# EDGAR Filing Document

**Accession Number:** 0000763852
**File Stem:** 0001752724-25-180653
**Filing Date:** 2025-7
**Character Count:** 305795
**Document Hash:** 910a94acbf57e0dcde565cca2761354c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180653.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180653

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST II
- **CENTRAL INDEX KEY:** 0000763852

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04236
- **FILM NUMBER:** 251154601

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

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

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

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

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

## Series and Classes Contracts Data

### JPMorgan Tax Free Bond Fund (Series ID: S000003500)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000009695 | Class C      | JTFCX           |
| C000009696 | Class I      | PRBIX           |
| C000009697 | Class A      | PMBAX           |
| C000205208 | Class R6     | RUNFX           |

## Nport-Ex

**JPMorgan Tax Free Bond Fund**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 95.4% (a)** | **Municipal Bonds — 95.4% (a)** | **Municipal Bonds — 95.4% (a)** |
| **Alabama — 2.0%** | **Alabama — 2.0%** | **Alabama — 2.0%** |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project Series 2024D, Rev., 5.00%, 11/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7250 | &nbsp;&nbsp;&nbsp;&nbsp; 7597 |
| &nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, Calvert LLC Project Series 2024B, Rev., AMT, 4.75%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 902 |
| &nbsp;&nbsp;&nbsp; Selma Industrial Development Board, International Paper Co. Projects Series 2019A, Rev., 3.45%, 10/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District Project No.06 Series 2023B, Rev., LIQ : Royal Bank of Canada, 5.00%, <br> 6/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5530 | &nbsp;&nbsp;&nbsp;&nbsp; 5763 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 15237 |
| **Alaska — 0.3%** | **Alaska — 0.3%** | **Alaska — 0.3%** |
| &nbsp;&nbsp;&nbsp; Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| &nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., Senior Lien Series 2021A CL1, Class 1, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation Series 2021B-2, Class 2, <br> Rev., Zero Coupon, 6/1/2066<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2855 | &nbsp;&nbsp;&nbsp;&nbsp; 352 |
| &nbsp;&nbsp;&nbsp; Total Alaska |  | &nbsp;&nbsp;&nbsp;&nbsp; 2416 |
| **Arizona — 3.5%** | **Arizona — 3.5%** | **Arizona — 3.5%** |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Series 2021A, Rev., 4.00%, 11/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2810 | &nbsp;&nbsp;&nbsp;&nbsp; 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2025A-2, Rev., 5.13%, <br> 1/1/2059<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1829 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Series 2023A, Rev., 5.25%, 11/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 |
| &nbsp;&nbsp;&nbsp; City of Lake Havasu City Wastewater System, Senior Lien, GO, 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp; 1768 |
| &nbsp;&nbsp;&nbsp; City of Mesa Utility System, Rev., A.G., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1625 | &nbsp;&nbsp;&nbsp;&nbsp; 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University <br> Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024, GO, 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp;&nbsp; 695 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 4740 | &nbsp;&nbsp;&nbsp;&nbsp; 4854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., 5.00%, 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1630 | &nbsp;&nbsp;&nbsp;&nbsp; 1675 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District, Arizona Electric System Series 2023B, Rev., 5.25%, 1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3350 | &nbsp;&nbsp;&nbsp;&nbsp; 3477 |
| &nbsp;&nbsp;&nbsp; Town of Queen Creek Excise Tax, Rev., 5.00%, 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp;&nbsp; 5356 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 26231 |
| **California — 7.5%** | **California — 7.5%** | **California — 7.5%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B-1, Rev., 5.00%, 8/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2565 | &nbsp;&nbsp;&nbsp;&nbsp; 2666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023G-1, Rev., 5.25%, 4/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024H, Rev., 5.00%, 8/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2127 |
| &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; 703 |
| &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%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., 4.00%, 6/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 6250 | &nbsp;&nbsp;&nbsp;&nbsp; 1134 |
| &nbsp;&nbsp;&nbsp; California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, CommonSpirit Health Series 2020A, Rev., 4.00%, 4/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 1235 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, PIH Health Series 2020A, Rev., 4.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2025A, Rev., AMT, <br> 9.50%, 1/1/2035 (b) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5812 |
| &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; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4996 |

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority Series 2021A, Rev., AMT, 3.75%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Senior Living The James Series 2024A, Rev., 6.50%, 6/1/2054 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 932 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Green Dot Public School Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 8/1/2025 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 8/1/2026 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 8/1/2027 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 4.00%, 8/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2130 | &nbsp;&nbsp;&nbsp;&nbsp; 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Southern California Edison Co. Series 2006C, Rev., 4.50%, <br> 11/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 |
| &nbsp;&nbsp;&nbsp; Desert Sands Unified School District, Election of 2024, GO, 4.00%, 8/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1830 |
| &nbsp;&nbsp;&nbsp; Encinitas Union School District, Election 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, Zero Coupon, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, GO, Zero Coupon, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 1576 |
| &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; 980 | &nbsp;&nbsp;&nbsp;&nbsp; 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 1824 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power System Series 2024C, Rev., 5.00%, 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power Water System Series 2017A, Rev., 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Power System Series 2025A, Rev., 5.00%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 3445 | &nbsp;&nbsp;&nbsp;&nbsp; 3478 |
| &nbsp;&nbsp;&nbsp; Mount San Antonio Community College District, Election of 2008 Series 2013A, GO, 0.00%, 8/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 7150 | &nbsp;&nbsp;&nbsp;&nbsp; 6842 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 5540 | &nbsp;&nbsp;&nbsp;&nbsp; 5523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., AMT, 5.00%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2466 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 56535 |
| **Colorado — 3.2%** | **Colorado — 3.2%** | **Colorado — 3.2%** |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A, Rev., AMT, 5.50%, 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., AMT, 4.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 895 |
| &nbsp;&nbsp;&nbsp; Colorado Educational and Cultural Facilities Authority, James Irwin Educational Foundation, Rev., 5.00%, 9/1/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1813 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-1, Rev., 5.00%, 11/15/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1630 | &nbsp;&nbsp;&nbsp;&nbsp; 1368 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health Series 2019A-1, Rev., 4.00%, 8/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2565 | &nbsp;&nbsp;&nbsp;&nbsp; 2224 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Covenant Living Communities and Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp;&nbsp;&nbsp; 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 | &nbsp;&nbsp;&nbsp;&nbsp; 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Vail Valley Medical Centre Project, Rev., 4.00%, 1/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 947 |
| &nbsp;&nbsp;&nbsp; Colorado Springs School District No. 11 Facilities Corp., COP, 5.00%, 12/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1230 |
| &nbsp;&nbsp;&nbsp; Denver Health and Hospital Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 6.00%, 12/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1589 |
| &nbsp;&nbsp;&nbsp; Raindance Metropolitan District No. 1, Non-Potable Water System, Rev., 5.25%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 919 |
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado Series 2025A, GO, 5.00%, 4/1/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2369 |

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp; St Vrain Lakes Metropolitan District No. 4 Series 2024A, GO, 0.00%, 9/20/2054 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 669 |
| &nbsp;&nbsp;&nbsp; Verve Metropolitan District No. 1, GO, 6.75%, 12/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 23729 |
| **Connecticut — 0.2%** | **Connecticut — 0.2%** | **Connecticut — 0.2%** |
| &nbsp;&nbsp;&nbsp; State of Connecticut Series A, GO, 5.00%, 4/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax, Transportation Infrastructure Purpose Series 2024A-1, Rev., 5.00%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
| &nbsp;&nbsp;&nbsp; Total Connecticut |  | &nbsp;&nbsp;&nbsp;&nbsp; 1658 |
| **Delaware — 0.2%** | **Delaware — 0.2%** | **Delaware — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2018B, Rev., <br> 5.00%, 11/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 945 |
| &nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Newark Charter School, Inc., Project Series A, Rev., 5.00%, 9/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 487 |
| &nbsp;&nbsp;&nbsp; Total Delaware |  | &nbsp;&nbsp;&nbsp;&nbsp; 1432 |
| **District of Columbia — 1.6%** | **District of Columbia — 1.6%** | **District of Columbia — 1.6%** |
| &nbsp;&nbsp;&nbsp; District of Columbia, Kipp DC Project, Rev., 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1925 | &nbsp;&nbsp;&nbsp;&nbsp; 1776 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Rocketship Obligated Group Series 2021A, Rev., 5.00%, 6/1/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1068 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., AMT, 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp;&nbsp; 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., AMT, 4.00%, 10/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3034 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Series 2018, Rev., 5.00%, 7/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 5010 | &nbsp;&nbsp;&nbsp;&nbsp; 5020 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 11777 |
| **Florida — 3.4%** | **Florida — 3.4%** | **Florida — 3.4%** |
| &nbsp;&nbsp;&nbsp; Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-1, Rev., 5.00%, 6/1/2049 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 0.00%, 6/1/2062 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 26250 | &nbsp;&nbsp;&nbsp;&nbsp; 3848 |
| &nbsp;&nbsp;&nbsp; City of Miami, Forever Infrastructure Project Series 2024A, Rev., 5.50%, 1/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| &nbsp;&nbsp;&nbsp; City of Pompano Beach, John Knox Village Project Series 2021A, Rev., 4.00%, 9/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp; 2638 |
| &nbsp;&nbsp;&nbsp; City of Tallahassee Utility System Series 2024A, Rev., 5.00%, 10/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1117 |
| &nbsp;&nbsp;&nbsp; County of Hillsborough, Parks and Recreation Program, GO, NATL - RE, 5.25%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Jackson Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 6/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2117 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Water and Sewer System Series 2024A, Rev., 5.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3088 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series 2024, Rev., AMT, 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3671 |
| &nbsp;&nbsp;&nbsp; Florida Gulf Coast University Financing Corp., Housing Project Series 2020A, Rev., 4.00%, 2/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, Baycare Health System Series 2024E, Rev., VRDO, LIQ : Royal Bank of <br> Canada, 1.45%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp; Middleton Community Development District A, City of Wildwood, Florida Special Assessment Series 2022, 6.10%, 5/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2025B, Rev., <br> 5.00%, 11/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1912 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 25483 |
| **Georgia — 4.7%** | **Georgia — 4.7%** | **Georgia — 4.7%** |
| &nbsp;&nbsp;&nbsp; Atlanta Urban Residential Finance Authority, Multi-Family Housing North Block Series 2025, Rev., FHA, 3.40%, 2/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp; Carroll City-County Hospital Authority, Tanner Medical Center Project, Rev., GTD, 4.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |
| &nbsp;&nbsp;&nbsp; College Park Housing Authority, Rev., 3.45%, 4/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2005 |

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project Series 2013-1, Rev., 3.38%, <br> 3/12/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 993 |
| &nbsp;&nbsp;&nbsp; Downtown Development Authority of The City of Dalton, Hamilton Health Care System, Rev., NATL - RE, 5.50%, 8/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 758 |
| &nbsp;&nbsp;&nbsp; Fayette County Development Authority, United States Soccer Federation, Inc. Project Series 2024, Rev., 5.00%, 10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 4.00%, 12/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp;&nbsp; 6506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 4/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023E, Subseries E-1, Rev., 5.00%, 6/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6770 | &nbsp;&nbsp;&nbsp;&nbsp; 7086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., 5.00%, 12/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3195 | &nbsp;&nbsp;&nbsp;&nbsp; 3328 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project Series 2019B, Rev., 5.00%, 1/1/2059 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4801 |
| &nbsp;&nbsp;&nbsp; Roswell Development Authority, Wellsatar Healthcare, Inc. Series 2025A, Rev., VRDO, LOC : Truist Bank, 1.45%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 35312 |
| **Idaho — 0.7%** | **Idaho — 0.7%** | **Idaho — 0.7%** |
| &nbsp;&nbsp;&nbsp; Boise State University General Project Series 2023A, Rev., 5.00%, 4/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1595 | &nbsp;&nbsp;&nbsp;&nbsp; 1620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Transporation Expansion and Congestion, Sales Tax Series 2023A, Rev., 5.00%, <br> 8/15/2037<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Transportation Expansion and Congestion, Sales Tax Series 2025A, Rev., 5.00%, <br> 8/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp; Total Idaho |  | &nbsp;&nbsp;&nbsp;&nbsp; 4989 |
| **Illinois — 4.4%** | **Illinois — 4.4%** | **Illinois — 4.4%** |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.75%, 1/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., AMT, 5.50%, 1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2195 | &nbsp;&nbsp;&nbsp;&nbsp; 2245 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Airport, Senior Lien Series 2018B, Rev., 5.00%, 1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2973 |
| &nbsp;&nbsp;&nbsp; City of Chicago, Waterworks, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001, Rev., AMBAC, 5.75%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1715 | &nbsp;&nbsp;&nbsp;&nbsp; 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.25%, 11/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp; 642 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Centerpointjoliet Terminal Series 2020, Rev., AMT, 4.13%, 12/31/2034 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 964 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Mercy Health System, Rev., 5.00%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021B, Rev., VRDO, LIQ : Royal Bank of Canada, 1.45%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 7/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1298 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier and Exposition Authority, Mccormick Place Expansion Project Series 2022B, Rev., 5.00%, 12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3345 | &nbsp;&nbsp;&nbsp;&nbsp; 3365 |
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018C, Rev., 5.25%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1524 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, GO, 5.00%, 5/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022B, GO, 5.00%, 3/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.50%, 5/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp; Village of Bolingbrook Series 2018A, GO, A.G., 5.00%, 1/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 33110 |

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — 1.9%** | **Indiana — 1.9%** | **Indiana — 1.9%** |
| &nbsp;&nbsp;&nbsp; City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp; City of Rockport, Indiana Michigan Power Co. Project Series 2025A, Rev., 3.70%, 6/1/2029 (b) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1995 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health Obligated Group Series 2023B1, Rev., 5.00%, 7/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3152 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, State Revolving Fund Program Series 2025C, Rev., 5.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1406 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Tippecanoe LLC- Student Housing Project Series 2023A, Rev., 5.00%, 6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp; 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Single Family Mortgage Series 2017C-3, Rev., VRDO, LIQ : TD Bank NA, <br> 1.45%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3825 | &nbsp;&nbsp;&nbsp;&nbsp; 3825 |
| &nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, Power Supply System Series 2025A, Rev., A.G., 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1480 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 1/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 14288 |
| **Iowa — 0.2%** | **Iowa — 0.2%** | **Iowa — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed Series 2021-B-2, Class 2, Rev., Zero <br> Coupon, 6/1/2065<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12250 | &nbsp;&nbsp;&nbsp;&nbsp; 1802 |
| **Kentucky — 0.3%** | **Kentucky — 0.3%** | **Kentucky — 0.3%** |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 131 Series A, Rev., 5.00%, 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp;&nbsp; 1307 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property and Building Commission, Project No. 132 Series A, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1101 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 2408 |
| **Louisiana — 2.8%** | **Louisiana — 2.8%** | **Louisiana — 2.8%** |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public Private Partnership Project, Rev., AMT, 5.00%, 9/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3306 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2060 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 875 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Mentorship Steam Academy Project Series 2021A, Rev., 5.00%, 6/1/2056 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp; State of Louisiana Gasoline and Fuels Tax, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 1.45%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2154 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 21060 |
| **Maine — 0.5%** | **Maine — 0.5%** | **Maine — 0.5%** |
| &nbsp;&nbsp;&nbsp; Finance Authority of Maine, Casella Waste System, Inc., Project, Rev., AMT, 5.13%, 8/1/2025 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 998 |
| &nbsp;&nbsp;&nbsp; Maine Municipal Bond Bank Series 2025A, Rev., 5.00%, 11/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1221 |
| &nbsp;&nbsp;&nbsp; Maine Turnpike Authority, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 |
| &nbsp;&nbsp;&nbsp; Total Maine |  | &nbsp;&nbsp;&nbsp;&nbsp; 3533 |
| **Maryland — 0.5%** | **Maryland — 0.5%** | **Maryland — 0.5%** |
| &nbsp;&nbsp;&nbsp; County of Howard Series 2025A, GO, 4.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1922 |
| &nbsp;&nbsp;&nbsp; Maryland State Transportation Authority Series 2021A, Rev., 5.00%, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2115 | &nbsp;&nbsp;&nbsp;&nbsp; 2159 |
| &nbsp;&nbsp;&nbsp; Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp; 4081 |
| **Massachusetts — 2.3%** | **Massachusetts — 2.3%** | **Massachusetts — 2.3%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Series 2025A, GO, 5.00%, 4/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4154 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Series 2015A, Rev., 5.00%, 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2024 Series 2024E, GO, 5.00%, 8/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2542 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Sales Tax Series 2020B-1, Rev., 5.00%, 7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Amherst College Issue Series 2025A, Rev., 5.00%, 11/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1126 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Boston Medical Center Issue Series 2025W, Rev., 4.25%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1781 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lasell Village, Inc. Issue, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, Bosfuel Project Series 2019A, Rev., AMT, 5.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 4675 | &nbsp;&nbsp;&nbsp;&nbsp; 4568 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 17232 |
| **Michigan — 1.3%** | **Michigan — 1.3%** | **Michigan — 1.3%** |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 4/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 4/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 11/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 4890 | &nbsp;&nbsp;&nbsp;&nbsp; 4092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project, Rev., AMT, 4.00%, <br> 10/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4969 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 10042 |
| **Minnesota — 0.2%** | **Minnesota — 0.2%** | **Minnesota — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., GNMA / <br> FNMA / FHLMC, 5.52%, 3/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Residential Housing Series 2024O, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Residential Housing Finance Series C, Rev., AMT, GNMA / FNMA / FHLMC, 4.00%, 1/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 1224 |
| **Mississippi — 0.3%** | **Mississippi — 0.3%** | **Mississippi — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project Series 2009F, Rev., <br> VRDO, 1.25%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, Special Obligation, Water and Sewer System Project, Rev., A.G., 6.88%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016 |
| &nbsp;&nbsp;&nbsp; Total Mississippi |  | &nbsp;&nbsp;&nbsp;&nbsp; 2066 |
| **Missouri — 1.1%** | **Missouri — 1.1%** | **Missouri — 1.1%** |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 5.00%, 2/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, St. Louis University Series 2008B, Rev., VRDO, LOC : Wells <br> Fargo Bank NA, 1.25%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan Series 2024A-1, Rev., 5.00%, <br> 6/1/2054 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp; 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program Series 2024A, Rev., GNMA <br> / FNMA / FHLMC, 5.75%, 5/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project Series 1998C, Rev., <br> 2.75%, 9/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series <br> 2015B, Rev., 5.00%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2890 | &nbsp;&nbsp;&nbsp;&nbsp; 2894 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 7868 |
| **Nebraska — 1.4%** | **Nebraska — 1.4%** | **Nebraska — 1.4%** |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nebraska — continued** | **Nebraska — continued** | **Nebraska — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 5.00%, 9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 5 Series 2022-1, Rev., 5.00%, 10/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7625 | &nbsp;&nbsp;&nbsp;&nbsp; 7864 |
| &nbsp;&nbsp;&nbsp; Total Nebraska |  | &nbsp;&nbsp;&nbsp;&nbsp; 10220 |
| **New Hampshire — 0.7%** | **New Hampshire — 0.7%** | **New Hampshire — 0.7%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority Series 2025-1, Rev., 4.17%, 1/20/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1748 | &nbsp;&nbsp;&nbsp;&nbsp; 1625 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Tamarron Project Series 2024, Rev., 5.25%, 12/1/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, University of Nevada Reno Project Series 2023A, Rev., 4.50%, 6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp;&nbsp; 997 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2035 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 6/1/2050 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 5177 |
| **New Jersey — 3.9%** | **New Jersey — 3.9%** | **New Jersey — 3.9%** |
| &nbsp;&nbsp;&nbsp; Bergen County Improvement Authority (The), Guaranteed Government Pooled Project, Rev., GTD, 4.00%, 5/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2019 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2667 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority Series 2020AA, Rev., 4.00%, 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2112 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A-1, Rev., 5.00%, 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp;&nbsp; 2719 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022BB, Rev., 4.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024CC, Rev., 5.00%, 6/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024CC, Rev., 4.13%, 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 861 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System Series 2008A, Rev., Zero Coupon, 12/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 10355 | &nbsp;&nbsp;&nbsp;&nbsp; 6326 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority Series 2017G, Rev., 4.00%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 908 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 4.00%, 6/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 3770 | &nbsp;&nbsp;&nbsp;&nbsp; 3614 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 29279 |
| **New Mexico — 0.5%** | **New Mexico — 0.5%** | **New Mexico — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of Farmington, San Juan Project Series 2010B, Rev., 3.88%, 6/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp; 1553 |
| &nbsp;&nbsp;&nbsp; County of Santa Fe, Cresta Ranch Apartments Series 2024, Rev., 3.29%, 6/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1995 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp; 3548 |
| **New York — 10.7%** | **New York — 10.7%** | **New York — 10.7%** |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022A, Rev., 5.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2020 Series 2020D-1, GO, 4.00%, 3/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp;&nbsp; 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025G, Subseries G-1, GO, 5.25%, 2/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1561 |
| &nbsp;&nbsp;&nbsp; Dutchess County Local Development Corp., Millbrook School Project Series 2021, Rev., 4.00%, 9/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp;&nbsp; 854 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System Series 2024B, Rev., 3.00%, 9/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5766 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Climate Bond Series 2025A, Rev., 5.25%, 11/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project Series 2024 CL F, Class F, Rev., <br> 5.25%, 12/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1300 | &nbsp;&nbsp;&nbsp;&nbsp; 1321 |
| &nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Yankee Stadium Project Series 2020A, Rev., A.G., 5.00%, 3/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; 2235 |

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series 2009BB-2, Rev., <br> VRDO, LIQ : UBS AG, 1.52%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 750 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2025 Series 2025E, Rev., 5.50%, 11/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6382 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019A-1, Rev., 5.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 Series 2023F, Subseries F-1, Rev., 4.00%, <br> 2/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025 Series 2025D, Rev., 4.25%, 5/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 900 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025H, Sub H-1, Rev., 5.25%, 11/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J, Subseries J-1, Rev., 5.50%, 5/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3714 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Secured by Port Authority Series 1WTC-2021, Rev., 2.75%, 2/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1332 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, Green Transmission Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.13%, 11/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., A.G., 5.13%, 11/15/2063 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4052 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority Series 2020A, Rev., 4.00%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2085 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University Series 2025A, Rev., 5.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Pace University Series 2024A, Rev., 5.25%, 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program Series 2025A, Rev., A.G., 5.00%, 10/1/2036 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2204 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State Sales Tax Series 2018A, Rev., 5.00%, 3/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 4255 | &nbsp;&nbsp;&nbsp;&nbsp; 4167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., AMT, 5.00%, 1/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Rev., AMT, 4.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.38%, 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., JFK International Airport New Terminal One Project Series 2023, Rev., AMT, A.G., <br> 5.00%, 6/30/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp;&nbsp; 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project, Rev., AMT, <br> 3.00%, 8/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 915 |
| &nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp., Syracuse University Project, Rev., 4.50%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 935 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey, Consolidated Series 93, Rev., 6.13%, 6/1/2094 | &nbsp;&nbsp;&nbsp;&nbsp; 7320 | &nbsp;&nbsp;&nbsp;&nbsp; 7329 |
| &nbsp;&nbsp;&nbsp; Sherburne Earlville Central School District, GO, BAN, 4.50%, 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 4.25%, 5/15/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 875 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, Payroll Mobility Tax Series 2021A-1, Rev., 4.00%, 5/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 881 |
| &nbsp;&nbsp;&nbsp; Westchester Tobacco Asset Securitization Corp., Tobacco Settlement Series B, Rev., 5.00%, 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 80199 |
| **North Carolina — 2.5%** | **North Carolina — 2.5%** | **North Carolina — 2.5%** |
| &nbsp;&nbsp;&nbsp; County of Cabarrus, Limited Obligation Series 2024B, Rev., 5.00%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp;&nbsp; 1204 |
| &nbsp;&nbsp;&nbsp; County of Harnett, Limited Tax, Rev., 5.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp; County of Wake Series 2025A, Rev., 5.00%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1347 |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, 1/15/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 53-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp;&nbsp;&nbsp; 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 57-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, 1/1/2056 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124 |

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Twin Lakes Community Series 2025A, Rev., 5.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
| &nbsp;&nbsp;&nbsp; University of North Carolina, Hospital at Chapel Hill Series A, Rev., VRDO, LIQ : TD Bank NA, 1.45%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9000 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 18513 |
| **North Dakota — 0.2%** | **North Dakota — 0.2%** | **North Dakota — 0.2%** |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2024C, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1375 | &nbsp;&nbsp;&nbsp;&nbsp; 1416 |
| **Ohio — 3.3%** | **Ohio — 3.3%** | **Ohio — 3.3%** |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2, Rev., 5.00%, 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3295 | &nbsp;&nbsp;&nbsp;&nbsp; 3459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 5.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 4965 | &nbsp;&nbsp;&nbsp;&nbsp; 4296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 6605 | &nbsp;&nbsp;&nbsp;&nbsp; 634 |
| &nbsp;&nbsp;&nbsp; Butler County Port Authority, Community First Solutions Series 2021A, Rev., 4.00%, 5/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; City of Upper Arlington Nontax Series 2023, Rev., 5.25%, 12/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2556 |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, John Glenn Columbus International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., AMT, 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1620 | &nbsp;&nbsp;&nbsp;&nbsp; 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., AMT, 5.00%, 1/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp;&nbsp; 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.25%, 1/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp; County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series 2015A, Rev., 4.25%, 11/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1834 |
| &nbsp;&nbsp;&nbsp; Dublin City School District, Ohio School Facilities Unlimited Tax Series 2024B, GO, 4.00%, 12/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp; Grandview Heights City School District, GO, 5.00%, 12/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
| &nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2655 | &nbsp;&nbsp;&nbsp;&nbsp; 2657 |
| &nbsp;&nbsp;&nbsp; North Ridgeville City School District Series 2024, GO, 4.50%, 12/1/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 1165 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
| &nbsp;&nbsp;&nbsp; Northeast Ohio Medical University Series 2021A, Rev., 3.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund Series 2024C, Rev., VRDO, LIQ : TD Bank NA, 1.45%, <br> 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; Olmsted Falls City School District Series 2017A, GO, 4.00%, 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project Series 2024B, Rev., 5.00%, <br> 12/1/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 24923 |
| **Oklahoma — 0.4%** | **Oklahoma — 0.4%** | **Oklahoma — 0.4%** |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority Health System, OU Medicine Project Series 2018B, Rev., 5.50%, 8/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Housing Finance Agency, Home Ownership Loan Program Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 9/1/2056<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1112 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 3080 |
| **Oregon — 1.7%** | **Oregon — 1.7%** | **Oregon — 1.7%** |
| &nbsp;&nbsp;&nbsp; City of Portland Sewer System, Second Lien Series 2023A, Rev., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6393 |
| &nbsp;&nbsp;&nbsp; Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series B, GO, Zero Coupon, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 3425 | &nbsp;&nbsp;&nbsp;&nbsp; 2185 |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Peacehealth Series 2018A, Rev., VRDO, LOC : US Bank NA, 1.45%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp;&nbsp; 3250 |
| &nbsp;&nbsp;&nbsp; State of Oregon, Article XI-F Project Series 2025F, GO, 5.00%, 8/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 12961 |
| **Pennsylvania — 4.1%** | **Pennsylvania — 4.1%** | **Pennsylvania — 4.1%** |
| &nbsp;&nbsp;&nbsp; Chester County Industrial Development Authority, Longwood Gardens Project Series 2021, Rev., 4.00%, 12/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1103 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment, Rev., 5.00%, 6/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania Series 2024-1, GO, 4.00%, 8/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4732 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Health System Series 2020A, Rev., 5.00%, 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2469 |

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023A, Rev., 4.10%, <br> 4/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5061 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Waverly Heights Ltd., Project, Rev., 5.00%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 337 |
| &nbsp;&nbsp;&nbsp; Mount Lebanon Hospital Authority, St. Clair Memorial Hospital Project, Rev., 4.00%, 7/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System Series 2024B, Rev., <br> GTD, 4.25%, 1/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 902 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, Rev., AMT, A.G., 5.00%, 12/31/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 2825 | &nbsp;&nbsp;&nbsp;&nbsp; 2718 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University Series 2024B-2, Rev., 4.38%, 11/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2375 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-141A, Rev., 5.75%, 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp; 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-145A, Rev., 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1490 | &nbsp;&nbsp;&nbsp;&nbsp; 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 -147A, Rev., 6.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1640 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax Series 2021B, Rev., 4.00%, 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4310 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 30804 |
| **Puerto Rico — 1.2%** | **Puerto Rico — 1.2%** | **Puerto Rico — 1.2%** |
| &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; 2053 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico) |  |  |
| &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; 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 5985 | &nbsp;&nbsp;&nbsp;&nbsp; 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rev., 4.78%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp; 2461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., 5.00%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1876 |
| &nbsp;&nbsp;&nbsp; Total Puerto Rico |  | &nbsp;&nbsp;&nbsp;&nbsp; 8642 |
| **Rhode Island — 0.1%** | **Rhode Island — 0.1%** | **Rhode Island — 0.1%** |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. Series B, Rev., 5.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 991 |
| **South Carolina — 0.7%** | **South Carolina — 0.7%** | **South Carolina — 0.7%** |
| &nbsp;&nbsp;&nbsp; Horry County School District Series 2015A, GO, SCSDE, 4.00%, 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2085 | &nbsp;&nbsp;&nbsp;&nbsp; 2086 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency Series 2023 Subseries B-1, Rev., 5.25%, 3/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2665 | &nbsp;&nbsp;&nbsp;&nbsp; 2822 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 4908 |
| **Tennessee — 3.6%** | **Tennessee — 3.6%** | **Tennessee — 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Knox County Health Educational and Housing Facility Board, University of Tennessee Project Series 2024A-1, Rev., 5.50%, <br> 7/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Burning <br> Tree Apartments Project, Rev., FHA, 5.00%, 10/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills Series <br> 2020A, Rev., 4.00%, 11/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County Series 2024C, GO, 5.00%, 1/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp;&nbsp; 1441 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) Series 2022B, Rev., AMT, 5.00%, 7/1/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1975 | &nbsp;&nbsp;&nbsp;&nbsp; 1966 |
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; 4507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group Series 2024B, Rev., <br> 5.00%, 9/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1335 | &nbsp;&nbsp;&nbsp;&nbsp; 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, <br> 10/1/2059<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 1654 |
| &nbsp;&nbsp;&nbsp; Tennergy Corp., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 10110 | &nbsp;&nbsp;&nbsp;&nbsp; 10095 |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency Series 2025-1A, Rev., GNMA / FNMA / FHLMC, 6.00%, 1/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 27163 |

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — 8.3%** | **Texas — 8.3%** | **Texas — 8.3%** |
| &nbsp;&nbsp;&nbsp; Birdville Independent School District, Unlimited Tax Series 2023A, GO, PSF-GTD, 5.00%, 2/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2545 | &nbsp;&nbsp;&nbsp;&nbsp; 2642 |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, First Tier Series 2024B, Rev., 5.00%, 5/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, Second Tier Series 2024C, Rev., 5.00%, 8/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1573 |
| &nbsp;&nbsp;&nbsp; City of Garland Electric Utility System, Rev., 5.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp;&nbsp; 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects Series 2024B, Rev., AMT, 5.25%, <br> 7/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1850 | &nbsp;&nbsp;&nbsp;&nbsp; 1894 |
| &nbsp;&nbsp;&nbsp; City of Houston, Airport System, United Airlines, Inc., Terminal E Project, Rev., AMT, 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, First Lien Series 2024A, Rev., 5.00%, 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2523 |
| &nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., A.G., 5.75%, 12/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2933 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Electric and Gas Systems Series 2024B, Rev., 5.25%, 2/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041 |
| &nbsp;&nbsp;&nbsp; Collin County Community College District, Rev., 4.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 |
| &nbsp;&nbsp;&nbsp; County of Fort Bend Toll Road, Senior Lien, Rev., A.G., 5.25%, 3/1/2050 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp;&nbsp; 1289 |
| &nbsp;&nbsp;&nbsp; County of Harris, Unlimited Tax Series 2023A, GO, 4.25%, 9/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1832 |
| &nbsp;&nbsp;&nbsp; Crandall Independent School District, Unlimited Tax, GO, PSF-GTD, 4.25%, 2/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 340 |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier Series 2018A, Rev., 5.00%, 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2024C, Rev., 5.00%, <br> 7/1/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3830 | &nbsp;&nbsp;&nbsp;&nbsp; 4061 |
| &nbsp;&nbsp;&nbsp; Johnson City Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 5.00%, 2/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp;&nbsp; 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, GO, PSF-GTD, 4.13%, 2/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 3405 | &nbsp;&nbsp;&nbsp;&nbsp; 3044 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Unlimited Tax Series A, GO, PSF-GTD, Zero Coupon, 8/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3020 | &nbsp;&nbsp;&nbsp;&nbsp; 1939 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority Series 2024, Rev., 5.00%, 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1610 | &nbsp;&nbsp;&nbsp;&nbsp; 1781 |
| &nbsp;&nbsp;&nbsp; Marshall Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.00%, 2/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2525 | &nbsp;&nbsp;&nbsp;&nbsp; 2332 |
| &nbsp;&nbsp;&nbsp; Melissa Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.25%, 2/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 2225 | &nbsp;&nbsp;&nbsp;&nbsp; 2017 |
| &nbsp;&nbsp;&nbsp; Midland Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 2/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp;&nbsp;&nbsp; 3243 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Waste Management, Inc. Project Series 2020B, Rev., AMT, 3.95%, 9/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp; Montgomery Independent School District, Unlimited Tax Series 2024A, GO, PSF-GTD, 5.00%, 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 |
| &nbsp;&nbsp;&nbsp; Mount Vernon Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; 3616 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - Texas A&M University System Series 2015A, Rev., 5.50%, 7/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas System Series 2025A, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1692 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 2/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp;&nbsp; 2097 |
| &nbsp;&nbsp;&nbsp; Round Rock Independent School District Series 2025B, GO, PSF-GTD, 5.00%, 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center, Rev., 4.13%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1682 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Series 2024, Rev., 5.00%, 1/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC Project, Rev., AMT, 5.00%, <br> 6/30/2058<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 951 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 62588 |
| **Utah — 0.7%** | **Utah — 0.7%** | **Utah — 0.7%** |
| &nbsp;&nbsp;&nbsp; Intermountain Power Agency, Utah Power Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, Utah Subordinate Tax Allocation Series 2024-2, Rev., 6.00%, <br> 6/15/2054 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2008 |
| &nbsp;&nbsp;&nbsp; Utah Housing Corp., Single Family Mortgage Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 5380 |
| **Vermont — 0.1%** | **Vermont — 0.1%** | **Vermont — 0.1%** |
| &nbsp;&nbsp;&nbsp; Vermont Student Assistance Corp., Education Loan Series 2018A, Rev., AMT, 3.75%, 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 357 |

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — 1.0%** | **Virginia — 1.0%** | **Virginia — 1.0%** |
| &nbsp;&nbsp;&nbsp; Halifax County Industrial Development Authority, Virginia Electric and Power Series 2010A, Rev., 3.80%, 5/28/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1435 | &nbsp;&nbsp;&nbsp;&nbsp; 1448 |
| &nbsp;&nbsp;&nbsp; Virginia Public Building Authority Series 2015A, Rev., 4.00%, 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5004 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project, Rev., AMT, 5.00%, 12/31/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 923 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 7375 |
| **Washington — 2.2%** | **Washington — 2.2%** | **Washington — 2.2%** |
| &nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority Series 2021S 1, Rev., 4.00%, 11/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 |
| &nbsp;&nbsp;&nbsp; Energy Northwest, Project 1 Series 2025A, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| &nbsp;&nbsp;&nbsp; Fircrest Properties, State of Washington Dshs Project, Rev., 5.50%, 6/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054 |
| &nbsp;&nbsp;&nbsp; State of Washington Motor Vehicle Fuel Tax Series 2025C, GO, 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2196 |
| &nbsp;&nbsp;&nbsp; State of Washington, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, GO, 5.00%, 8/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2240 | &nbsp;&nbsp;&nbsp;&nbsp; 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, GO, 5.00%, 8/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 2581 |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority Series 2025, Rev., 4.25%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1906 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Seattle Cancer Care Alliance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2040 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp;&nbsp; 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/1/2048 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, <br> 1/1/2041 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1884 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 16683 |
| **West Virginia — 0.1%** | **West Virginia — 0.1%** | **West Virginia — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project, Rev., AMT, 4.63%, <br> 5/15/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 994 |
| **Wisconsin — 4.7%** | **Wisconsin — 4.7%** | **Wisconsin — 4.7%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020A, Rev., 5.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1395 | &nbsp;&nbsp;&nbsp;&nbsp; 1403 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Astro Texas Land Projects, Rev., 5.00%, 12/15/2036 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1999 | &nbsp;&nbsp;&nbsp;&nbsp; 1958 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Kahala Nui Project, Rev., 5.25%, 11/15/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 996 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project Series 2025B, Rev., 5.50%, 6/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 748 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Series 2020A, Rev., 4.75%, 11/15/2053 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 2740 | &nbsp;&nbsp;&nbsp;&nbsp; 1872 |
| &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; 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2054 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Triad Educational Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 6/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1610 | &nbsp;&nbsp;&nbsp;&nbsp; 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.38%, 6/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp;&nbsp; 745 |
| &nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals and Clinics Series 2018C, Rev., VRDO, LIQ : BMO Harris Bank NA, 1.40%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 13600 | &nbsp;&nbsp;&nbsp;&nbsp; 13600 |
| &nbsp;&nbsp;&nbsp; Wisconsin Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 1, Rev., 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1665 | &nbsp;&nbsp;&nbsp;&nbsp; 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 1, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 1, Rev., 5.00%, 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1683 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.38%, 8/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project Series <br> 2024, Rev., 5.00%, 8/1/2027 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1521 |

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 3/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 35273 |
| **Wyoming — 0.2%** | **Wyoming — 0.2%** | **Wyoming — 0.2%** |
| &nbsp;&nbsp;&nbsp; University of Wyoming Series 2021C, Rev., A.G., 4.00%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp; 563 |
| &nbsp;&nbsp;&nbsp; Wyoming Community Development Authority Series 2024-1, Rev., 6.00%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp; Total Wyoming |  | &nbsp;&nbsp;&nbsp;&nbsp; 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $721,277)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 715611 |
|  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>|  |
| **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** |
| **Investment Companies — 4.3%** | **Investment Companies — 4.3%** | **Investment Companies — 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.30% (f) (g) <br>(Cost $32,236)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32235 | &nbsp;&nbsp;&nbsp;&nbsp; 32239 |
| **Total Investments — 99.7%** <br>**(Cost $753,513)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **747850** |
| **Other Assets in Excess of Liabilities — 0.3%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **2540** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **750390** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COP | Certificate of Participation |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RE | Reinsured |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| VRDO | Variable Rate Demand Obligation |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The date shown represents the earliest of the prerefunded date, next put date or final
 maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security, the interest rate of which adjusts periodically
 based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31,
 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is prerefunded or escrowed to maturity.

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities
 Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All or a portion of the security is a when-issued security, delayed delivery security,
 or forward commitment.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the current yield as of May 31, 2025.

**Futures contracts outstanding as of May 31, 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; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 23845 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8032 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 462 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (5753)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (71)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2792)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (135)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 327 |

---

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

---

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

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $715611 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $715611 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 32239 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32239 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $32239 | &nbsp;&nbsp;&nbsp;&nbsp; $715611 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $747850 |

---

------

**JPMorgan Tax Free Bond Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $462 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $462 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(135)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(135)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $327 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $327 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 2.30% (a) (b)<br>| $57116 | $146378 | $171255 | $—<br> (c)<br>| $—<br> (c)<br>| $32239 | 32235 | $444 | $— |

---

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

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

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

(c) Amount rounds to less than one thousand.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

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

- **b. EDGAR series identifier (if any):** S000003500

- **c. LEI of Series:** C2FBU9YCW7ZC5833BZ12

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $759975568.74

**Total Liabilities:** $9139556.05

**Net Assets:** $750836012.69

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2177.34950000 | **1-Year:** 11188.61450000 | **5-Year:** 78224.56859000 | **10-Year:** 242278.53638000 | **30-Year:** 118827.44742000

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

- **3-Month:** 230.25343000 | **1-Year:** 967.50937000 | **5-Year:** 4480.45189000 | **10-Year:** 14062.09837000 | **30-Year:** 59641.63619000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009697 | -1.38%               | -0.44%               | -0.36%               |
| Class ID C000009696 | -1.36%               | -0.42%               | -0.44%               |
| Class ID C000205208 | -1.27%               | -0.42%               | -0.44%               |
| Class ID C000009695 | -1.35%               | -0.50%               | -0.50%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-645807.48              | $-11351825.36                              |
| Month 2  | $-2749326.34             | $-3781324.83                               |
| Month 3  | $-632193.61              | $-4253335.96                               |

**Designated Index Information**

- **Index Name:** Municipal Bond

- **Index Identifier:** 730TRUSD0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mount Vernon Independent School District                                                       | Mount Vernon Independent School District, Unlimited Tax, Series 2023                                                                                 | CUSIP: 623742GH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3615987.55   | 0.48%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                                          | County of Cabarrus, Limited Obligation, Series 2024B                                                                                                 | CUSIP: 12677RFG7<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1203841.71   | 0.16%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Gulf Coast University Financing Corp.                                                  | Florida Gulf Coast University Financing Corp., Housing Project, Series 2020A                                                                         | CUSIP: 34073XJJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $220959.47    | 0.03%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                                      | Metropolitan Government of Nashville and Davidson County, Series 2024C                                                                               | CUSIP: 592112XT8<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1441391.64   | 0.19%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grandview Heights City School District                                                         | Grandview Heights City School District                                                                                                               | CUSIP: 386694FJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1501715.24   | 0.20%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                                   | Salt River Project Agricultural Improvement and Power District, Arizona Electric System, Series 2023B                                                | CUSIP: 79574CFR9<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3476792.81   | 0.46%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minneapolis/St. Paul Housing Finance Board/MN                                                  | Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs, Series 2007A-2                                        | CUSIP: 603798AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19953.22     | 0.00%             | 2041-03-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                           | County of Miami-Dade Water and Sewer System, Series 2024A                                                                                            | CUSIP: 59334DNX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3087650.70   | 0.41%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Lasell Village, Inc. Issue                                                                                 | CUSIP: 57585BJJ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048556.40   | 0.14%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                                 | Lower Colorado River Authority, Series 2024                                                                                                          | CUSIP: 54811GN55<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1781370.01   | 0.24%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series 2021A-1                                                                         | CUSIP: 89602HAA5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881171.30    | 0.12%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                            | Idaho Housing and Finance Association, Transporation Expansion and Congestion, Sales Tax, Series 2025A                                               | CUSIP: 45130ADN2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569732.60   | 0.21%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills, Series 2020A               | CUSIP: 592041YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1150003.98   | 0.15%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Selma Industrial Development Board                                                             | Selma Industrial Development Board, International Paper Co. Projects, Series 2019A                                                                   | CUSIP: 81647PAG8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $975408.30    | 0.13%             | 2033-11-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| City of Upper Arlington OH Nontax Revenue                                                      | City of Upper Arlington Nontax, Series 2023                                                                                                          | CUSIP: 915514CZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2556154.75   | 0.34%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Central Puget Sound Regional Transit Authority                                                 | Central Puget Sound Regional Transit Authority, Series 2021S 1                                                                                       | CUSIP: 155048EG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2005000 | PA      | $1799533.41   | 0.24%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Turnpike Authority                                                                       | Maine Turnpike Authority                                                                                                                             | CUSIP: 560551SE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1313934.70   | 0.17%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                             | City of Detroit, Unlimited Tax, Series 2021A                                                                                                         | CUSIP: 2510935D8<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    350000 | PA      | $304176.99    | 0.04%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2025, Series 2025G, Subseries G-1                                                                                      | CUSIP: 64966SLR5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1915000 | PA      | $2143499.72   | 0.29%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marshall Independent School District                                                           | Marshall Independent School District, Unlimited Tax, Series 2023                                                                                     | CUSIP: 572682TH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2331704.18   | 0.31%             | 2045-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2023E, Subseries E-1                                                                               | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   6770000 | PA      | $7086263.26   | 0.94%             | 2031-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                                 | Indiana Municipal Power Agency, Power Supply System, Series 2025A                                                                                    | CUSIP: 454898YH4<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1479992.58   | 0.20%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                          | Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project, Series 2024A-1                                        | CUSIP: 140427CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955233.60    | 0.13%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2022BB                                                                | CUSIP: 64613CBG2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2378478.00   | 0.32%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                                | State of Oregon, Article XI-F Project, Series 2025F                                                                                                  | CUSIP: 68609URL1<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1132688.90   | 0.15%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bolingbrook IL                                                                      | Village of Bolingbrook, Series 2018A                                                                                                                 | CUSIP: 097552TM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033698.50   | 0.14%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Residential Housing Finance, Series C                                                                              | CUSIP: 60416SHX1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99861.42     | 0.01%             | 2045-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Fe NM                                                                          | County of Santa Fe, Cresta Ranch Apartments, Series 2024                                                                                             | CUSIP: 80189NAD6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1994581.40   | 0.27%             | 2049-12-10      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 57-A                                                                         | CUSIP: 65820BBF2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2221273.20   | 0.30%             | 2056-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                   | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025-J, Subseries J-1                        | CUSIP: 64972JTU2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3713908.10   | 0.49%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                                         | Round Rock Independent School District, Series 2025B                                                                                                 | CUSIP: 779240RJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083409.00   | 0.14%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                                 | County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc., Series 2015A                                                                   | CUSIP: 01757LFF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1833556.40   | 0.24%             | 2045-11-01      | Fixed         | 4.25%                 | 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        |   3000000 | PA      | $3138132.00   | 0.42%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Midland Independent School District                                                            | Midland Independent School District, Unlimited Tax                                                                                                   | CUSIP: 5977833A5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3360000 | PA      | $3242939.62   | 0.43%             | 2040-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Climate Bond, Series 2025A                                                                                    | CUSIP: 59261A5C7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034767.30   | 0.14%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of North Carolina at Chapel Hill                                                    | University of North Carolina, Hospital at Chapel Hill, Series A                                                                                      | CUSIP: 91471FAW5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   9000000 | PA      | $9000000.00   | 1.20%             | 2031-02-15      | Variable      | 3.00%                 | 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        |   7250000 | PA      | $7596759.53   | 1.01%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                                    | Atlanta Urban Residential Finance Authority, Multi-Family Housing North Block, Series 2025                                                           | CUSIP: 04785VBX1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1003301.80   | 0.13%             | 2029-02-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL Utility System Revenue                                                  | City of Tallahassee Utility System, Series 2024A                                                                                                     | CUSIP: 874461MD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117153.10   | 0.15%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Mercy Health System                                                                                                      | CUSIP: 45204EBX5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    305000 | PA      | $300885.52    | 0.04%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Horry County School District/SC                                                                | Horry County School District, Series 2015A                                                                                                           | CUSIP: 440673G70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2085533.13   | 0.28%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                                          | City of Farmington, San Juan Project, Series 2010B                                                                                                   | CUSIP: 311450GD6<br>LEI: 5493000GWMTI2L4AZA61 | Long             | STIV             | MUN               | US        |   1550000 | PA      | $1552936.32   | 0.21%             | 2029-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                             | City of Detroit, Unlimited Tax, Series 2021A                                                                                                         | CUSIP: 2510935C0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    300000 | PA      | $266295.39    | 0.04%             | 2041-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp./TN                                                                              | Tennergy Corp., Gas Supply, Series 2021A                                                                                                             | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |  10110000 | PA      | $10095281.86  | 1.34%             | 2028-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Birdville Independent School District                                                          | Birdville Independent School District, Unlimited Tax, Series 2023A                                                                                   | CUSIP: 090874RS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2545000 | PA      | $2641757.85   | 0.35%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                           | District of Columbia, Rocketship Obligated Group, Series 2021A                                                                                       | CUSIP: 25483VYA6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1067757.23   | 0.14%             | 2041-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Hillsborough FL                                                                      | County of Hillsborough, Parks and Recreation Program                                                                                                 | CUSIP: 432290KP8<br>LEI: 549300L0R7XNYJEJGF23 | Long             | DBT              | MUN               | US        |    615000 | PA      | $616066.78    | 0.08%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                               | Commonwealth Financing Authority, Tobacco Master Settlement Payment                                                                                  | CUSIP: 20282EAK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $114604.45    | 0.02%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A-1                                                            | CUSIP: 6461362B6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2670000 | PA      | $2718503.22   | 0.36%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public Private Partnership Project                                                | CUSIP: 546399TA4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3305872.85   | 0.44%             | 2066-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                     | Michigan Finance Authority, Henry Ford Health System                                                                                                 | CUSIP: 59447TMQ3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    480000 | PA      | $410878.80    | 0.05%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Pace University, Series 2024A                                                                                    | CUSIP: 65000B4W5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    475000 | PA      | $482697.90    | 0.06%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| University of Wisconsin Hospitals & Clinics                                                    | University of Wisconsin Hospitals and Clinics, Series 2018C                                                                                          | CUSIP: 915260CN1<br>LEI: 549300O76DW14JGO7224 | Long             | STIV             | MUN               | US        |  13600000 | PA      | $13600000.00  | 1.81%             | 2048-04-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                                         | Patriots Energy Group Financing Agency, Series 2023 Subseries B-1                                                                                    | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2822509.76   | 0.38%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018A                                                                                                     | CUSIP: 888808HN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $931822.00    | 0.12%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                           | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                      | CUSIP: 167562SG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1751282.13   | 0.23%             | 2048-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Knox County Health Educational & Housing Facility Board                                        | Knox County Health Educational and Housing Facility Board, University of Tennessee Project, Series 2024A-1                                           | CUSIP: 499526AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $767529.60    | 0.10%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                                       | New York Power Authority, Green Transmission Project, Series 2023A                                                                                   | CUSIP: 65000XBW9<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4052344.80   | 0.54%             | 2063-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, University of Nevada Reno Project, Series 2023A                                                            | CUSIP: 63610FBM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $996834.71    | 0.13%             | 2053-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                  | Central Texas Turnpike System, First Tier, Series 2024B                                                                                              | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052041.50   | 0.14%             | 2042-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Olmsted Falls City School District                                                             | Olmsted Falls City School District, Series 2017A                                                                                                     | CUSIP: 681233DW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $873334.90    | 0.12%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                          | Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges                                                                     | CUSIP: 70868YAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $2718023.47   | 0.36%             | 2057-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                                   | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project                                          | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $993932.10    | 0.13%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                                   | Salt River Project Agricultural Improvement and Power District, Series 2023B                                                                         | CUSIP: 79574CFQ1<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1674846.35   | 0.22%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                         | Wisconsin Department of Transportation, Series 2025 1                                                                                                | CUSIP: 9771235F1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1891891.71   | 0.25%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024CC                                                                | CUSIP: 64613CGF9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2033242.40   | 0.27%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership, Series 55-C                                                                                    | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999329.50    | 0.13%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                          | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A       | CUSIP: 71885DCX8<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    350000 | PA      | $355044.83    | 0.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                                           | State of Connecticut, Series A                                                                                                                       | CUSIP: 20772J6Q0<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    150000 | PA      | $155399.69    | 0.02%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024B                                 | CUSIP: 821691AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1390506.90   | 0.19%             | 2029-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                                     | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                          | CUSIP: 45884AF24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059254.30   | 0.14%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2024B                                                                                                                      | CUSIP: 452153JH3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523571.60   | 0.20%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Ridgeville City School District                                                          | North Ridgeville City School District, Series 2024                                                                                                   | CUSIP: 661870LX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1055802.22   | 0.14%             | 2061-12-01      | Fixed         | 4.50%                 | 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      | $848348.40    | 0.11%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                                        | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project, Series 2019B                                                            | CUSIP: 6262072T0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4800874.00   | 0.64%             | 2059-01-01      | Fixed         | 5.00%                 | 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        |  17000000 | PA      | $1823639.30   | 0.24%             | 2066-06-01      | None          | 0.00%                 | 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        |   5000000 | PA      | $4995554.00   | 0.67%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                      | New Jersey Economic Development Authority, Biomedical Research Facilities, Series 2016A                                                              | CUSIP: 64577BSF2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    240000 | PA      | $243707.33    | 0.03%             | 2027-07-15      | 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: 13016NES9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $499722.33    | 0.07%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                              | Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024                                                            | CUSIP: 340618DQ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3671376.00   | 0.49%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                                  | Kentucky State Property and Building Commission, Project No. 131, Series A                                                                           | CUSIP: 49151F4J6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1307144.36   | 0.17%             | 2043-10-01      | 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        |    980000 | PA      | $853854.50    | 0.11%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2021C                                                                                              | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6506413.55   | 0.87%             | 2052-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Queen Creek AZ Excise Tax Revenue                                                      | Town of Queen Creek Excise Tax                                                                                                                       | CUSIP: 74823YHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5356147.65   | 0.71%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                                             | Montgomery County Industrial Development Authority, Constellation Energy Generation, Series 2023A                                                    | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $5060967.50   | 0.67%             | 2028-04-03      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                        | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Series 2024 CL F                                            | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1321046.61   | 0.18%             | 2031-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria                                   | Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024                                                               | CUSIP: 567541SF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $695400.75    | 0.09%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                                         | Permanent University Fund - University of Texas System, Series 2025A                                                                                 | CUSIP: 915130BZ0<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1692360.75   | 0.23%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, CommonSpirit Health, Series 2019A-1                                                                            | CUSIP: 19648FKA1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2223829.61   | 0.30%             | 2044-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018                 | CUSIP: 650116CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1397983.65   | 0.19%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Educational & Cultural Facilities Authority                                           | Colorado Educational and Cultural Facilities Authority, James Irwin Educational Foundation                                                           | CUSIP: 19645UNS9<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1812785.00   | 0.24%             | 2062-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, KSU Bixby Real Estate Foundation LLC Project, Series 2025B                                                                 | CUSIP: 74439YFZ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $747421.65    | 0.10%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Residential Housing, Series 2024O                                                                                  | CUSIP: 60416UGU3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104317.60   | 0.15%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                                           | Chicago Midway International Airport, Senior Lien, Series 2023A                                                                                      | CUSIP: 167562SH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2245213.48   | 0.30%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                          | Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series 2015B                    | CUSIP: 60636UDC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2890000 | PA      | $2894468.52   | 0.39%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Series 2025-1                                                                                              | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1747489 | PA      | $1625380.04   | 0.22%             | 2041-01-20      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, Equitable School Revolving Fund LLC, Series 2021A                                                          | CUSIP: 04052FCT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2241956.25   | 0.30%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Astro Texas Land Projects                                                                                                  | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1999101 | PA      | $1958419.47   | 0.26%             | 2036-12-15      | Fixed         | 5.00%                 | Yes           |                  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      | $703180.20    | 0.09%             | 2046-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                               | Energy Northwest, Project 1, Series 2025A                                                                                                            | CUSIP: 29270C7B5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131425.70   | 0.15%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Presbyterian Villages of Michigan Obligated Group, Series 2020A                                                            | CUSIP: 74442PQJ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $1872032.94   | 0.25%             | 2053-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                                   | Salt River Project Agricultural Improvement and Power District, Series 2023A                                                                         | CUSIP: 79574CFL2<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   4740000 | PA      | $4853979.94   | 0.65%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                                 | Buckeye Tobacco Settlement Financing Authority, Series 2020A-2, Class 1                                                                              | CUSIP: 118217CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3295000 | PA      | $3459256.41   | 0.46%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                                            | County of Howard, Series 2025A                                                                                                                       | CUSIP: 44256P3X9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1921850.00   | 0.26%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership, Series 53-A                                                                                    | CUSIP: 6582076L4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1343381.02   | 0.18%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2023B-1                                                                | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2666224.90   | 0.36%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chester County Industrial Development Authority                                                | Chester County Industrial Development Authority, Longwood Gardens Project, Series 2021                                                               | CUSIP: 165588FH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1102871.38   | 0.15%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Long Bond                                                                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        71 | NC      | $166450.30    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Los Angeles Department of Water & Power                                                        | Los Angeles Department of Water and Power, Power System, Series 2025A                                                                                | CUSIP: 544532PW8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3477929.38   | 0.46%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2024H                                                                  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2127390.20   | 0.28%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                      | City of Houston Airport System, United Airlines, Inc. Terminal Improvement Projects, Series 2024B                                                    | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1894307.69   | 0.25%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                                       | Collin County Community College District                                                                                                             | CUSIP: 194742GB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1849752.60   | 0.25%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                                | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2023A-1                                                                               | CUSIP: 546475VV3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10000000 | PA      | $10000000.00  | 1.33%             | 2043-05-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                                     | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                          | CUSIP: 45884AE90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1205559.82   | 0.16%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2023-141A                                                                        | CUSIP: 70879QSZ7<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    935000 | PA      | $987005.35    | 0.13%             | 2053-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| St Vrain Lakes Metropolitan District No. 4                                                     | St Vrain Lakes Metropolitan District No. 4, Series 2024A                                                                                             | CUSIP: 85237KAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $668871.50    | 0.09%             | 2054-09-20      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Triad Educational Services, Inc.                                                                                           | CUSIP: 74442EKN9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1530701.87   | 0.20%             | 2052-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, National Charter School Revolving Loan Fund, Series 2023A                                                  | CUSIP: 04052FEL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008651.40   | 0.27%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                     | Middleton Community Development District A, City of Wildwood, Florida Special Assessment, Series 2022                                                | CUSIP: 596681AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041200.90   | 0.14%             | 2042-05-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Dublin City School District                                                                    | Dublin City School District, Ohio School Facilities Unlimited Tax, Series 2024B                                                                      | CUSIP: 26371GYQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $230761.00    | 0.03%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                                 | CUSIP: 64985SDH3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2203803.00   | 0.29%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                                             | Virginia Public Building Authority, Series 2015A                                                                                                     | CUSIP: 928172K38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5004014.00   | 0.67%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018B                                                                                                     | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3770000 | PA      | $3614340.47   | 0.48%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                         | CUSIP: 19648FZB3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1144378.70   | 0.15%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                                            | Geisinger Authority, Health System, Series 2020A                                                                                                     | CUSIP: 368497JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2468907.50   | 0.33%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington Motor Vehicle Fuel Tax, Series 2025C                                                                                             | CUSIP: 93974E5W2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2195919.80   | 0.29%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                | CUSIP: 97712JMU4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $860865.20    | 0.11%             | 2055-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                | CUSIP: 97712JMS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018057.00   | 0.14%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                        | County of Miami-Dade, Jackson Health System                                                                                                          | CUSIP: 59333TGC8<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2117448.20   | 0.28%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                                    | San Diego County Regional Airport Authority, Series 2023B                                                                                            | CUSIP: 79739GRL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2466035.75   | 0.33%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Centerpointjoliet Terminal, Series 2020                                                                                  | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $964227.30    | 0.13%             | 2050-12-01      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| City of Austin TX Electric Utility Revenue                                                     | City of Garland Electric Utility System                                                                                                              | CUSIP: 052414WB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1275153.81   | 0.17%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                                         | Oklahoma Development Finance Authority Health System, OU Medicine Project, Series 2018B                                                              | CUSIP: 67884XCK1<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1968465.40   | 0.26%             | 2052-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                              | City and County of Denver, Airport System, Series 2022A                                                                                              | CUSIP: 249182QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1568547.15   | 0.21%             | 2042-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                              | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1131570.00   | 0.15%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                    | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077618.30   | 0.14%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                                  | New Jersey Turnpike Authority, Series 2017G                                                                                                          | CUSIP: 646140CT8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $908326.50    | 0.12%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                             | Mission Economic Development Corp., Waste Management, Inc. Project, Series 2020B                                                                     | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1499956.35   | 0.20%             | 2040-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                   | New York City Transitional Finance Authority, Future Tax Secured, Subordinate, Fiscal Year 2025, Series 2025H, Sub H-1                               | CUSIP: 64972JTF5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1569427.05   | 0.21%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                                    | Vancouver Housing Authority, Series 2025                                                                                                             | CUSIP: 921626PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1906114.60   | 0.25%             | 2038-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                            | California School Finance Authority, Green Dot Public School Projects, Series 2018A                                                                  | CUSIP: 13059TFC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150146.30    | 0.02%             | 2025-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Amherst College Issue, Series 2025A                                                                        | CUSIP: 57585BKD9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126285.20   | 0.15%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Intermediate Tax-Free Fund                                                            | City of Houston, Combined Utility System, First Lien, Series 2024A                                                                                   | CUSIP: 44244CS24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2522896.00   | 0.34%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                                  | Kentucky State Property and Building Commission, Project No. 132, Series A                                                                           | CUSIP: 49151F4T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100310.50   | 0.15%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                                                | Oklahoma Housing Finance Agency, Home Ownership Loan Program, Series 2025A                                                                           | CUSIP: 67886MW88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111676.40   | 0.15%             | 2056-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury 10 Year Note                                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       215 | NC      | $295487.62    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                          | City of Chicago Waterworks, Second Lien, Series 2001                                                                                                 | CUSIP: 167736SJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1822199.85   | 0.24%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                             | Ohio Water Development Authority Water Pollution Control Loan Fund, Series 2024C                                                                     | CUSIP: 67766WQ21<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 0.07%             | 2054-12-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2022B                                                                                                                      | CUSIP: 452153DN6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6423000.60   | 0.86%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                                      | Maine Municipal Bond Bank, Series 2025A                                                                                                              | CUSIP: 56045SBH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1221240.68   | 0.16%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Series 2009BB-2                                  | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |    750000 | PA      | $750000.00    | 0.10%             | 2039-06-15      | Variable      | 3.02%                 | 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        |  12250000 | PA      | $1801839.03   | 0.24%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Westchester Tobacco Asset Securitization Corp.                                                 | Westchester Tobacco Asset Securitization Corp., Tobacco Settlement, Series B                                                                         | CUSIP: 957480BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130000.00    | 0.02%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                             | Denver Health and Hospital Authority, Series 2025A                                                                                                   | CUSIP: 24918EEP1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1588756.65   | 0.21%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                              | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4255000 | PA      | $4166687.05   | 0.55%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                                  | Delaware State Economic Development Authority, Newark Charter School, Inc., Project, Series A                                                        | CUSIP: 246387RS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $486746.05    | 0.06%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                            | Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series 2025A                                                         | CUSIP: 199546CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1720489.41   | 0.23%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona (The)                          | Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project, Series 2018A       | CUSIP: 71885DDC3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    200000 | PA      | $198472.16    | 0.03%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2025, Series 2025F                                                                                                     | CUSIP: 64966SKL9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1677652.65   | 0.22%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                              | Oregon State Facilities Authority, Peacehealth, Series 2018A                                                                                         | CUSIP: 68608JXD8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3250000 | PA      | $3250000.00   | 0.43%             | 2034-08-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                             | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2019A                                | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990471.30    | 0.13%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Series 2020AA                                                                                        | CUSIP: 6461367E5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2111954.40   | 0.28%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mount San Antonio Community College District                                                   | Mount San Antonio Community College District, Election of 2008, Series 2013A                                                                         | CUSIP: 623040FW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7150000 | PA      | $6841832.14   | 0.91%             | 2043-08-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Ultra Bond                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -24 | NC      | $-64151.85    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Industrial Development & Export Authority                                               | Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project, Series 2019A                                                   | CUSIP: 011903GL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1020195.63   | 0.14%             | 2049-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Roswell Development Authority                                                                  | Roswell Development Authority, Wellsatar Healthcare, Inc., Series 2025A                                                                              | CUSIP: 77853AAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3500000 | PA      | $3500000.00   | 0.47%             | 2047-04-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue                                          | City of Lake Havasu City Wastewater System, Senior Lien                                                                                              | CUSIP: 50989RAQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1768302.88   | 0.24%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Triad Educational Services, Inc.                                                                                           | CUSIP: 74442EKP4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    775000 | PA      | $744640.15    | 0.10%             | 2057-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2017A                                                                           | CUSIP: 45204EA32<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1298227.65   | 0.17%             | 2047-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                                          | Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project, Series 2024B                                          | CUSIP: 140427CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26250000 | PA      | $3848152.88   | 0.51%             | 2062-06-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                                         | City of Mesa Utility System                                                                                                                          | CUSIP: 5905452W8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1772153.83   | 0.24%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2024CC                                                                | CUSIP: 64613CGJ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $860525.60    | 0.11%             | 2050-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                                        | Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program, Series 2024A                                         | CUSIP: 60637B8J2<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    935000 | PA      | $1008892.68   | 0.13%             | 2055-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Harnett NC                                                                           | County of Harnett, Limited Tax                                                                                                                       | CUSIP: 41333TCN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $1031785.71   | 0.14%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois, Series 2023B                                                                                                                      | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024492.80   | 0.14%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                                  | Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group, Series 2018B                                 | CUSIP: 246371AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945700.70    | 0.13%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                                      | Commonwealth of Massachusetts Transportation Fund, Series 2015A                                                                                      | CUSIP: 57604TCL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1011130.29   | 0.13%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Various Purpose, Series 2025A                                                                                                   | CUSIP: 93974E3B0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2581001.50   | 0.34%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                                     | Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center                                                           | CUSIP: 87638QTK5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1681593.60   | 0.22%             | 2054-12-01      | Fixed         | 4.12%                 | 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        |   1000000 | PA      | $1106779.30   | 0.15%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018                 | CUSIP: 650116CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2023037.60   | 0.27%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project, Series 2023A                                                                | CUSIP: 45471FAF8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    900000 | PA      | $858263.76    | 0.11%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                                             | Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project, Series 2009F                           | CUSIP: 60528ABN3<br>LEI: 549300DYV074JUDKBQ77 | Long             | STIV             | MUN               | US        |   1050000 | PA      | $1050000.00   | 0.14%             | 2030-12-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                                  | Central Texas Turnpike System, Second Tier, Series 2024C                                                                                             | CUSIP: 88283KCF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1573175.25   | 0.21%             | 2040-08-15      | 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        |    500000 | PA      | $442153.75    | 0.06%             | 2047-07-01      | Fixed         | 4.00%                 | 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      | $1117350.52   | 0.15%             | 2033-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                                   | Butler County Port Authority, Community First Solutions, Series 2021A                                                                                | CUSIP: 12355RAP1<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    250000 | PA      | $201901.83    | 0.03%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project, Series 2024             | CUSIP: 97712JHF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1521151.20   | 0.20%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2024A                                                                                                 | CUSIP: 45203MWL1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    960000 | PA      | $1029605.66   | 0.14%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                                         | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2023A                                                  | CUSIP: 896035CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $875244.50    | 0.12%             | 2058-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                                                            | County of Harris, Unlimited Tax, Series 2023A                                                                                                        | CUSIP: 414005Y85<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1832487.80   | 0.24%             | 2048-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| City of Rockport IN                                                                            | City of Rockport, Indiana Michigan Power Co. Project, Series 2025A                                                                                   | CUSIP: 773835BY8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1994789.60   | 0.27%             | 2047-06-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                               | Onondaga Civic Development Corp., Syracuse University Project                                                                                        | CUSIP: 682832LK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935160.40    | 0.12%             | 2050-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                                  | Commonwealth of Massachusetts, Series 2025A                                                                                                          | CUSIP: 57582TCP5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4154015.60   | 0.55%             | 2046-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury 10 Year Ultra Note                                                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -51 | NC      | $-70582.61    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Melissa Independent School District                                                            | Melissa Independent School District, Unlimited Tax, Series 2023                                                                                      | CUSIP: 585488YU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2017009.00   | 0.27%             | 2053-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado                          | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025A                                                                  | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2369336.85   | 0.32%             | 2035-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                        | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019, Series 2019A-1                                                   | CUSIP: 64971XFU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5104831.00   | 0.68%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                                           | Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, Series 2024B-2                                                    | CUSIP: 70917TRY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2375359.80   | 0.32%             | 2054-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Senior Lien                                                                                                                | CUSIP: 74442PF59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023999.50   | 0.14%             | 2044-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                               | CUSIP: 546399UP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038467.30   | 0.14%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                         | CUSIP: 19648FZG2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074787.90   | 0.14%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                    | Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project                                                                    | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923549.20    | 0.12%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Tamarron Project, Series 2024                                                                              | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $446696.24    | 0.06%             | 2035-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series B                                                                                                         | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991428.80    | 0.13%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                                    | Washington Health Care Facilities Authority, Seattle Cancer Care Alliance                                                                            | CUSIP: 93978HYF6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1008469.19   | 0.13%             | 2048-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                               | CUSIP: 546399UN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506397.65   | 0.20%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                                        | Los Angeles Department of Water and Power, Series 2024C                                                                                              | CUSIP: 544532LY8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015733.90   | 0.14%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, State Revolving Fund Program, Series 2025C                                                                                | CUSIP: 45506EMC4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1405813.63   | 0.19%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project, Series 2019A                                     | CUSIP: 82170KAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1654306.00   | 0.22%             | 2059-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. V                                               | Texas Municipal Gas Acquisition and Supply Corp. V Gas supply, Series 2024                                                                           | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3157828.20   | 0.42%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Series 2020A                                                                                                     | CUSIP: 64990GYC0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2084845.50   | 0.28%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                                           | Chicago O'Hare International Airport, General Airport, Senior Lien, Series 2018B                                                                     | CUSIP: 167593M66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2972749.80   | 0.40%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                                  | Central Plains Energy Project, Gas Project No. 3, Series 2017A                                                                                       | CUSIP: 154871CP0<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    750000 | PA      | $767944.65    | 0.10%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                                             | Tobacco Settlement Financing Corp., Series 2018A                                                                                                     | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2465214.25   | 0.33%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 58-A                                                                         | CUSIP: 65820BCH7<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1123430.10   | 0.15%             | 2056-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                                   | Commonwealth of Pennsylvania, Series 2024-1                                                                                                          | CUSIP: 70914P4H2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4732061.00   | 0.63%             | 2043-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                              | Southeast Energy Authority A Cooperative District Project No.06, Series 2023B                                                                        | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5530000 | PA      | $5762687.47   | 0.77%             | 2054-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyoming Community Development Authority                                                        | Wyoming Community Development Authority, Series 2024-1                                                                                               | CUSIP: 98322QM46<br>LEI: 549300UQ62NB8FGTHW65 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1060710.06   | 0.14%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                            | Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series 2025B                                                         | CUSIP: 199546DW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036474.70   | 0.14%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                              | Northeast Ohio Medical University, Series 2021A                                                                                                      | CUSIP: 66433RBD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $191850.65    | 0.03%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp.                                       | Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC Project                                               | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951381.70    | 0.13%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                                  | Central Plains Energy Project, Gas Project No. 5, Series 2022-1                                                                                      | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   7625000 | PA      | $7863450.53   | 1.05%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                                            | State of Washington, Various Purpose, Series 2024A                                                                                                   | CUSIP: 93974EH82<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2323005.22   | 0.31%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025, Series 2025D                                                     | CUSIP: 64972JNS3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899862.40    | 0.12%             | 2054-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Verve Metropolitan District No. 1                                                              | Verve Metropolitan District No. 1                                                                                                                    | CUSIP: 92538YAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506440.85   | 0.20%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                         | North Carolina Medical Care Commission, Twin Lakes Community, Series 2025A                                                                           | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $242407.25    | 0.03%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                          | City of Chicago, Waterworks, Second Lien, Series 2023A                                                                                               | CUSIP: 167736U96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $642395.02    | 0.09%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                                              | Indiana Housing and Community Development Authority, Single Family Mortgage, Series 2017C-3                                                          | CUSIP: 45505TSA0<br>LEI: 549300QRKDYVNHT1OE86 | Long             | STIV             | MUN               | US        |   3825000 | PA      | $3825000.00   | 0.51%             | 2047-07-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Lincoln Preparatory School Project, Series 2021A                                                              | CUSIP: 546399KY1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $875425.38    | 0.12%             | 2060-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                     | Michigan Finance Authority, Henry Ford Health System, Series 2019A                                                                                   | CUSIP: 59447TUJ0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   4890000 | PA      | $4092370.10   | 0.55%             | 2050-11-15      | 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        |   2000000 | PA      | $1830021.20   | 0.24%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Senior Lien                                                                                                                | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2054337.60   | 0.27%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                                       | County of Fort Bend Toll Road, Senior Lien                                                                                                           | CUSIP: 346817FT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1288916.13   | 0.17%             | 2050-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                                          | City of San Antonio Electric and Gas Systems, Series 2024B                                                                                           | CUSIP: 79625GKN2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040668.80   | 0.14%             | 2049-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                                | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                                      | CUSIP: 45527CDR0<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $552437.65    | 0.07%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Wyoming                                                                          | University of Wyoming, Series 2021C                                                                                                                  | CUSIP: 915268G91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $563673.42    | 0.08%             | 2041-06-01      | Fixed         | 4.00%                 | 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: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   5985000 | PA      | $1404172.57   | 0.19%             | 2051-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                                       | State of Connecticut Special Tax, Transportation Infrastructe Purpose, Series 2024A-1                                                                | CUSIP: 207758S38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502393.40   | 0.20%             | 2025-07-01      | Fixed         | 5.00%                 | 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        |    965000 | PA      | $1035911.10   | 0.14%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                                        | Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project                                                  | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4968485.00   | 0.66%             | 2026-10-01      | Variable      | 4.00%                 | 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        |   1000000 | PA      | $932309.50    | 0.12%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  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        |   4965000 | PA      | $4295936.96   | 0.57%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                    | Metropolitan Washington Airports Authority Aviation, Series 2024A                                                                                    | CUSIP: 592647MH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $879091.76    | 0.12%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                         | Wisconsin Department of Transportation, Series 2025 1                                                                                                | CUSIP: 9771235J3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1683102.45   | 0.22%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                           | District of Columbia, Kipp DC Project                                                                                                                | CUSIP: 25483VWB6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1776011.16   | 0.24%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024 -147A                                                                       | CUSIP: 70879QC50<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1640193.00   | 0.22%             | 2054-10-01      | Fixed         | 6.25%                 | 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        |   2500000 | PA      | $2622417.50   | 0.35%             | 2054-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project                                            | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $915411.50    | 0.12%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                                        | Permanent University Fund - Texas A&M University System, Series 2015A                                                                                | CUSIP: 8821172F0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1011806.28   | 0.13%             | 2026-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                         | California Municipal Finance Authority, Series 2021A                                                                                                 | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1998705.60   | 0.27%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                                    | Washington Health Care Facilities Authority, Seattle Cancer Care Alliance                                                                            | CUSIP: 93978HYD1<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    860000 | PA      | $799539.51    | 0.11%             | 2040-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2021B                                                                           | CUSIP: 45204FME2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 0.07%             | 2055-07-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                            | California School Finance Authority, Green Dot Public School Projects, Series 2018A                                                                  | CUSIP: 13059TFE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153969.12    | 0.02%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                                        | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-2                                                                                          | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2750000 | PA      | $2461163.65   | 0.33%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                                   | Massachusetts Bay Transportation Authority Sales Tax, Series 2020B-1                                                                                 | CUSIP: 575579J57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001069.10   | 0.13%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                                   | Massachusetts Port Authority, Bosfuel Project, Series 2019A                                                                                          | CUSIP: 575898DS7<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   4675000 | PA      | $4568549.78   | 0.61%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bergen County Improvement Authority (The)                                                      | Bergen County Improvement Authority (The), Guaranteed Government Pooled Project                                                                      | CUSIP: 083773EC1<br>LEI: 549300GA3U8F8Z1HOS09 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019470.60   | 0.27%             | 2026-05-21      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                                 | Mobile County Industrial Development Authority, Calvert LLC Project, Series 2024B                                                                    | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $901718.30    | 0.12%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Montgomery Independent School District                                                         | Montgomery Independent School District, Unlimited Tax, Series 2024A                                                                                  | CUSIP: 614121ZL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1144565.03   | 0.15%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                                            | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2024C                                                                     | CUSIP: 6589098F6<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1416125.43   | 0.19%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                                             | New York Liberty Development Corp., Secured by Port Authority, Series 1WTC-2021                                                                      | CUSIP: 649519ER2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1331983.41   | 0.18%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                                    | New York City Industrial Development Agency, Yankee Stadium Project, Series 2020A                                                                    | CUSIP: 64971PJZ9<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2234780.31   | 0.30%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Development Authority of The City of Dalton                                           | Downtown Development Authority of The City of Dalton, Hamilton Health Care System                                                                    | CUSIP: 235550DV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757788.08    | 0.10%             | 2026-08-15      | Fixed         | 5.50%                 | 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        |   6250000 | PA      | $1134189.38   | 0.15%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025A                                                  | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070353.80   | 0.28%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                      | City of Houston, Airport System, United Airlines, Inc., Terminal E Project                                                                           | CUSIP: 4423487H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2499980.75   | 0.33%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                                     | Pennsylvania Turnpike Commission Oil Franchise Tax, Series 2021B                                                                                     | CUSIP: 709221WU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4309767.00   | 0.57%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                                | Indianapolis Local Public Improvement Bond Bank, Indianapolis Public Transportation Corp. Project, Series 2025A                                      | CUSIP: 45527CDV1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    550000 | PA      | $609859.80    | 0.08%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Springs School District No. 11 Facilities Corp.                                       | Colorado Springs School District No. 11 Facilities Corp.                                                                                             | CUSIP: 19662UBG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1230424.92   | 0.16%             | 2043-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                                  | Central Plains Energy Project, Gas Project No. 3, Series 2017A                                                                                       | CUSIP: 154871CL9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1588153.20   | 0.21%             | 2035-09-01      | Fixed         | 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        |   3195000 | PA      | $3327849.38   | 0.44%             | 2055-05-01      | Variable      | 5.00%                 | 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      | $2052486.80   | 0.27%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                              | State of Illinois                                                                                                                                    | CUSIP: 452152E64<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     45000 | PA      | $41807.05     | 0.01%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Johnson City Independent School District                                                       | Johnson City Independent School District, Series 2023                                                                                                | CUSIP: 478340HP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1915000 | PA      | $1974948.12   | 0.26%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                                 | New Jersey Transportation Trust Fund Authority, Transportation System, Series 2008A                                                                  | CUSIP: 646136WH0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10355000 | PA      | $6326338.58   | 0.84%             | 2036-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                                             | Denver Health and Hospital Authority, Series A                                                                                                       | CUSIP: 24918EDA5<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001611.30   | 0.13%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Halifax County Industrial Development Authority                                                | Halifax County Industrial Development Authority, Virginia Electric and Power, Series 2010A                                                           | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1435000 | PA      | $1447811.25   | 0.19%             | 2041-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                                      | New Jersey Economic Development Authority, State House Project, Series 2017B                                                                         | CUSIP: 64578EME4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2666901.44   | 0.36%             | 2039-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                          | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025A                                        | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5812062.60   | 0.77%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, Indiana University Health Obligated Group, Series 2023B1                                                                  | CUSIP: 45470YFL0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3151645.20   | 0.42%             | 2062-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority Parking System Revenue                   | Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System, Series 2024B                                | CUSIP: 70870EEX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $901823.10    | 0.12%             | 2050-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                                | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020A                                               | CUSIP: 13016NHL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $114899.76    | 0.02%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                             | Health and Educational Facilities Authority of the State of Missouri, St. Louis University, Series 2008B                                             | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | STIV             | MUN               | US        |    250000 | PA      | $250000.00    | 0.03%             | 2035-10-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                                    | Long Island Power Authority, Electric System, Series 2024B                                                                                           | CUSIP: 542691KA7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5766000.60   | 0.77%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                         | CUSIP: 19648FZD9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1276124.45   | 0.17%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., Grand Concourse Academy Charter School, Series 2022A                                                                       | CUSIP: 12008ESZ0<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    350000 | PA      | $321992.97    | 0.04%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group, Series 2020A                                                      | CUSIP: 74446CAD2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1402778.66   | 0.19%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                              | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                          | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  32235488 | NS      | $32238711.28  | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise State University                                                                         | Boise State University General Project, Series 2023A                                                                                                 | CUSIP: 097464P96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1619810.86   | 0.22%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sherburne Earlville Central School District                                                    | Sherburne Earlville Central School District                                                                                                          | CUSIP: 823539FV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3003682.20   | 0.40%             | 2025-07-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                                              | County of Wake, Series 2025A                                                                                                                         | CUSIP: 930876JJ7<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1347272.63   | 0.18%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025B                                                               | CUSIP: 546399UQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1601809.05   | 0.21%             | 2030-05-15      | 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: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2000000 | PA      | $1875895.20   | 0.25%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                                         | Wisconsin Department of Transportation, Series 2025 1                                                                                                | CUSIP: 9771235H7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1131060.50   | 0.15%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                            | California School Finance Authority, Green Dot Public School Projects, Series 2018A                                                                  | CUSIP: 13059TFD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151867.77    | 0.02%             | 2026-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                                         | California Statewide Communities Development Authority, Marin General Hospital Project, Series 2018A                                                 | CUSIP: 13080SUG7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2130000 | PA      | $1780293.83   | 0.24%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dutchess County Local Development Corp.                                                        | Dutchess County Local Development Corp., Millbrook School Project, Series 2021                                                                       | CUSIP: 267045PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $853651.43    | 0.11%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                               | Vermont Student Assistance Corp., Education Loan, Series 2018A                                                                                       | CUSIP: 92428CLM4<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |    360000 | PA      | $357360.37    | 0.05%             | 2030-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                                    | Metropolitan Washington Airports Authority Aviation, Series 2021A                                                                                    | CUSIP: 592647KK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3034229.25   | 0.40%             | 2040-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                                           | Mida Mountain Village Public Infrastructure District, Utah Subordinate Tax Allocation, Series 2024-2                                                 | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008054.20   | 0.27%             | 2054-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-145A                                                                        | CUSIP: 70879QWN9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1603566.31   | 0.21%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                                       | City of Pompano Beach, John Knox Village Project, Series 2021A                                                                                       | CUSIP: 732203BH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $2637622.76   | 0.35%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fircrest Properties                                                                            | Fircrest Properties, State of Washington Dshs Project                                                                                                | CUSIP: 318094AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053809.00   | 0.14%             | 2049-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland State Transportation Authority                                                        | Maryland State Transportation Authority, Series 2021A                                                                                                | CUSIP: 574300NW5<br>LEI: 254900MKNK0MO0Z4X426 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2159262.93   | 0.29%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                                   | New York City Transitional Finance Authority Future Tax Secured Fiscal Year 2025, Series 2025E                                                       | CUSIP: 64972JPR3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6382534.20   | 0.85%             | 2049-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Miami FL                                                                               | City of Miami, Series 2024A                                                                                                                          | CUSIP: 59338CAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055348.10   | 0.14%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow                         | Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow, Series B                                                                   | CUSIP: 625482GF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3425000 | PA      | $2184901.00   | 0.29%             | 2035-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                              | Plano Independent School District, Unlimited Tax                                                                                                     | CUSIP: 727199G21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2097128.48   | 0.28%             | 2045-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                    | CUSIP: 63607YCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030881.90   | 0.14%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                                                  | Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group, Series 2025B                                 | CUSIP: 69650MBA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1911489.60   | 0.25%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                                   | Mississippi Development Bank, Special Obligation, Water and Sewer System Project                                                                     | CUSIP: 60534TQH1<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015947.10   | 0.14%             | 2040-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                                                   | Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan, Series 2024A-1                                                  | CUSIP: 48502MAB9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    675000 | PA      | $602909.73    | 0.08%             | 2054-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue                         | Raindance Metropolitan District No. 1, Non-Potable Water System                                                                                      | CUSIP: 75087GAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918789.10    | 0.12%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County (The)                                                    | Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project, Series 2013-1                                                   | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $993428.00    | 0.13%             | 2027-03-12      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                                       | City of Portland Sewer System, Second Lien, Series 2023A                                                                                             | CUSIP: 736742G27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6393167.40   | 0.85%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Goshen IN                                                                              | City of Goshen, Multi-Family, Green Oaks of Goshen Project, Series 2021A                                                                             | CUSIP: 38327MAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $410361.20    | 0.05%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                                           | Tennessee Housing Development Agency, Series 2025-1A                                                                                                 | CUSIP: 88046KQU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089265.80   | 0.15%             | 2056-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp.                                                             | Grand Parkway Transportation Corp., Grand Parkway System Subordinate Tier, Series 2018A                                                              | CUSIP: 38611TBQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515689.40   | 0.20%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                                            | Columbus Regional Airport Authority, John Glenn Columbus International Airport, Series 2025A                                                         | CUSIP: 199546CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1153644.25   | 0.15%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2023                                           | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2766965.32   | 0.37%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority/PA                                          | Montgomery County Industrial Development Authority, Waverly Heights Ltd., Project                                                                    | CUSIP: 613609K54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $336912.31    | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2025A                                                                                                 | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113529.40   | 0.15%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Kahala Nui Project                                                                                                         | CUSIP: 74442PL37<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996358.90    | 0.13%             | 2061-11-15      | Fixed         | 5.25%                 | 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        |   1000000 | PA      | $827001.70    | 0.11%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Finance Authority of Maine                                                                     | Finance Authority of Maine, Casella Waste System, Inc. Project                                                                                       | CUSIP: 56042CAT2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $997666.30    | 0.13%             | 2035-08-01      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue                      | Wisconsin Housing and Economic Development Authority, Home Ownership, Series B                                                                       | CUSIP: 97689QHL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200050.66    | 0.03%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                          | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-2, Class 2                          | CUSIP: 66585VCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2855000 | PA      | $352195.66    | 0.05%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                              | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1062796.08   | 0.14%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                                    | San Diego County Regional Airport Authority, Series 2023B                                                                                            | CUSIP: 79739GRK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5540000 | PA      | $5523287.48   | 0.74%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2020, Series 2020D-1                                                                                                   | CUSIP: 64966QKD1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    530000 | PA      | $456250.13    | 0.06%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                                                            | Leander Independent School District, Unlimited Tax, Series A                                                                                         | CUSIP: 521841GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3020000 | PA      | $1938926.67   | 0.26%             | 2035-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                 | Sales Tax Securitization Corp., Series 2018C                                                                                                         | CUSIP: 79467BCJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523689.05   | 0.20%             | 2043-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                      | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2024C                                              | CUSIP: 414009SP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3830000 | PA      | $4061355.75   | 0.54%             | 2054-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                                | State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2025A                                                                                 | CUSIP: 546475WX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2154442.40   | 0.29%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue                        | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023, Series 2023F, Subseries F-1                                      | CUSIP: 64971X7H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1097581.63   | 0.15%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Encinitas Union School District                                                                | Encinitas Union School District, Election 2010, Series 2015                                                                                          | CUSIP: 292533FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1159266.80   | 0.15%             | 2037-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| College Park Housing Authority                                                                 | College Park Housing Authority, Series 2025                                                                                                          | CUSIP: 194307AA2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $2005065.60   | 0.27%             | 2044-04-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                                               | Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series 2024B                                                | CUSIP: 734195EA4<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020675.70   | 0.14%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                                           | Hillsborough County Industrial Development Authority, Baycare Health System, Series 2024E                                                            | CUSIP: 43233KAX2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.13%             | 2054-11-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                                 | Metropolitan Nashville Airport Authority (The), Subordinate Airport, Series 2019A                                                                    | CUSIP: 592190NL2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4506605.10   | 0.60%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                            | Crandall Independent School District, Unlimited Tax, Series 2023                                                                                     | CUSIP: 228130KG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019401.70   | 0.14%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carroll City-County Hospital Authority                                                         | Carroll City-County Hospital Authority, Tanner Medical Center Project                                                                                | CUSIP: 144709LC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1134763.00   | 0.15%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                                  | Commonwealth of Massachusetts, Consolidated Loan of 2024, Series 2024E                                                                               | CUSIP: 57582TAR3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2541725.50   | 0.34%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                                          | Northern Tobacco Securitization Corp., Senior Lien, Series 2021A CL1, Class 1                                                                        | CUSIP: 66585VBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043261.30   | 0.14%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series 2025A-2                                          | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1828709.00   | 0.24%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                              | City and County of Denver, Airport System, Series 2018A                                                                                              | CUSIP: 249182LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895283.90    | 0.12%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                | CUSIP: 546399LQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    740000 | PA      | $577865.85    | 0.08%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Mount Lebanon Hospital Authority                                                               | Mount Lebanon Hospital Authority, St. Clair Memorial Hospital Project                                                                                | CUSIP: 621820DG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2451551.70   | 0.33%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Nashville Airport Authority (The)                                                 | Metropolitan Nashville Airport Authority (The), Series 2022B                                                                                         | CUSIP: 592190RA2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1966359.38   | 0.26%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                                            | City of New York, Fiscal Year 2025, Series 2025G, Subseries G-1                                                                                      | CUSIP: 64966SME3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1560954.90   | 0.21%             | 2050-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, CommonSpirit Health, Series 2020A                                                                  | CUSIP: 13032UY44<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1234551.32   | 0.16%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                          | Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project, Series 1998C                                 | CUSIP: 606907BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1104164.50   | 0.15%             | 2033-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                                            | Idaho Housing and Finance Association, Transporation Expansion and Congestion, Sales Tax, Series 2023A                                               | CUSIP: 45130ABL8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1799686.52   | 0.24%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                                            | Crandall Independent School District, Unlimited Tax                                                                                                  | CUSIP: 228130KH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $339945.34    | 0.05%             | 2053-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New York Power Authority                                                                       | New York Power Authority, Green Transmission Project, Series 2023A                                                                                   | CUSIP: 65000XBV1<br>LEI: I5P1GEYFGGMMDOFX2L30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5082711.50   | 0.68%             | 2058-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                                        | Port Authority of New York and New Jersey, Consolidated, Series 93                                                                                   | CUSIP: 733580S88<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   7320000 | PA      | $7329554.80   | 0.98%             | 2094-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Fayette County Development Authority                                                           | Fayette County Development Authority, United States Soccer Federation, Inc. Project, Series 2024                                                     | CUSIP: 31222PAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1058467.52   | 0.14%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                                       | Metropolitan Pier and Exposition Authority, Mccormick Place Expansion Project, Series 2022B                                                          | CUSIP: 592250FF6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   3345000 | PA      | $3365195.10   | 0.45%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd               | Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Burning Tree Apartments Project | CUSIP: 592113CQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3101663.70   | 0.41%             | 2028-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                             | Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects, Series 2019A                                | CUSIP: 60635H2R9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017418.20   | 0.14%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Encinitas Union School District                                                                | Encinitas Union School District, Election 2010, Series 2015                                                                                          | CUSIP: 292533FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1576268.70   | 0.21%             | 2039-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Johnson City Independent School District                                                       | Johnson City Independent School District, Series 2023                                                                                                | CUSIP: 478340HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3405000 | PA      | $3043616.79   | 0.41%             | 2052-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                    | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series 2020A                                                   | CUSIP: 939783C95<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1884441.00   | 0.25%             | 2041-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Vail Valley Medical Centre Project                                                                             | CUSIP: 19648A4N2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $946835.77    | 0.13%             | 2045-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Adventist Health System, Series 2021A                                                                          | CUSIP: 19648FSH8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1367705.78   | 0.18%             | 2050-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                                        | County of Miami-Dade, Jackson Health System                                                                                                          | CUSIP: 59333TFQ8<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2203490.80   | 0.29%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, State Sales Tax, Series 2018A                                                                                    | CUSIP: 64990AHS7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40974.04     | 0.01%             | 2037-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                                 | Washington Metropolitan Area Transit Authority, Series 2018                                                                                          | CUSIP: 938782GP8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   5010000 | PA      | $5020319.10   | 0.67%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                                             | City of Houston, Combined Utility System, Junior Lien, Series 2002A                                                                                  | CUSIP: 4424362G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2933114.00   | 0.39%             | 2032-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Boston Medical Center Issue, Series 2025W                                                                  | CUSIP: 57585BHN1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1781100.40   | 0.24%             | 2055-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                                    | California Educational Facilities Authority, Claremont McKenna College, Series 2015A                                                                 | CUSIP: 130179DN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503576.00    | 0.07%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Adventist Health System, Series 2024A-1                                                                        | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2134892.40   | 0.28%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                                 | Sales Tax Securitization Corp., Series 2018C                                                                                                         | CUSIP: 79467BBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3534200.60   | 0.47%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | 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        |   2655000 | PA      | $2656979.57   | 0.35%             | 2028-12-01      | Variable      | 5.00%                 | Yes           |                  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        |   6605000 | PA      | $633988.19    | 0.08%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** JPMorgan Trust II

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer