%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                     | Public Finance Authority, Senior Lien                                                                                               | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046302.90   | 0.24%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                  | Commonwealth of Puerto Rico, Series 2022A-1                                                                                         | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $2045606.00   | 0.47%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                         | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2400000 | PA      | $2334273.60   | 0.54%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                         | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $885398.40    | 0.21%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                      | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                         | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2935000 | PA      | $995698.16    | 0.23%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Rancho Cucamonga Redevelopment Agency Successor Agency                       | Rancho Cucamonga Redevelopment Agency Successor Agency, Series 2024                                                                 | CUSIP: 75212CBL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018571.40   | 0.24%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redondo Beach Unified School District                                        | Redondo Beach Unified School District, Election of 2024, Series 2024A                                                               | CUSIP: 757710VZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027546.00   | 0.24%             | 2055-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Rialto Public Financing Authority                                            | Rialto Public Financing Authority, Police Station Project, Series 2023A                                                             | CUSIP: 76246EAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $503818.38    | 0.12%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rialto Public Financing Authority                                            | Rialto Public Financing Authority, Police Station Project, Series 2023A                                                             | CUSIP: 76246EAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $441545.40    | 0.10%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rialto Public Financing Authority                                            | Rialto Public Financing Authority, Police Station Project, Series 2023A                                                             | CUSIP: 76246EAT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2085287.60   | 0.48%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rio Hondo Community College District                                         | Rio Hondo Community College District, Election of 2024, Series 2025A                                                                | CUSIP: 767121FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1758349.08   | 0.41%             | 2055-08-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                        | Sacramento Municipal Utility District, Series 2023D                                                                                 | CUSIP: 786005F52<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3868384.45   | 0.90%             | 2049-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | San Diego Public Facilities Financing Authority, Series 2025A                                                                       | CUSIP: 797299RV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2831062.25   | 0.66%             | 2042-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                              | San Diego Public Facilities Financing Authority, Series 2025A                                                                       | CUSIP: 797299RW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2239750.00   | 0.52%             | 2043-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District                                            | San Diego Unified School District, Election of 1998, Series G-1                                                                     | CUSIP: 797356EU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $412542.86    | 0.10%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District                                            | San Diego Unified School District, Election of 1998, Series G-1                                                                     | CUSIP: 797356EW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2285267.86   | 0.53%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of San Diego CA                                                       | County of San Diego, County Public Health and Capital Improvement, Series 2023                                                      | CUSIP: 7973915V7<br>LEI: 254900MKIGRAYVDUZ926 | Long             | DBT              | MUN               | US        |    425000 | PA      | $493876.69    | 0.11%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | San Diego County Regional Airport Authority, Senior Private Activity, Series 2023B                                                  | CUSIP: 79739GRC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1685308.50   | 0.39%             | 2037-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                  | San Diego County Regional Airport Authority, Senior Private Activity, Series 2025B                                                  | CUSIP: 79739GTC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3218211.60   | 0.75%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Dieguito Union High School District                                      | San Dieguito Union High School District                                                                                             | CUSIP: 797508KP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $2044765.61   | 0.47%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                            | City and County of San Francisco, Multiple Capital Improvement Projects, Series 2025R-1                                             | CUSIP: 79765GDE0<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2252059.80   | 0.52%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                | San Francisco Bay Area Rapid Transit District, Series 2025E-1                                                                       | CUSIP: 797661F34<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1699622.25   | 0.39%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | San Francisco City and County Airport Comm-San Francisco International Airport, Series 2016B                                        | CUSIP: 79766DGF0<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1751430.63   | 0.41%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | San Francisco City and County Airport Commission, San Francisco International Airport, Series 2019A                                 | CUSIP: 79766DLX5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1570368.75   | 0.36%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | San Francisco City and County Public Utilities Commission Wastewater, Series 2018B                                                  | CUSIP: 79768HFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1768232.01   | 0.41%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | San Francisco City and County Public Utilities Commission Wastewater, Series 2018B                                                  | CUSIP: 79768HLH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $449683.30    | 0.10%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Public Utilities Commission Wastewater Revenue   | San Francisco City and County Public Utilities Commission Wastewater, Series 2018B                                                  | CUSIP: 79768HLK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $649123.54    | 0.15%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | City of San Francisco, Public Utilities Commission Water, Series 2020, Subseries C-10                                               | CUSIP: 79771FEE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2749820.47   | 0.64%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | City of San Francisco Public Utilities Commission Water, Hetch Hetchy water, Series 2025, Subseries F-1                             | CUSIP: 79771FMF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1789237.50   | 0.42%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                    | San Joaquin Valley Clean Energy Authority, Series 2025A                                                                             | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139759.40   | 0.26%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Norman Y Mineta San Jose International Airport SJC                           | Norman Y Mineta San Jose International Airport SJC, Series 2021A                                                                    | CUSIP: 798136XC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2179508.20   | 0.51%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                                          | City of San Jose, Multi-Family Housing Parkmoor, Series 2023F2                                                                      | CUSIP: 798165LF1<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019407.40   | 0.47%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jose Unified School District                                             | San Jose Unified School District, Election of 2002, Series C                                                                        | CUSIP: 798186VQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3035000 | PA      | $2635431.63   | 0.61%             | 2031-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Jose Evergreen Community College District                                | San Jose Evergreen Community College District, Series C                                                                             | CUSIP: 798189TD8<br>LEI: 5493006H31JIFYW6Z091 | Long             | DBT              | MUN               | US        |    650000 | PA      | $668626.27    | 0.16%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Jose Evergreen Community College District                                | San Jose Evergreen Community College District, Series C                                                                             | CUSIP: 798189TF3<br>LEI: 5493006H31JIFYW6Z091 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1500562.31   | 0.35%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Mateo County Community College District                                  | San Mateo County Community College District, Election of 2005, Series A                                                             | CUSIP: 799038DH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1079873.30   | 0.25%             | 2026-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Mateo County Community College District                                  | San Mateo County Community College District, Election of 2005, Series A                                                             | CUSIP: 799038DL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1817234.40   | 0.42%             | 2029-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Mateo County Community College District                                  | San Mateo County Community College District, Election of 2005, Series 2006B                                                         | CUSIP: 799038GJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $777884.10    | 0.18%             | 2034-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Santa Clara Valley Water District                                            | State of California Department of Water Resources, Central Valley Project, Water System, Series 2023A                               | CUSIP: 80168ADG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1817314.53   | 0.42%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Redevelopment Successor Agency                             | Santa Cruz County Redevelopment Successor Agency, Series 2025B                                                                      | CUSIP: 80182YDM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509680.55    | 0.12%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Redevelopment Successor Agency                             | Santa Cruz County Redevelopment Successor Agency, Series 2025B                                                                      | CUSIP: 80182YDN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $297872.68    | 0.07%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Redevelopment Successor Agency                             | Santa Cruz County Redevelopment Successor Agency, Series 2025B                                                                      | CUSIP: 80182YDP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $428228.24    | 0.10%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz County Redevelopment Successor Agency                             | Santa Cruz County Redevelopment Successor Agency, Series 2025B                                                                      | CUSIP: 80182YDQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547725.20    | 0.13%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                   | South Dakota Housing Development Authority, Series 2024C                                                                            | CUSIP: 83756LBH7<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    490000 | PA      | $548554.80    | 0.13%             | 2055-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                   | South Dakota Housing Development Authority, Series 2025A                                                                            | CUSIP: 83756LBS3<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1131854.09   | 0.26%             | 2055-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| South San Francisco Unified School District                                  | South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax, Series 2016C                   | CUSIP: 840058US8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1665087.12   | 0.39%             | 2028-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                  | Southeast Alabama Gas Supply District (The), Project No. 2, Series 2024B                                                            | CUSIP: 84131TBT8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072502.00   | 0.25%             | 2049-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | Southern California Public Power Authority, Transmission System Renewal Project, Series 2023-1                                      | CUSIP: 842469AT5<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3230144.40   | 0.75%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Logistics Airport Authority                              | Southern California Logistics Airport Authority, Junior Lien, Series 2025A                                                          | CUSIP: 842472EB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $691684.72    | 0.16%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Logistics Airport Authority                              | Southern California Logistics Airport Authority, Junior Lien, Series 2025A                                                          | CUSIP: 842472EC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $1008422.71   | 0.23%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Logistics Airport Authority                              | Southern California Logistics Airport Authority, Junior Lien, Series 2025A                                                          | CUSIP: 842472EE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $877951.51    | 0.20%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Logistics Airport Authority                              | Southern California Logistics Airport Authority, Junior Lien, Series 2025A                                                          | CUSIP: 842472EG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $863657.21    | 0.20%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Logistics Airport Authority                              | Southern California Logistics Airport Authority, Junior Lien, Series 2025A                                                          | CUSIP: 842472EJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $516915.48    | 0.12%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | Southern California Public Power Authority, Canyon Power Project, Series 2025A                                                      | CUSIP: 842475R31<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112074.60   | 0.26%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Water Replenishment District                             | Southern California Water Replenishment District                                                                                    | CUSIP: 84251KBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1314286.25   | 0.31%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Northern California                      | Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp., Series 2021B-1, Class 2    | CUSIP: 888794BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1409445.66   | 0.33%             | 2049-06-01      | Fixed         | 4.00%                 | 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: 888804CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1109591.42   | 0.26%             | 2029-06-01      | 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: 888804CN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039888.70   | 0.24%             | 2037-06-01      | 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: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001578.90   | 0.23%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                            | Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2                   | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6265000 | PA      | $936482.80    | 0.22%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue        | Regents of the University of California Medical Center Pooled, Series 2022P                                                         | CUSIP: 913366KK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2362714.94   | 0.55%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California, Series 2016AR                                                                                             | CUSIP: 91412GH81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511223.75   | 0.35%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California, Series 2020BE                                                                                             | CUSIP: 91412HGW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1183766.78   | 0.27%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California, Series 2025CC                                                                                             | CUSIP: 91412HVS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $3314965.75   | 0.77%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp.                                                           | Utah Housing Corp., Single Family Mortgage, Series 2025A                                                                            | CUSIP: 917437RU1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1094126.00   | 0.25%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ventura Unified School District                                              | Ventura Unified School District, Election of 2022, Series 2022B                                                                     | CUSIP: 923004UK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000374.60   | 0.23%             | 2051-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Vista Joint Powers Financing Authority                                       | Vista Joint Powers Financing Authority, Series 2025A                                                                                | CUSIP: 928317FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $891877.50    | 0.21%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vista Joint Powers Financing Authority                                       | Vista Joint Powers Financing Authority, Series 2025A                                                                                | CUSIP: 928317FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1202931.60   | 0.28%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vista Joint Powers Financing Authority                                       | Vista Joint Powers Financing Authority, Series 2025A                                                                                | CUSIP: 928317FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $911354.55    | 0.21%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vista Joint Powers Financing Authority                                       | Vista Joint Powers Financing Authority, Series 2025A                                                                                | CUSIP: 928317FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $1057012.58   | 0.25%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| William S Hart Union High School District                                    | William S Hart Union High School District, Capital Appreciation Election 2001, Series 2005B                                         | CUSIP: 969275PS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2243980.75   | 0.52%             | 2029-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue    | Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024A                                                  | CUSIP: 97689QTU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $1052138.10   | 0.24%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                          | U.S. Treasury 30 Year Bond                                                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      1000 | NC      | $11313.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                          | U.S. Treasury 30 Year Bond                                                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      1000 | NC      | $46875.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                          | U.S. Treasury 30 Year Bond                                                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     -2000 | NC      | $-46876.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                          | U.S. Treasury 10 Year Note                                                                                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        77 | NC      | $19133.07     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                          | U.S. Treasury Long Bond                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        33 | NC      | $23662.98     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                          | U.S. Treasury 10 Year Ultra Note                                                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -25 | NC      | $-11595.17    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                          | U.S. Treasury Ultra Bond                                                                                                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -12 | NC      | $-10802.49    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer